Southeast Asia Tyre (Tire) Market (2018-2024) | Size, Share, Growth, Forecast, Revenue, Trend, Analysis, industry & Outlook

Latest (2023) Development of the Southeast Asia Tyre (Tire) Market

Southeast Asia Tyre Market witnessed technological advancement due to high demand. In 2019, Michelin unveiled its UPTIS (Unique Puncture-Proof Tyre System) airless car tyre concept, which they refer to as airless wheel structure technology. Michelin has teamed up with General Motors to bring UPTIS to market as soon as 2024. Bridgestone and Einride, a company that creates electric and autonomous freight mobility solutions, have forged cooperation to develop long-term mobility solutions for electrified and autonomous Class 8 trucks. Bridgestone Americas closes its Antioch operations center and reorganizes its workforce in the work-from-home era.

Southeast Asia Tyre Market is expected to gain momentum during the upcoming years on account of the strengthening of the automotive sector. Increasing advancement in technology is driving the demand for high-quality tires which is further adding to the development of the market. Moreover, the government is also taking initiatives in order to improve the manufacturing and automotive sector which is further proliferating the development of the Southeast Asia Tyre Industry. Increasing construction and mining activities in the region are driving the demand for commercial vehicle tires. Increasing disposable income along with surging sales of cars is also contributing to the development of the market.

Southeast Asia Tyre Market Synopsis

Southeast Asia Tyre Market covers the market by tyre types, vehicle types, and regions. The report provides a detailed analysis of the trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

An increase in vehicle sales coupled with growing consumer spending has propelled the demand for tyre market in the Southeast Asia region over the past five years. Further, the tire market is expected to register healthy growth due to an increase in demand for passenger vehicles. In addition, the government plans such as Malaysia's Industry 4.0, Indonesia Vision 2045, Philippines Vision 2040, and Vietnam 2035 are also expected to boost the Southeast Asia tyre (Tire) market revenues.

According to 6Wresearch, South East Asia tyre market size is projected to grow at a CAGR of over 8.3% during 2018-2024. The increase in the introduction of electric vehicles with the rising government efforts through stringent government regulation towards control in carbon footprints, therefore, the manufacturer has increased the electric vehicle production along with population also purchasing electric vehicles, especially Thailand and Vietnam are forefronts where Vietnam gaining traction in the tire market due to the rising purchase of two-wheeler electric vehicle and is estimated to bring in a lucrative opportunity for the growth of the Southeast Asia tire market in the upcoming six years.

The Southeast Asia tire market is expected to gain traction in the coming years backed by the increased motoring potential of the region coupled with supplementation of the local automotive sales. Also, with increasing efforts of the government to convert Laos, Cambodia, Myanmar, and Vietnam into automotive manufacturing hubs, the Southeast Asia tire market is anticipated to witness a clear path to growth in the near future. According to the Organization for Economic Co-operation and Development (OECD), the middle-class population is anticipated to reach around 400 million in the Southeast Asia region, which would, further, instigate the car adoption rate, especially in countries like India, Vietnam, Cambodia, Laos, Philippines, and Thailand. Also, for the population who already owns a car, maintenance, and replacement of their cars require quality tires to be used for a better driving experience, and this would propel potential market growth for the Southeast Asia tyre market in the coming years. Also, the strong market potential of the rubber industry across the Southeast Asia region, especially in Thailand, which accounts for almost half of the total rubber production across the Southeast Asia region, would provide a strong market potential for the tyre market in the Southeast Asia region. 

