The South East Asia Tire Market is expecting around 8% CAGR during 2021-26, cites MarkNtel Advisors in their recent research report. The rapidly surging vehicle sales owing to the swiftly improving economic conditions & growing inclination of people toward private vehicle ownership is the prime aspect driving the tire market in South East Asia.
Besides, the rising establishment of tire manufacturing facilities by prominent market players and the introduction of new vehicle models by automakers are other crucial aspects driving the market. Moreover, the abundant availability of natural rubber and the swiftly expanding vehicle fleet are also generating remunerative opportunities for the leading market players to increase their production capacities & meet the burgeoning tire demand across the region, further states the research report, “South East Asia Tire Market Analysis, 2021.”
Increasing Private Vehicle Ownerships to Boost Passenger Car Sales & Drive the Tire Market
Amongst all vehicle types, Passenger Cars are anticipated to demonstrate the fastest growth in the South East Asia Tire Market during 2021-26. It owes principally to the improving economic conditions of people and their changing living standards & mounting inclination toward private vehicle ownerships, i.e., displaying a growing sales of passenger cars across the region and driving the tire market.
Besides, rapid infrastructural developments, gradually enhancing road connectivity, and the increasing presence of prominent tire manufacturers across the region are also projected to play a crucial role in stimulating the sales of passenger cars and driving the demand for tires in the coming years.
Moreover, with the rising need to address the impact of carbon emissions on the environment, governments of different countries in South East Asia are increasingly promoting the adoption of Electric Vehicles (EVs). It, in turn, would further boost the demand for passenger cars and positively influence the market growth in the years to come, reveals MarkNtel Advisors in their research report, "South East Asia Tire Market Analysis, 2021."
The leading players in the South East Asia Tire Market include Hankook, Bridgestone, Goodyear, Michelin, Continental, Pirelli, Kumho, Apollo, Others.
Key Questions Answered in the Research Report: