Market Research Report

Southeast Asia Truck and Bus Tire Market Research Report: Forecast (2024-2030)

Southeast Asia Truck and Bus Tire Market Report - By Vehicle Type (Bus, Truck), By Demand Type (OEMs, Replacement), By Price Category (Budget, Economy, Premium), By Tire Type (Radi...al, Bias), By Sales Channel (Online, Multi Brand Stores, Exclusive Outlets, Direct Sales), By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5), Others Read more

  • Tire
  • May 2024
  • 147
  • PDF, Excel, PPT

Market Insights & Analysis: Southeast Asia Truck and Bus Tire Market (2024-30):

The Southeast Asia Truck and Bus Tire Market is estimated to grow at a CAGR of around 6.7% during the forecast period, i.e., 2024-30. The market growth is driven by the growing requirement for public transportation, expansion of e-commerce & logistics, etc. Rapid urbanization and population growth in countries like Indonesia, Thailand, Vietnam, and the Philippines result in increased demand for public transportation and goods movement within and between urban centers.

According to the Economic and Social Commission for Asia and the Pacific, presently, half of Southeast Asia's population resides in urban areas, and an estimated additional 70 million people will inhabit Southeast Asian cities by 2025. This growing urban population is driving the need for a larger fleet of buses for public transportation across the region. Owing to these, governments across the regions are emphasizing on buses to enhance public transportation. For instance:

  • In 2023, the Indonesian government inaugurated an eco-friendly mass transport system in the new capital city (IKN) Nusantara, with an investment of around USD 16 million. The investment is used for procuring electric rapid transit buses, electric taxis, electric rental cars, as well as public buses.     

Report Coverage

Details

Study Period

Historical Data: 2019-22

Base Year: 2023

Forecast Period: 2024-30

CAGR (2024-2030)

6.7%

Country Covered

Thailand, Vietnam, Malaysia, Indonesia, Singapore, Rest of Southeast Asia

Key Companies Profiled

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

Market Denominations

USD Million/Billion

 

Thus, increased utilization of buses, especially in densely populated urban areas, inevitably leads to wear & tear on tires, driving the requirement of tires for replacement. Furthermore, the expansion of e-commerce and online retail platforms in Southeast Asia has revolutionized the way consumers shop, leading to a significant increase in demand for efficient logistics and transportation services. With more consumers opting for the convenience of shopping online, there is a growing need for reliable and timely delivery of goods, particularly for last-mile deliveries to customers' doorsteps and intercity transportation between distribution centers. To meet the escalating demands of the e-commerce sector, logistics companies such as DHL, J&T Express, Trans Track, etc., are expanding their fleets of trucks to handle the growing volume of shipments.

  • In 2024, the Mober, a Philippine electric vehicle (EV) delivery company, announced a USD 2 million seed funding. With the new funding, Mober has expanded its EV fleet to 60 vehicles, enhancing its capability to meet the rising demand for logistics services.

These trucks serve as the backbone of the logistics network, facilitating the movement of goods from warehouses to fulfillment centers and ultimately to customers' locations. As a result, there is a corresponding surge in demand for truck tires to support the expanding logistics sector. Moreover, governments such as Thailand, Vietnam, Indonesia, etc., are heavily investing in strengthening their infrastructure by building connected transportation networks across the country.

Consequently, the increasing infrastructure investment by the government to augment the demand for trucks to carry heavy loads and construction materials during the forecast period. This would boost the requirement for tires in the coming years.


Southeast Asia Truck and Bus Tire Market Research Report: Forecast (2024-2030)

Southeast Asia Truck and Bus Tire Market Driver:

Growing Adoption of Electric Buses & Trucks – There is a growing awareness of environmental issues such as air pollution and climate change in Southeast Asia. As a result, consumers, businesses, and governments are increasingly seeking ways to reduce their carbon footprint and mitigate the impact of transportation-related emissions. Further, Governments in the region are implementing stricter emissions regulations and fuel efficiency standards to address environmental concerns. These regulations incentivize the adoption of cleaner vehicles by imposing penalties on high-emission vehicles and providing incentives for the purchase of electric and hybrid vehicles. For instance:

  • In 2024, Thailand's National Electric Vehicle Policy Committee (EV Board), approved incentives to encourage companies for electric trucks and buses adoption.

Consequently, the rising environmental consciousness and governmental backing for eco-friendly transportation are fueling the expanding uptake of electric buses and trucks in the region, stimulating demand for tire replacements.

Southeast Asia Truck and Bus Tire Market Challenge:

Prevalence of Counterfeit Products to Impede the Industry Expansion – In a region where cost considerations often heavily influence purchasing decisions, there's a significant demand for low-cost tires. Counterfeit products typically offer lower prices than authentic ones, making them attractive to budget-conscious consumers and businesses. Further, some parts of the region's regulatory oversight and enforcement mechanisms are lacking or insufficient. This creates an environment where counterfeiters operate with relative impunity, evading detection and punishment for their illegal activities, negatively impacting the growth of the market.

