Malaysia Tire Market Analysis, Key Stakeholders, Regional Outlook, End-User Applicants by 2032

Report Ocean, an esteemed firm specializing in comprehensive market research spanning across 150+ countries and producing an annual publication of over 100,000 reports, has recently unveiled an exhaustive research analysis and tailored strategies specifically for the "Malaysia Tire Market" industry. Developed by a proficient team of subject matter experts, seasoned researchers, and market research professionals, this report assures the utilization of precise data derived from credible sources, ensuring the highest level of forecast accuracy.

According to a recent study by strategic consulting and market research firm Report Ocean, the Malaysia tire market was valued at USD 1,274.2 million in 2020. The market is expected to grow at a CAGR of 7.2%, reaching a revenue of approximately USD 2,050.4 million by the end of 2027. The robust growth of the Malaysia tire market is driven by the surging demand for passenger cars. The aftermarket for tires has also experienced rapid growth as vehicles have become more sophisticated and require regular maintenance for optimal tire safety. Notably, Malaysia is gaining recognition as an automobile production country, with leading brands such as Bufori, EV Innovations, Perodua, and Proton establishing production units in the country. With increasing domestic and international demand for cars, these companies are investing in expanding their production capacities, which is expected to propel the Malaysia tire market during the forecast period.

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The increasing automobile production in Malaysia is a key driver for the tire market. The presence of 27 automotive OEMs, including well-known brands like Nissan, Toyota, Hyundai, BMW, and Volvo Car Manufacturing Malaysia, contributes to Malaysia's position as the third-largest automotive industry in Southeast Asia. The country produces over 500,000 vehicles annually, and as the demand for automobiles continues to rise, the need for tires is expected to grow accordingly.

Furthermore, the growing number of private vehicle ownership is favoring the Malaysia tire market. The country's rapid economic growth and rising per capita income have led to increased demand for automobiles. According to the Road Transport Department (JPJ) of the Ministry of Transport, as of December 31, 2019, there were 31.2 million registered motor vehicles in Malaysia. Passenger cars dominate the market as the preferred mode of transportation among consumers. With automobile brands introducing new models at affordable prices to target the middle-income group, consumers have a wide range of options. As the number of passenger cars on the road increases, the demand for periodic maintenance and tire replacements will also rise, further driving the demand for tires in the country.

In terms of distribution channels, the Malaysia tire market is segmented into online distributors and offline distributors. The offline distributors segment currently holds the largest market share due to established partnerships between tire brands, distributors, and suppliers for the sales of original tires. Specialty stores that offer a wide range of tires from trusted brands also contribute to the growth of this segment. However, the online distributor segment is gaining significant traction, particularly after the COVID-19 pandemic. Numerous tire brands are launching websites to enhance their market presence and boost sales. The online segment is expected to gain prominence in the post-pandemic era.

Key players in the Malaysia tire market include Goodyear Tire & Rubber Co., Michelin Malaysia Sdn. Bhd, Continental Tyre Malaysia Sdn Bhd, Bridgestone Tyre Sales Sdn. Bhd, Hankook Tire Malaysia Sdn. Bhd., Toyo Tyre Malaysia Sdn. Bhd., Maxxis Tires Malaysia., Pirelli Tyre S.p.A, Yokohama Rubber Company, BKT Tires, and other prominent players. The market is highly dominated by multinational tire corporations with a strong presence in Malaysia. These companies heavily invest in expanding tire production in the country to meet domestic needs and boost exports. They offer a wide range of products for various vehicles, aiming to penetrate the market and expand their customer base. Competitive strategies such as partnerships, mergers, acquisitions, and joint ventures are also prominent in this market.

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Market Overview
Market Size & Forecast by Value, 2017-2027
Market Size and Forecast, By Segment

By Design
Radial
Bias

By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)

By End-User
OEM
Replacements

By Distribution Channel
Online Distributors
Offline Distributors

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This release was published on openPR.