The Thailand Tire Market is expecting around 3% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by Thailand's massive automotive sector & tire exports, i.e., generating profitable opportunities for the leading players to increase their production & distribution capacities to meet the burgeoning consumer requirements for tires.
Moreover, improving living standards of people & their growing inclination toward private ownership of vehicles, i.e., displaying a dramatic rise in the vehicle fleet in the country, are further augmenting the demand for tires and, in turn, indicating a significant overall market expansion through 2027, further states the research report, “Thailand Tire Market Analysis, 2022.”
Growing Fleet Size of Vehicles in Thailand to Boost the Demand for Radial Tires
Radial tires hold the largest share in the Tire Market of Thailand mainly on account of the increasing consumer interest in private ownership of vehicles, coupled with the growing consumer awareness about the various benefits of radial tires, like a stable contact with roads, flexible sidewalls, low fuel consumption & rolling resistance, improved vehicle performance, etc. As a result, the increasing sales of passenger cars are driving the demand for radial tires across Thailand and, in turn, augmenting the overall growth of the tire industry in the country.
The top companies in the Thailand Tire Market are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Sumitomo, Pirelli, Deestone, and Toyo.
Key Questions Answered in the Research Report