Press Release

Southeast Asia Passenger Car Tire Market to Grow at a CAGR of 4.8% During 2024-30

The Southeast Asia Passenger Car Tire Market is projected to grow at a CAGR of around 4.8% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Southeast Asian nations are experiencing economic growth due to which the individuals residing in the countries are witnessing a surge in their per capita. The expanding consumer income & expenditure is easing the accessibility of passenger cars for the mass population, owing to which, the countries are recording a notable surge in passenger car sales. Further, the consumers in these nations are becoming more conscious about their safety & well-being due to which they are increasingly relying on their personal vehicles rather than public transportation. This transition from public transportation to personal vehicles is enlarging the sales of passenger cars, consequently amplifying the demand for passenger car tires in Southeast Asia.

In addition, several nations in the region are popular tourist spots owing to the prevalence of famous beaches, museums & art galleries. Hence, these countries are recording a rise in the inbound foreign tourists. Also, as these travelers require the transportation solution to explore different places in the country, therefore they heavily rely on the cab services usually offered by the hotels or rental applications. These cars travel a long distance based on the client's request, due to which they experience higher wear & tear, thus undergoing frequent tire replacement, uplifting the demand for passenger car tires in Southeast Asia.  

Southeast Asia Passenger Car Tire Market Segmentation Analysis

SUV is Expected to Hold Major Market Share

Based on the vehicle type, the market is bifurcated into sedans, SUVs & Hatchbacks. Of them all, the SUV cars held the notable market share. Southeast Asian countries have higher average household sizes. Therefore, individuals in these countries require larger vehicles to accommodate family members while traveling. As a result, consumers in these countries increasingly purchase SUVs, uplifting their market growth. 

In addition, as the road infrastructure in most of the Southeast Asian countries is relatively poorer than the European nations, hence individuals in Southeast Asian countries require vehicles that deliver high performance on rough terrain. This, in turn, pushes consumers to purchase SUVs with high ground clearance & off-road capabilities, enlarging the market share of the SUV in the Southeast Asia Passenger Car Tire Market.

Thailand to Account for a Prominent Market Share

Geographically, Thailand holds a noteworthy market share. The nation experiences the arrival of several travelers from across the globe. These tourists predominantly use cars rather than public transportation for their traveling purposes. As a result, there is a higher demand for cab services in Thailand. Moreover, these cabs cover a vast distance on a daily basis, thus the passenger car tires experience wear & tear, which negatively affects the efficiency of the automobile. Therefore, to guarantee the smooth functioning of the cars, the operators in Thailand ensure regular tire replacements, enhancing the market share of Thailand in the Southeast Asia Passenger Car Tire Market. Moreover, the country has lower costs of labor than other nations due to which it is emerging as a favorable choice among the foreign automakers to establish their manufacturing units, thus amplifying the Thailand Passenger Car Tire Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, Pirelli Tyre S.p.A., Goodyear Southeast Asia Pvt Ltd, Bridgestone Tire Co., Ltd., Continental AG, MRF Tires, The Yokohama Rubber Co., Ltd, Triangle Group Michelin Tyres, Apollo Tires Ltd., Stamford Tyres Thailand and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Southeast Asia Passenger Car Tire Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?