According to the MarkNtel Advisors’ research report titled “Thailand Tire Market Analysis, 2020”, the tire market is expected to grow at a CAGR of around 3% in terms of unit sold during 2020-25. Thailand is considered to be a key manufacturing hub, and ranked 8th amongst the global tire manufacturing geographies in 2019. Moreover, the country imports tires from Japan, South Korea, India, and China. Total imports in 2019 were valued at around USD 400 million.
Prevalence of Dealers/Distributors Boosting the Thailand Tire Market
The dealer and distributors dominated the Thailand Tire market. The leading players such as Bridgestone, Michelin, Yokohama, Goodyear, Continental follows the traditional sales channel i.e. through dealers and distributors in the country. However, numerous automobile OEMs who are the prominent buyers of tires from these companies operate through a direct sale/purchase model. Moreover, the sale through the online channel in urban areas is expected to boost in the years to come. The leading companies also sell their tires on online platforms.
The replacement demand acquired a major market share in the Thailand Tire market in 2019 owing to the growing passenger car vehicles and light commercial vehicles in the country. Moreover, the extensive government’s initiatives for the launch of electric vehicles are anticipated to strongly contribute to the growth of Thailand Tire market. BMW applied for PHV incentives and Daimler for PHV and EV incentives. Therefore, the electric vehicle segment is anticipated to catalyze demand for tires from OEMs in next few years.
Surging Passenger Cars Sales to Upsurge the Thailand Tire Market
The declining two-wheeler sales and growing the traction toward private cars among the consumers, especially in the cities has increased the demand for tires from the passenger car segment. Moreover, the usage of LCV deployed in logistics has increased considerably. However, the passenger car segment grabbed the highest market share in the Thailand Tire market in 2019.
According to the MarkNtel Advisors, the major players capturing a significant market share in the Thailand Tire market include Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Deestone, etc.
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 Thailand 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 Thailand Tire Market during 2020-25?
A. The market size of Thailand Tire Market during 2020-25 is forecast to be around 3%.
Q. Who are the key competitors or players operating in Thailand Tire Market?
A. Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Deestone and few others are the leading players in the Thailand 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 Thailand Tire Market?
A. The passenger car segment grabbed the highest market share in the Thailand tire market in 2019. However, the declining two-wheeler sales and growing the traction towards private cars among the consumers, especially in the cities has increased the demand for tires from the passenger car segment. Moreover, the usage of LCV deployed in logistics has increased considerably.
Q. Which season tire type segment would emerge as an opportunity area for players in Thailand Tire Market?
A. All-season tires dominated the Thailand 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 Thailand 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 Thailand Tire Market?
A. The dealer and distributors dominated the Thailand tire market. The leading players such as Bridgestone, Michelin, Yokohama, Goodyear, Continental follows the traditional sales channel i.e. through dealers and distributors in the country. However, numerous automobile OEMs who are the prominent buyers of tires from these companies operate through a direct sale/purchase model. Moreover, the sale through the online channel in urban areas is expected to boost in the years to come. The leading companies also sell their tires on online platforms.
Q. Which demand segment would emerge as an opportunity area for players in Thailand Tire Market?
A. The replacement demand grabbed a major market share in the Thailand tire market in 2019 owing to the growing passenger car vehicles and light commercial vehicles in the country.
