The major growth factor for the South East Asia market is majorly due to the mounting sales of two-wheelers and passenger cars as well as expanding overall vehicle fleet across all the major countries in the region. Tire market in the country also accentuated owing to the rising disposable income galvanizing the demand for premium vehicles across major countries of the South East Asian region.
According to MarkNtel Advisors’ research report “South East Asia Tire Market Analysis, 2020”, the South East Asia Tire market is expected to grow at a considerable CAGR during 2021-26. Moreover, various automakers are focusing to offer tires in OE fitments which is anticipated to proliferate their demand across South East Asia region through 2024.
Radial Tire Segment is Witnessing Majority of the Growth
Radial Tyre segment dominated the type of tire segment owing to its low life-cycle cost and high deployment, mostly in the passenger vehicles and two & three-wheeler vehicles. In passenger vehicles, majorly radial tire is installed on account of its features such as higher safety, lower life-cycle cost and long-term value. Besides, the bias tire segment is still deployed in the two-wheeler segment however, the radial tire segment is expected to maintain its dominance during the 2020-26 period.
“South East Asia Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for South East Asia Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Indonesia and Vietnam are Expected to Attain Highest CAGR in the Coming Years
Indonesia and Vietnam grabbed the major market share in 2020. This growth in these countries is associated with the government plans such as Indonesia's vision 2045, Malaysia's Industrial Linkage Programme (ILP) and Vietnam vision 2035 would help in flourishing the tire industry to grow in the region. The government plans and visions would result in a proliferation in the level of disposable income and more adoption of vehicles in the region. The countries would continue to spur throughout 2026 as revealed by the MarkNtel Advisors’ research report “South East Asia Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the South East Asia Tire market include Yokohama Rubber Co., Bridgestone, Goodyear, Toyo Tires and Rubber Co. Ltd., Continental, Pirelli, Kumho, Apollo, Dunlop, etc.
Key questions answered in the study: