South East Asia Tire Market to Cross $ 17 Billion by 2024

Rising demand for passenger cars along with growing vehicle fleet and demand for run-flat tires to boost tire sales across South East Asia through 2024

According to TechSci Research report, “South East Asia Tire Market By Vehicle Type, By Demand Category, By Radial vs. Bias, By Rim Size, By Tire Type, By Country, Competition, Forecast & Opportunities, 2014-2024”, tire market across South East Asia is projected to surpass $ 17 billion, by 2024 on account of increasing sales of two wheelers and passenger cars due to rising per capita and improving living standards of people in South East Asian countries. Moreover, booming infrastructure developments and expanding vehicle fleet are the other major factors that are fueling demand for tires across the region. Few of the major tire players operating in the region include PT Gajah Tunggal TBK, PT Suryaraya Rubberindo Industries, Bridgestone Corporation, Compagnie Generale des Establissements Michelin, Sumitomo Rubber Industries, Continental AG, The Goodyear Tire & Rubber Company, Deestone Corporation Limited, Toyo Tire & Rubber Co. Ltd, and The Yokohama Rubber Co., Ltd., among others. With rising focus of these leading players on sales and marketing activities, the tire industry in South East Asia is anticipated to witness intensifying competition over the next five years.

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Among countries, Indonesia dominated South East Asia tire market with over 40% volume share in 2018.  The country is anticipated to maintain its dominance during forecast period as well on the back of expanding vehicle fleet in the country. On the basis of vehicle type, South East Asia tire market is segmented into passenger car, light commercial vehicle, medium & heavy commercial vehicle, two-wheeler, three-wheeler and OTR, of which, the two wheeler and passenger car segments account for over 85% share in the market due to expanding two wheeler and passenger car fleet backed by rising per capita income and growing number of nuclear families across the region.

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“Increasing two wheeler and passenger car sales and production is pushing demand for tires across the South East Asian region. Moreover, a rising number of automakers are showing inclination towards run-flat tires in OEM segment, which is further expected to positively influence the region’s tire market in the coming years. Additionally, growing demand for trucks and buses would steer growth in the market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“South East Asia Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler and OTR), By Demand Category (OEM Vs Replacement), By Radial vs. Bias, By Rim Size, By Tire Type, By Country, Competition Forecast & Opportunities, 2014-2024” has analyzed the potential of tire market across South East Asia, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by South East Asia tire market.

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