Southeast Asia Truck and Bus Tire Market Trend:

Introduction of Smart Truck & Bus Tires – With safety and efficiency being paramount concerns in the trucking industry, there's a growing demand for smart tire solutions that offer real-time monitoring, predictive maintenance, and optimization features. Fleet operators are seeking ways to improve vehicle safety, reduce downtime, and optimize fuel efficiency, driving the adoption of intelligent tire technologies. Thus, tire manufacturers are increasingly developing smart truck and bus tires. Further, the rapid advancements in sensor technology, data analytics, and connectivity have made smart tire solutions more feasible, reliable, and cost-effective. Companies are investing in these technologies to develop intelligent tires that enhance safety, efficiency, and performance in commercial trucking and bus fleets.

  • In 2023, Bridgestone, planned to start production of radio-tagged tires in 2024 for commercial vehicles like trucks and buses.

Moreover, smart tires contribute to environmental sustainability by optimizing fuel efficiency, reducing emissions, and extending tire lifespan through proactive maintenance. As environmental concerns become increasingly important, companies would invest in intelligent tire technologies to support cleaner and more sustainable transportation solutions, contributing to the growth of the smart truck and bus tire market during the forecast period.

Southeast Asia Truck and Bus Tire Market (2024-30): Segmentation Analysis

The Southeast Asia Truck and Bus Tire Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the regional levels. In accordance to the analysis, the market has been further classified as:

Based on Vehicle Type:

Southeast Asia has become a hub for manufacturing activities, particularly in industries such as automotive, electronics, and textiles. The rising growth of the manufacturing sector across the region has driven the demand for Trucks for the movement of raw materials and finished. The extensive use of trucks in the manufacturing sector has increased the demand for tires due to wear and tear. Hence, truck segment held the highest market share in the Southeast Asia Truck and Bus Tire Market.

Further, Southeast Asia is characterized by extensive cross-border trade, both within the region and with neighboring countries. These evolving cross-trade agreements in the region are fostering a heightened demand for trucks to facilitate the smooth movement of goods across borders.

Based on Tire Type:

  • Radial
  • Bias

Radial truck and bus tires are expected to dominate the market in the coming years owing to ongoing infrastructure projects, increased awareness, etc. Ongoing infrastructure projects in Southeast Asia, including the construction and expansion of roads, highways, and transportation networks, are driving the demand for commercial vehicles such as trucks and buses. Radial tires are preferred for their durability, fuel efficiency, and ability to handle heavy loads, making them essential for fleets operating in these expanding infrastructure environments.

Southeast Asia Truck and Bus Tire Market (2024-30): Regional Projection

Geographically, the Southeast Asia Truck and Bus Tire Market expands across:

  • Singapore
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Rest of Southeast Asia

Thailand is expected to hold significant share of the Southeast Asia Truck and Bus Tire Market during the coming years. This is owing to the growing tourism sector, government infrastructure projects, and electric vehicle regulations. The country is a popular tourist destination, attracting millions of visitors each year. The government of the country is taking various initiatives such as single visas, National Tourism Development Plants, etc. These initiatives are driving the number of international tourist travelers to the country.

Furthermore, the expansion of e-commerce has revolutionized consumer habits and supply chain operations in Thailand. As online shopping becomes increasingly prevalent, there's a notable uptick in the need for last-mile delivery solutions, leading to a heightened demand for a larger fleet of delivery trucks and vans. Additionally, many e-commerce enterprises manage their own logistics networks, amplifying the requirement for vehicles. This trend significantly amplifies the demand for tires in the coming years.

Southeast Asia Truck and Bus Tire Industry Recent Development:

  • 2023: YOKOHAMA announced the spin-off of the sales unit of its Vietnam tire production and sales subsidiary, Yokohama Tyre Vietnam Inc. (YTVI), into a new dedicated sales company named Yokohama Tyre Sales Vietnam Co., Ltd. (YTSV).
  • 2022: Bridgestone, planned to start production of radio-tagged tires in 2024 for commercial vehicles like trucks and buses.

Gain a Competitive Edge with Our Southeast Asia Truck and Bus Tire Market Report

  • Southeast Asia Truck and Bus Tire Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Southeast Asia Truck and Bus Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Southeast Asia Truck and Bus Tire Market is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2030.

   A. The growing adoption of electric buses & trucks is expected to drive the Southeast Asia Truck and Bus Tire Market during 2024-30.

   A. 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 the top companies in the Southeast Asia Truck and Bus Tire Market.

