Posted On: 2019-11-19
Government efforts to promote automotive manufacturing in the country would be the key growth driver of Thailand tire market – 6wresearch
Thailand is the largest automobile manufacturer in the Southeast Asia region and has emerged as the automotive hub in the ASEAN countries. Additionally, the production of motor-vehicles has been on a rise in Thailand in recent years.
According to 6Wresearch, Thailand Tire Market size is projected to grow at a CAGR of 2.5% during 2019-2025. Increasing investment in the development of the automotive sector in the country would lead to growth of tire market in Thailand. Moreover, comparatively lower prices of the locally produced high-quality tires have also benefitted the growth of tire market in Thailand.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "Light Trucks tire segment accounted for the largest revenue share in the Thailand tire market owing to rising demand for light trucks in the country, especially in the warehouse sector. However, in volume terms, two-wheeler tires captured majority of the market share due to its shorter life and Thailand being a major global motorcycle production base.”
“By types, radial tires are the leading contributor to the Thailand tire market as they provide a higher Initial Tread Mileage (ITM), higher fuel efficiency and are comparatively puncture-resistant to bias tires.” Ravi further added.
According to Hardik Malik, Research Analyst, Research and Consulting, 6Wresearch, "The demand for tires in the country was largely driven by the demand for tires by the OEMs as majority of the vehicles produced in the country are exported to other nations. Additionally, the share for OEMs in the Thailand tire market would rise during the forecast period owing to rising private sector investment in the automobile industry.”
Some of the prominent companies in the Thailand tire market include Bridgestone, Michelin, Goodyear, Continental and other Chinese companies such as Maxxis International.
"Thailand Tire Market (2019-2025)" report provides an in-depth analysis with 34 figures, covered in more than 80 pages. The report estimates and forecast the overall Thailand tire market by vehicle types, types, origin and end user. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.