The Southeast Asia Tyre Market is expected to witness a proliferation in the coming timeframe as a result of the spectacular growth of the automotive industry. The automotive industry is each year registering a highly quantified number of sales with respect to consumer-run four-wheelers and two-wheelers and this is anticipated to be a positive demand-generating factor for the Southeast Asia tire market. Moreover, the Southeast Asian countries namely Malaysia, Thailand, and Singapore are tourist hubs across the region and the increased tourism in these aforementioned countries has led to an increase in commercial automotive sales along with lease facilities, especially for two-wheelers. For successful business runs, timely replacements of the tire are required and this is leading to an increased demand for tires in the commercial and hospitality sector. As a result, this rising demand is expected to dictate the spectacular growth of the Southeast Asia tire market in the coming timeframe, and not only this, the potential investors of the market are now offered bountiful opportunities to seek a promising future in the respective domain by the successful integration of their funds.

Market Analysis by Vehicle Types

Two and Three-Wheeler vehicles are the leading market revenue-generating segment in the overall tyre market. With increasing consumer spending and solid macroeconomic conditions in several Southeast Asian countries, the dominance of two and three-wheeler vehicles is expected to continue during the forecast period as well. In addition, the commercial vehicle segment is also anticipated to grow at a very healthy pace on account of the growing logistics sector and rising investment spending.

Market Analysis by Tyre Types

Radial Tyre is the key revenue-generating segment in the Southeast Asia tire (Tire) market revenues owing to its low life cycle cost and high deployment, especially in passenger vehicles and two & three-wheeler vehicles. In passenger vehicles, majorly radial tires are installed due to the availability of certain key features such as higher safety, long-term value, and lower life-cycle cost. Further, radial tires are expected to maintain their dominance during the forecast period as well due to a surge in the sales of passenger vehicles in the region.

Market Analysis by Country

Based on the country, Indonesia is estimated to accumulate humongous revenues in the market underpinned by an increased population base along with the growing domestic and foreign demand for four-wheeled vehicles this is simultaneously propelling the tires demand and this is expected to act as a catalyst for the growth of the Southeast Asia tire market in the forthcoming years.

Key players in the market

Some of the key players in the Southeast Asia Tyre Market are:

• Bridgestone Corporation
• Continental AG
• Dunlop Tires
• PT Gajah Tunggal Tbk
• Goodyear Tire
• Hankook Tire & Technology Co., Ltd.
• Michelin, Pirelli & C. S.p.A
• PT Multistrada Arah Sarana Tbk
• Sumitomo Rubber Industries, Ltd.
• The Yokohama Rubber Co., Ltd., Inoac Corporation

Key Highlights of the Report:

• South East Asia Tyre Market Overview
• South East Asia Tyre Market Outlook
• South East Asia Tyre Market Forecast
• South East Asia Tyre Market Size and South East Asia Tyre Market Forecast until 2024.
• South East Asia Tyre Market Share, By Regions 2017 & 2024.
• Historical Data and forecast of Indonesia Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Indonesia Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Malaysia Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Malaysia Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Singapore Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Singapore Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Thailand Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Thailand Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Philippines Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Philippines Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Vietnam Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Vietnam Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Myanmar Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Myanmar Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of Cambodia Tyre Market Revenues and Volume for the Period 2014-2024F.
• Historical Data and forecast of Cambodia Tyre Market Revenues and Volume By Tyre Types, Vehicle Types, and End Markets for the Period 2014-2024F.
• Historical Data and forecast of the Rest of Southeast Asia Tyre Market Revenues and Volume for the Period 2014-2024F.
• Market Drivers and Restraints.
• South East Asia Tyre Market Trends and Industry Life Cycle.
• Market Opportunity Assessment.
• Company Profiles, South East Asia Tyre Market Overview on Competitive Benchmarking, and South East Asia Tyre Market Share, By Players.
• Strategic Recommendations.

Market Segmentation

The South East Asia Tyre Market report offers a detailed analysis of the following market segments:

By Tyre Types

• Radial Tyres
• Bias Tyres

By End Markets

• OEM
• Replacement

By Vehicle Types

• Passenger Vehicle
• Commercial Vehicle
• Two and Three Wheeler Vehicles

Southeast Asia Tyre (Tire) Market: FAQs