South East Asia Tire

South East Asia Tire Market Research Report: Forecast (2021-26)

By Vehicle Type (Passenger Car, LCVs, MHCVs, Two-Wheelers, Off Road), By Demand Type (OEM, Replacement), By Type of Tire (Bias, Radial), By Season (All Season, Winter), By Rim Size (Upto 12, 12.1” t Read more

  • Tire
  • Mar 2022
  • 167
  • TR10234

Market Definition

The tire industry across South East Asia is highly diverse and is experiencing rapid sales of passenger vehicles & two-wheelers. Besides, the region is highly rich in natural rubber, i.e., the primary raw material used in manufacturing tires. Hence, with the easy availability of these raw materials, low-cost labor, and mounting tire requirements, several prominent automakers & tire manufacturers are establishing their production facilities in South East Asia while generating remunerative growth opportunities for the tire industry.

Market Insights

The South East Asia Tire Market is projected to grow at a CAGR of around 8% during the forecast period, i.e., 2021-26. The growth of the market is likely to be driven primarily by the abundant availability of raw materials like natural rubber across South East Asia, i.e., generating lucrative growth opportunities for the leading tire manufacturers to establish their production facilities across different countries in the region and meet the increasing consumer requirements.

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR

8%

Country Covered Malaysia, Indonesia, Singapore, Cambodia, Vietnam, Thailand, Philippines, Others
Key Companies Profiled Hankook, Bridgestone, Goodyear, Michelin, Continental, Pirelli, Kumho, Apollo, Dunlop
Unit Denominations USD Million/Billion

 

Besides, improving economic conditions, changing living standards, and growing adoption of private vehicles like two-wheeler motorbikes & passenger cars, among others, are other crucial aspects expected to boost the tire market through 2026. 

Moreover, massive government support through various initiatives & favorable policies to strengthen the automotive sector & import-export business and promote the establishment of new facilities across the region shall also play a crucial role in augmenting the overall market growth in the coming years.

Impact of Covid-19 on the South East Asia Tire Market

The advent of Covid-19 in 2020 had a decelerating impact on most industries across South East Asia, where the Tire Market was no exception. With the imposition of stringent movement restrictions & lockdown by governments of different countries across the region to curb the spread of this dreadful disease, the market underwent a significant decline while introducing several challenges for the leading players.

The cross-border trade restrictions significantly hampered tire imports & exports, while on the other front, unavailability & fluctuation in the prices of raw materials further constrained tire production. It, in turn, resulted in the expensive manufacturing of tires. Besides, the severely disrupted supply chain, transportation, & logistic sector further affected the distribution of tires across different countries and increased the demand-supply gaps.

As a result, several manufacturers had to reduce their production capacities & eventually shut down facilities. However, with the gradual improvement in the pandemic situation displaying a reducing number of cases, trade barriers & other restrictions were uplifted, and business operations recommenced. Consequently, tire imports & exports were back on track. Tire manufacturers have increased their production capacities to meet the burgeoning requirements of different end-users. As a result, the South East Asia Tire Market is expecting steady growth and recovery from revenue losses in the coming years.

Market Segmentation

Based on the Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Medium & High Commercial Vehicles
  • Two Wheelers
  • Off the Road (OTR)

Amongst them all, Passenger Cars are anticipated to display the fastest growth in the South East Asia Tire Market during 2021-26. It owes principally to the growing inclination of people toward private vehicle ownership owing to their improving economic conditions & changing lifestyles, which, in turn, is boosting the sales of passenger cars & directly impacting the demand for tires.

Besides, rapid developments in infrastructure & road connectivity are also boosting the sales of passenger cars and driving the tire market. Moreover, various government initiatives for promoting the adoption of Electric Vehicles (EVs) to reduce carbon emissions are also projected to generate profitable opportunities for the leading tire manufacturers to make & distribute tires for EVs.

Furthermore, with the abundant availability of raw materials & increasing establishment of prominent automakers & tire manufacturers across the region, the introduction of new product offerings shall also stimulate the sales of passenger cars & drive the market through 2026.

On the other hand, Two-Wheelers are anticipated to witness a surging demand for tires across South East Asia & augment the overall growth of the tire market during 2021-26. It attributes principally to the large low-income population entwined with immense traffic across different countries in the region. It is displaying a growing inclination of consumers toward buying two-wheelers for easy commutation, which, in turn, would be driving the South East Asia Tire Market in the coming years.

Country Landscape

Geographically, the South East Asia Tire Market expands across:

  • Malaysia
  • Indonesia
  • Singapore
  • Cambodia
  • Vietnam
  • Thailand
  • Philippines

Amongst all countries, Thailand is expected to generate significant growth opportunities for the South East Asia Tire Market during 2021-26. It has been gaining swift traction in the automotive sector over the previous few years, owing to the extensive presence of prominent tire manufacturers with their production units and abundant availability of natural rubber. Besides, the country is among the world's largest natural rubber producers, i.e., the primary raw material used in tire production. All these aspects, in turn, are directly impacting the demand for tires and fueling the overall growth of the tire market across South East Asia.

