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Malaysia is one of the leading manufacturers of tires in ASEAN countries. It is also a producer of natural rubber, however, the country imports its goods from other countries such as Thailand, China, Japan, India, Germany, etc. The country imported tires of around USD 6,43,896 thousand in 2018.
According to the MarkNtel Advisors’ research report, the CAGR of “Malaysia Tire Market Analysis, 2020”, is expected to be around 4.5% in terms of units sold during 2020-25. The motorization rate of Malaysia is around 439 vehicles per 1000 inhabitants. Numerous tire manufacturers have ramped up the production of tires with greater rim size than 14” which was once conventional. The demand for rim size 16” and 17” has been rising from the automakers such as BMW, Mercedes, Honda, Hyundai, Ford, etc. These manufacturers are focused on providing distinctive looks to their vehicles in addition to lower rolling resistance and better-wet traction.
Moreover, the sales of passenger cars declined in 2018 as compared to 2017 due to the economic slowdown in the country. The total passenger cars sales in 2017 was around 514,680 and around 533,201 in 2018.
Dealers and Distributors Sales Channel to Dominate the Malaysia Tire Market
Leading players in the country such as Hankook, Bridgestone, Michelin, Pirelli follow the traditional sales channel through dealers and distributors as online sales channel has witnessed a slow growth as compared to offline sales. The trend of offline sales channel is expected to reverse in the coming years as through online platform the prices offered are cheap as compared to dealers.
Moreover, all-season tires dominated the Malaysia tire market in 2019, as these are suitable for warm weather and offer improved grip as compared to winter and summer tires that would not perform that well in the country’s weather conditions.
According to the MarkNtel Advisors the major leading players are Michelin, Bridgestone, Continental, Pirelli, Goodyear, Hankook, Toyo, Sumitomo, Giti, Friendship Rubber Industry among others. Lean Soon Tyres opened a new outlet in 2019. Lean Soon is a distributor to tire as well as has a venture in tire retailing.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Malaysia Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Malaysia Tire Market during 2020-25?
A. The market size of Malaysia Tire Market during 2020-25 is forecast to be around 4.5%.
Q. Who are the key competitors or players operating in Malaysia Tire Market?
A. Michelin, Bridgestone, Continental, Pirelli, Goodyear, Hankook, Toyo, Sumitomo, Giti, Friendship Rubber Industry and few others are the leading players in the Malaysia Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Malaysia Tire Market?
A. The passenger car segment dominates the market moreover, the sales of passenger cars declined in 2018 as compared to 2017 due to the economic slowdown in the country. The total passenger cars sales in 2018 was around 514,680 and around 533,201 in 2017.
Q. Which season tire type segment would emerge as an opportunity area for players in Malaysia Tire Market?
A. All-season tires dominated the Malaysia tire market in 2019, as these are suitable for warm weather and offer improved grip as compared to winter and summer tires that would not perform that well in the country’s weather conditions.
Q. Which Rim Size segment would emerge as an opportunity area for players in Malaysia Tire Market?
A. Based on the rim diameter, numerous tire manufacturers have ramped up the production of tires with greater rim size than 14” which was once conventional. The demand for rim size 16” and 17” has been rising from the automakers such as BMW, Mercedes, Honda, Hyundai, Ford, etc. These manufacturers are focused on providing distinctive looks to their vehicles in addition to lower rolling resistance and better-wet traction.
Q. Which sales Channel segment would emerge as an opportunity area for players in Malaysia Tire Market?
A. Leading players in the country such as Hankook, Bridgestone, Michelin, Pirelli follow the traditional sales channel through dealers and distributors as online sales channel has witnessed a slow growth as compared to offline sales. The trend of offline sales channel is expected to reverse in the coming years as through online platform the prices offered are cheap as compared to dealers.
