The replacement end-user segment accounted for the highest revenue share in the Thailand Tire Market-6Wresearch
The replacement segment is growing owing to the expanding automobile fleet. The COVID-19 pandemic led to lockdown measures that caused supply chain disruptions, shortage of raw materials and low production output in the automotive industry, impacting the demand for tires across the country. However, as the government of Thailand lifted COVID-19 limitations gradually, automotive production grew along with other trading activities across the country. Further government plans will continue to expand country’s automotive manufacturing base, which is expected to support the future growth of the Thailand Tire Industry.
According to 6Wresearch, the Thailand Tire Market is projected to grow at a CAGR of 8.8% from 2022 to 2028. The primary reasons for growth includes the development in the country's transportation infrastructure and increasing demand for electric vehicles coupled with expanding automobile sector in the country. Further, the manufacturing output and e-commerce sector has been rising after COVID-19, and the requirement for commercial vehicles to fulfil the manufacturing sector and e-commerce’s logistics need is increasing therefore, the demand for commercial vehicle is expected to rise, which would accelerate the demand for tires from the commercial vehicle segment.
According to Ravi Bhandari, Research Head, 6Wresearch, “The light trucks tire segment dominated the market in terms of volume and revenues, as the country is the key manufacturing hub of light trucks, and accounts for the largest share in terms of production of commercial vehicle.”
By origin, local manufacturing held the largest revenue share owing to the presence of many tire manufacturers with growing production capacity across the country.
“Thailand Tire Market (2022-2028)” report provides an in-depth analysis with 21 figures and 13 tables, covered in 78 pages. Thailand Tire Market report thoroughly covers the market by Origin, types, vehicle types and end users. It provides an unbiased and detailed analysis of the ongoing market 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.