Press Release

Southeast Asia Truck and Bus Tire Market to Thrive with Rising Investment in Public Transportation & E-Commerce Expansion

The Southeast Asia Truck and Bus Tire Market is projected to grow at a CAGR of 6.7% during the forecast period of 2024–30, cites MarkNtel Advisors in a recent research report. The rapid urbanization and population growth observed in countries such as Indonesia, Thailand, Vietnam, and the Philippines are leading to heightened demand for both public transportation services and the movement of goods within and between urban areas. This burgeoning urban population is fueling a growing requirement for an expanded fleet of buses to facilitate public transportation throughout the region. Consequently, governments in these areas are making substantial investments in buses to improve and strengthen public transportation infrastructure.

Moreover, the expansion of e-commerce and online retail platforms across Southeast Asia has transformed consumer shopping habits, leading to a substantial increase in the need for efficient logistics and transportation services. With more consumers preferring the convenience of online shopping, there is a growing demand for reliable and prompt delivery of goods, especially for last-mile deliveries to customers' homes and inter-city transportation between distribution hubs. To address the escalating requirements of the e-commerce industry, logistics firms like DHL, J&T Express, Trans Track, and others are expanding their fleets of trucks to manage the rising volume of shipments. Consequently, there is a corresponding surge in the demand for truck tires to support the expanding logistics sector.

Furthermore, governments in countries like Thailand, Vietnam, Indonesia, and others are making significant investments in enhancing their infrastructure by developing interconnected transportation networks nationwide. As a result, the escalating government infrastructure spending is expected to drive the demand for trucks to transport heavy loads and construction materials throughout the forecast period, further states the research report, “Southeast Asia Truck and Bus Tire Market Analysis, 2024.”

Southeast Asia Truck and Bus Tire Market Segmentation Analysis

Radial Tire to Dominate the Market

Based on the tire type segment, the market is further bifurcated into, Radial and Bias. Among them, the Radial Tires hold a considerable market share in the Southeast Asia Truck and Bus Tire Market propelled by factors such as ongoing infrastructure projects and heightened awareness. Infrastructure initiatives across Southeast Asia, encompassing the development and enlargement of roads, highways, and transportation systems, are stimulating the need for commercial vehicles like trucks and buses. Radial tires are favored for their robustness, fuel efficiency, and capacity to manage heavy loads, rendering them indispensable for fleets operating within these expanding infrastructure landscapes. Additionally, the growing awareness among commercial vehicle operators regarding the advantages of radial tires is a key factor driving the transition to radial tires in Southeast Asia.

Thailand to Hold Majority Share of the Southeast Asia Truck and Bus Tire Market

Thailand is positioned to become a key player in the market, driven by its thriving tourism sector, government infrastructure projects, and support for electric vehicles. The country's tourism industry, backed by initiatives like single visas and National Tourism Development Plans, attracts millions of visitors annually, leading to increased demand for buses and coaches. This surge in tourism also boosts the need for tire replacements due to higher usage.

Additionally, the growth of e-commerce has reshaped consumer habits and supply chains in Thailand. The rise in online shopping has led to a greater demand for last-mile delivery services, driving the need for more delivery trucks and vans. Many e-commerce companies have their own logistics networks, further increasing the demand for vehicles and tires.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (Bridgestone Corporation, Goodyear Tire and Rubber Company, Michelin, Continental AG, Yokohama Rubber Co. Ltd., Pirelli Tyre S.p.A, Sumitomo Rubber Industries Ltd., Toyo Tire Corporation, Zhongce Rubber Group Co., Ltd., Sailun         Group Co., Ltd., Kumho Tire, Kumho Tire, 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 Truck and Bus 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 & product 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?