Furthermore, the consistently increasing tire prices and expanding automobile fleet are other crucial aspects supporting the market growth in Thailand. Moreover, the industry is also getting a significant boost from transportation infrastructure developments & burgeoning vehicle exports. In addition, the government of Thailand is putting various efforts to promote green automotive production, which is another key factor expected to positively impact the tire market in the country over the coming years.

Market Dynamics:

Key Driver: Government Efforts for Encouraging the Adoption of Electric Vehicles (EVs)

With the growing need to address the adverse effects of carbon emissions on the environment, the governments of different countries in South East Asia are encouraging the adoption of EVs. It, in turn, is generating growth opportunities for the leading players to develop & distribute tires for EVs and, in turn, drive the Tire Market across South East Asia during 2021-26.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the South East Asia Tire Market?
  2. What are the country-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the South East Asia Tire Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the South East Asia Tire Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the South East Asia Tire Market study?

Frequently Asked Questions

A. The South East Asia Tire Market is projected to grow at a CAGR of around 8% during 2021-26.

A. Passenger Cars & Two-Wheelers are anticipated to emerge as an area of remunerative opportunities for the leading players in the South East Asia Tire Market during the forecast period.

A. Increasing sales of passenger cars, coupled with various initiatives by governments of different countries across South East Asia toward encouraging the adoption of EVs, are the key growth opportunities anticipated to drive the South East Asia Tire Market in the coming years.

A. In the coming years, the South East Asia Tire Market is anticipated to witness a steady growth owing to the resumption in trade across borders entwined with increasing production capacities of tire manufacturers to meet the burgeoning consumer requirements for tires.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on South East Asia Tire Market
  5. Expert Verbatim-Interview Excerpts of industry experts
  6. South East Asia Tire Market Analysis, 2016-2026F
    1. Market Size & Analysis
      1. Revenues in (USD Billion)
      2. Units Sold in Million
    2. Market Share & Analysis
      1. By Vehicle Type
        1. Passenger Cars
          1. SUV
          2. Sedan
          3. Hatchback & Bakkies
        2. Light Commercial Vehicles (LCV)
          1. Light Trucks
          2. Light Buses
          3. Pickup trucks & Vans
        3. Medium & High Commercial Vehicles
          1. Bus
          2. Truck
        4. Two Wheelers
          1. Moped
          2. Scooters
          3. Motorcycles
        5. Off the Road (OTR)
          1. Earthmoving Equipment
          2. Material Handling Equipment
          3. Industrial & Mining Equipment
      2. By Demand Type
        1. OEM
        2. Replacement
      3. By Type of Tire
        1. Radial
        2. Bias
      4. By Season
        1. All Season
        2. Summer
      5. By Rim Size
        1. Upto 12
        2. 12.1” to 15”
        3. 15.1.” to 18”
        4. 18.1” to 20”
        5. 20.1” to 22.5”
        6. 22.6” to 26”
        7.  26.1” to 35”
        8. 35.1” to 47”
        9. Above 47”
      6. By Price Category
        1. Low
        2. Medium
        3. High
      7. By Country
        1. Malaysia
        2. Indonesia
        3. Singapore
        4. Cambodia
        5. Vietnam
        6. Thailand
        7. Philippines
        8. Others
      8.  By Company
        1. Market Shares, By Revenue
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
    3. Market Attractiveness Index
      1. By Type of Vehicle
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
      7. By Country
    4. By Competitors
      1. Total Units Sold
      2. Market Share
  7. Malaysia Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  8. Indonesia Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  9. Singapore Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  10. Cambodia Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  11. Vietnam Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  12. Thailand Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  13. Philippines Tire Market Analysis, 2021
    1. Market Size & Analysis
      1. Units Sold in Million
      2. Revenues in USD Billion
    2. Market Share & Analysis
      1. By Vehicle Type
      2. By Demand Type
      3. By Type of Tire
      4. By Season
      5. By Rim Size
      6. By Price Category
  14. South East Asia Tire Market Value Chain Analysis
    1. Key Stakeholders in Value Chain
    2. Margin at Various Levels
  15. South East Asia Tire Market Regulations, Policies, Regulation, Product Benchmarks
  16. South East Asia Tire Market Trends & Insights
  17. South East Asia Tire Market Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis
  18. South East Asia Tire Market Hotspot & Opportunities
  19.  South East Asia Tire Market Key Strategic Imperatives for Success & Growth
  20. South East Asia Tire Market Import & Export Statistics
  21. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Hankook
      2. Bridgestone
      3. Goodyear
      4. Michelin
      5. Continental
      6. Pirelli
      7. Kumho
      8. Apollo
      9. Dunlop
  22. Disclaimer
South East Asia Tire Market Segmentation