   A. Trucks held the largest share of the Southeast Asia Trucks and Bus Market.

   A. Thailand would present growth prospects in the Southeast Asia Truck and Bus Tire Market during 2024-30.

   A. The introduction of smart truck and bus tires is the key trend shaping the growth of the Southeast Asia Truck and Bus Tire Market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Southeast Asia Truck and Bus Tire Import-Export Analysis, 2019-2023
  5. Southeast Asia Truck and Bus Tire Market Supply Chain Analysis
  6. Southeast Asia Truck and Bus Tire Market Trends & Developments
  7. Southeast Asia Truck and Bus Tire Market Dynamics
    1. Drivers
    2. Challenges
  8. Southeast Asia Truck and Bus Tire Market Hotspot & Opportunities
  9. Southeast Asia Truck and Bus Tire Market Regulations and Policy 
  10. Southeast Asia Truck and Bus Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Size & Analysis
      1. By Vehicle Type
        1. Bus- Market Size & Forecast 2019-2030, Thousand Units
        2. Truck- Market Size & Forecast 2019-2030, Thousand Units
      2. By Demand Type
        1. OEMs- Market Size & Forecast 2019-2030, Thousand Units
        2. Replacement- Market Size & Forecast 2019-2030, Thousand Units
      3. By Price Category
        1. Budget - Market Size & Forecast 2019-2030, Thousand Units
        2. Economy- Market Size & Forecast 2019-2030, Thousand Units
        3. Premium-Market Size & Forecast 2019-2030, Thousand Units
      4. By Tire Type
        1. Radial-Market Size & Forecast 2019-2030, Thousand Units
        2. Bias-Market Size & Forecast 2019-2030, Thousand Units
      5. By Sales Channel
        1. Online- Market Size & Forecast 2019-2030, Thousand Units
        2. Multi Brand Stores - Market Size & Forecast 2019-2030, Thousand Units
        3. Exclusive Outlets - Market Size & Forecast 2019-2030, Thousand Units
        4. Direct Sales- Market Size & Forecast 2019-2030, Thousand Units
      6. By Tire Size
        1. Tire Size 1 - Market Size & Forecast 2019-2030, Thousand Units
        2. Tire Size 2 - Market Size & Forecast 2019-2030, Thousand Units
        3. Tire Size 3- Market Size & Forecast 2019-2030, Thousand Units
        4. Tire Size 4- Market Size & Forecast 2019-2030, Thousand Units
        5. Tire Size 5- Market Size & Forecast 2019-2030, Thousand Units
      7. By Country
        1. Singapore
        2. Indonesia
        3. Malaysia
        4. Thailand
        5. Vietnam
        6. Rest of Southeast Asia
      8. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
  11. Singapore Truck and Bus Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2019-2030, Thousand Units
      2. By Demand Type- Market Size & Forecast 2019-2030, Thousand Units
      3. By Price Category- Market Size & Forecast 2019-2030, Thousand Units
      4. By Tire Type- Market Size & Forecast 2019-2030, Thousand Units
      5. By Sales Channel- Market Size & Forecast 2019-2030, Thousand Units
      6. By Tire Size- Market Size & Forecast 2019-2030, Thousand Units
  12. Indonesia Truck and Bus Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2019-2030, Thousand Units
      2. By Demand Type- Market Size & Forecast 2019-2030, Thousand Units
      3. By Price Category- Market Size & Forecast 2019-2030, Thousand Units
      4. By Tire Type- Market Size & Forecast 2019-2030, Thousand Units
      5. By Sales Channel- Market Size & Forecast 2019-2030, Thousand Units
      6. By Tire Size- Market Size & Forecast 2019-2030, Thousand Units
  13. Malaysia Truck and Bus Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2019-2030, Thousand Units
      2. By Demand Type- Market Size & Forecast 2019-2030, Thousand Units
      3. By Price Category- Market Size & Forecast 2019-2030, Thousand Units
      4. By Tire Type- Market Size & Forecast 2019-2030, Thousand Units
      5. By Sales Channel- Market Size & Forecast 2019-2030, Thousand Units
      6. By Tire Size- Market Size & Forecast 2019-2030, Thousand Units
  14. Thailand Truck and Bus Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2019-2030, Thousand Units
      2. By Demand Type- Market Size & Forecast 2019-2030, Thousand Units
      3. By Price Category- Market Size & Forecast 2019-2030, Thousand Units
      4. By Tire Type- Market Size & Forecast 2019-2030, Thousand Units
      5. By Sales Channel- Market Size & Forecast 2019-2030, Thousand Units
      6. By Tire Size- Market Size & Forecast 2019-2030, Thousand Units
  15. Vietnam Truck and Bus Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type- Market Size & Forecast 2019-2030, Thousand Units
      2. By Demand Type- Market Size & Forecast 2019-2030, Thousand Units
      3. By Price Category- Market Size & Forecast 2019-2030, Thousand Units
      4. By Tire Type- Market Size & Forecast 2019-2030, Thousand Units
      5. By Sales Channel- Market Size & Forecast 2019-2030, Thousand Units
      6. By Tire Size- Market Size & Forecast 2019-2030, Thousand Units
  16. Southeast Asia Truck and Bus Tire Industry Key Strategic Imperatives for Growth & Success
  17. Competition Outlook
    1. Company Profiles
      1. Bridgestone Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Goodyear Tire and Rubber Company
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Michelin
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Continental AG
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Yokohama Rubber Co. Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Pirelli Tyre S.p.A
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Sumitomo Rubber Industries Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Toyo Tire Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Zhongce Rubber Group Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Sailun Group Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Kumho Tire
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Others
  18. Disclaimer


Southeast Asia Truck and Bus Tire Market Segmentation Slide