The ASEAN tire market is anticipated to witness a CAGR of 3.5% during the forecast period (2020-2026). The region is the largest producer of natural rubber and supplies the tire raw material to all the major companies all across the globe. The companies have also set-up their manufacturing units near the raw material source. Anticipated lucrative growth in vehicle sales during the forecast period and increasing disposable income of the people in the region are some of the major factors for the growth of the tire market in the region. After the COVID-19 pandemic, Vietnam has emerged as an attractive alternative for the companies to shift their production unit to diversify their manufacturing and to reduce dependency on China. It will provide significant economic growth to the country and will augment the demand for high-end products among the people.
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The ASEAN tire market is segmented based on vehicle type, road application, construction, tire type, and sales channel. By vehicle type, the market is further segmented into passenger cars, light & medium commercial vehicles, heavy commercial vehicles, two-wheeler, and other. Passenger cars and two-wheelers are expected to hold a major market share during the forecast period. Moreover, the market is also studied based on geography, and divided into Indonesia, Malaysia, the Philippines, and the rest of ASEAN. As per the OICA, more than a million vehicles were sold in Thailand and Indonesia each in 2019. Both countries will maintain a significant market share during the forecast period.
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ASEAN Tire Market Segmentation
By Vehicle Type
- Passenger Cars
- Light &Medium Commercial Vehicle
- Heavy Commercial Vehicle
- Two-Wheeler
- Other (Construction, Agricultural, Customized Sports)
By Road Application
- All-Season Tire
- Summer Tire
- Winter Tire
- Other (All-Terrain Tire)
By Construction
- Radial Tire
- Bias PlyTire
By Tire Type
- Tubeless Tire
- Tubbed Tire
By Sales Channel
- OEM (Original Equipment Manufacturer)
- Aftermarket (Replacement)
Regional Analysis
- Indonesia
- Malaysia
- Philippines
- Thailand
Rest of ASEAN
Company Profiles
- Apollo Tires Ltd.
- Overview
- Apollo Tires Ltd. in ASEAN
- Apollo Tires Ltd. in Tires Landscape
- Recent Developments
- Bridgestone Corp.
- Ceat Ltd.
- Cheng Shin Rubber Ind. Co. Ltd.
- Continental AG
- Gajah Tunggal Tbk
- Giti Tire Pte Ltd.
- Goodyear Tire and Rubber Co.
- Hankook Tire Co. Ltd.
- Michelin Group
- Omni United (S) Pte. Ltd.
- Pirelli & C. S.p.A.
- IndustriKaret Deli
- Suryaraya Rubberindo Industries
- Sumitomo Rubber Industries Ltd.
- The Yokohama Rubber Co, Ltd.
- Toyo Tire Corp.
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