Expanding vehicle fleet and growing production of two-wheelers and passenger car vehicles to drive the demand for automotive tires in South East Asian Countries through 2026.
According to TechSci Research report, “South East Asia Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler and Off-the-Road), By Demand Category (OEM Vs Replacement), By Radial vs. Bias, By Rim Size (Up To 14”, 15”, 16”, 17”, 18”, and 19” & Above), By Tire Type (Non-Run Flat Tires and Run Flat Tires), By Country, Competition, Forecast & Opportunities, 2016-2026”, South East Asia Tire Market is expected to reach USD14.26 billion by 2026. Growth in South East Asia Tire Market is driven by expanding vehicle fleet in the region, owing to the increased demand for personal transportation which has improved over the years owing to rise in disposable income of the consumers. Moreover, there has been an increase in production of passenger and commercial vehicles and fleet size, which is anticipated to enhance the demand for tires in South East Asian countries, and hence, the market is susceptible to register a robust growth in the forecast period as well.
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South East Asia Tire Market is classified into vehicle type, demand category, radial vs bias, tire type, rim size, country, and by company. In terms of vehicle type, South East Asia Tire Market is dominated by two-wheelers owing to the large size of two-wheeler fleet in the country. This growing fleet size is mostly operated for the purpose of daily personal commutation and hence is driving the consumption of tires throughout the region. Moreover, with increase in middle income group population this trend is susceptible to be witnessed in the forecast period also. By demand category, the market is segmented into OEM and replacement. As of 2020, the market is dominated by replacement tires owing to the larger automotive fleet size of the region and frequent replacement needs of vehicle owners in Indonesia and Vietnam as compared to Singapore and other countries with enhanced road infrastructure. In terms of tire technology, market is classified into radial tires and bias tires. In this category, the majority of the market is constituted by bias tires. This is due to the dominance of market by two wheelers, in which more bias tires are used in comparison to radial tires and owing to the large fleet size of two-wheelers, this trend is likely to be seen in the forecast period as well. On the basis of tire type, market is segmented into run flat tires and non-run flat tires. Run flat tire is a very new technology and is currently in its nascent stage. These tires are only available as OEM fitment in premium passenger cars. Due to low maintenance, ease of availability and being inexpensive non-run flat tires are more popularly used amongst South East Asian consumers. Market in terms of rim size is segmented into -upto 14 inches, 15 inches, 16 inches, 17 inches, 18 inches, and 19 inches & above. Majority of two-wheelers are available with tires of rim size of up to 14 inches and hence, this segment is led by tires of rim size up to 14 inches.
South East Asia is confined with countries like Indonesia, Vietnam, Thailand, Malaysia, Philippines, Singapore, Cambodia, etc. Thailand, Indonesia and Vietnam being rubber manufacturing hubs are currently producing and supplying tires to a lot of countries around the globe. Moreover, with consistent increase in two-wheelers and passenger car production in Indonesia, Vietnam, and Thailand these countries are anticipated to dominate the South East Asia Tire Market in the forecast period also.
Gajah Tunggal, Suryaraya Rubberindo, Bridgestone, Michelin, Sumirubber, etc., are among some of the leading brands operating in South East Asia Tire Market. Apart from these brands, other tire brands are also increasing their brand awareness, price schemes and elevating their product portfolio in the region to increase their customer base. Major companies in the South East Asia Tire Market are also focusing on increasing their dealer and distributor network and launching technologically advanced products to grab a larger share in the region’s tire market.
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“In 2020, Indonesia, Vietnam and Thailand accounted for the largest share i.e., 81.89% in South East Asia Tire Market. The countries are expected to maintain their dominance over the next five years as well, owing to huge rubber production hubs and presence of global tire manufacturers in these countries. Increasing on road vehicle fleet size of these countries is boosting demand for tires in the South East Asia Tire Market”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based Indian management consulting firm.
South East Asia tire market is classified based on vehicle type, demand category, radial vs bias, tire type, rim size, country, and company. On the basis of vehicle type, South East Asia tire market is segmented into passenger car, light commercial vehicle, medium & heavy commercial vehicle, two-wheeler, three-wheeler and OTR. In terms of demand category, most of the tire sales are constituted by replacement tires. Due to greater replacement needs for fleet vehicles in the region, majority of tire sales are contributed by replacement tires. Based on technology, market is segmented into radial tires and bias tires. On the basis of tire type, the market is bifurcated into run flat tires and non-run flat tires. Non-run flat tires being traditional tires, are easily available in the market, hence they are currently dominating the tire market in this region. Market in terms of rim size is segmented into 14 inches, 15 inches, 16 inches, 17 inches, 18 inches, and 19 inches & above. By country, the market is segmented into Indonesia, Vietnam, Thailand, Malaysia, Philippines, Singapore, Cambodia, etc.
Gajah Tunggal, Suryaraya Rubberindo, Bridgestone, Michelin, Sumirubber, etc., are among some of the leading brands operating in South East Asia tire market. Apart from these brands, other tire brands are also increasing their brand awareness, price schemes and elevating product portfolio in the region to increase their customer base. Major companies in the South East Asia tire market are also focusing on increasing their dealer and distributor network and launching technologically advanced products to grab a larger share in the region’s tire market.
“South East Asia Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler and Off-the-Road), By Demand Category (OEM Vs Replacement), By Radial vs. Bias, By Rim Size (Up To 14”, 15”, 16”, 17”, 18”, and 19” & above), By Tire Type (Non-Run Flat Tires and Run Flat Tires), By Country, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of South East Tire Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in South East Asia Tire Market.
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