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:
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