Mounting Sales of Passenger Vehicles in Malaysia to Boost the Tire Industry through 2027

The Malaysia Tire Market is projected to grow at a CAGR of 4.5% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. It attributes primarily to the rapidly increasing sales of passenger vehicles owing to a growing number of the working population & their improving per capita income, i.e., soaring the demand for tires and driving the market. 

Besides, the mounting focus of the Malaysian government on infrastructural developments is augmenting the demand for heavy vehicles in construction projects & influencing the requirement for robust tires. It, in turn, is generating growth opportunities for the leading players in the market to increase their production capabilities & contribute to the market growth. 

In addition, the government is also investing in the development of roads & enhancing connectivity throughout the country, which is another crucial aspect boosting the sales of vehicles and, consequently, for tires. Moreover, the growing establishment of prominent tire manufacturing companies in Malaysia is projecting the extensive availability of tires offerings products and an increasing number of OEMs throughout Malaysia over the coming years, further states the research report, “Malaysia Tire Market Analysis, 2022.”

Increasing Popularity of Next-Generation High-Performance Tires to Boost the Market

With the integration of advanced technologies in the tire industry, the next-generation high-performance tires are witnessing massive popularity among automakers & replacement tire providers on account of their properties like greater fuel efficiency, lower noise, & more rigid sidewalls that deliver better traction at higher speeds. Hence, several leading players in the Malaysia Tire Market are actively participating in developing such tires and contributing to the overall market expansion. For instance:

• In August 2021, leading player Bridgestone launched the latest generation of their Ultra-High-Performance line of tires, 'Potenza Sport & Potenza RS980AS+.' These tires enable drivers to unlock the full potential of their vehicles. The Potenza Sport tires are gaining immense momentum owing to their capabilities to deliver enhanced grip and improved cornering & braking mechanism, whereas the Potenza RS980AS offers ultimate traction & sporty handling in changing & difficult terrains.

Rising Passenger Vehicle Ownership to Drive the Market growth through 2027

Passenger Vehicles have dominated the Malaysia Tire Market with the largest share in recent years and are anticipated to prevail the same trend during 2022-27. It owes principally to the growing inclination of the people toward vehicle ownership for convenient commutation across the country, i.e., showcasing a mounting number of passenger vehicles and booming sales of tires. Other aspects like festive purchases and lack of proper public transportation are other crucial factors further stimulating the adoption of passenger vehicles & positively influencing the overall market growth, reveals MarkNtel Advisors in their research report, "Malaysia Tire Market Analysis, 2022."

Leading Companies in the Market

According to MarkNtel Advisors, the leading players in the Malaysia Tire Market are Michelin, Bridgestone, Continental, Pirelli, Goodyear, Hankook, Toyo, Sumitomo, Giti, & Friendship Rubber Industry.

Key Questions Answered in the Study

1. What are the current & future trends in the Malaysia Tire Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across Malaysia, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Malaysia Tire Market?
5. What are the customer orientation, purchase behavior, and expectations from tire manufacturers across Malaysia?

Market Segmentation:

1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses & Trucks, Medium & Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
2. By Demand Category (OEM, Replacement)
3. By Type of Tire (Radial, Bias)
4. By Sales Channel (Dealer/Exclusive Outlets, Online, Direct Sales)
5. By Season (All-Season, Summer)
6. By Price Category (Budget, Economy, Premium)
7. By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
8. By Region (East, Central, North, South, Sabah, Sarawak)
9. By Competitors (Michelin, Bridgestone, Continental, Pirelli, Goodyear, Hankook, Toyo, Sumitomo, Giti, Friendship Rubber Industry)