Southeast Asian Tire Market Massive Growth with a 6.1% CAGR, Reach $14.48 Billion by 2030

The southeast Asian tire market was valued at $8.21 billion in 2020, and is projected to reach $14.48 billion by 2030, registering a CAGR of 6.1%. Thailand was the highest revenue contributor, accounting for $2.68 billion in 2020, and is estimated to reach $4.59 billion by 2030, with a CAGR of 5.8%. High rubber production in the Southeast Asian region, growth in automotive exports, and rise in passenger car sales drive the growth of the Southeast Asian tire market. However, development in the market of retreading tires and lack of infrastructure restrain the market to some extent. On the other hand, advancements in technology present new opportunities in the upcoming years.

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Thailand dominates the market in terms of revenue, followed by Indonesia, Malaysia, Vietnam, and Philippines. Thailand led the southeast Asian tire market share in 2020 and is expected to grow at a significant rate during the forecast period due to the wide presence of automotive manufacturers across the country.

Based on type, the all season segment held the highest market share in 2020, holding 92% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the summer segment is estimated to register the highest CAGR of 7.5% from 2021 to 2030.

Automobile tires are used to improve the vehicle's safety and drivability, as well as to make the driver more comfortable and keep passengers safe while driving. Automobile tires are available in a wide range of sizes and types, as well as for a wide range of applications. A tire is a durable, flexible rubber casing that is placed to the wheels of vehicles such as passenger cars, commercial vehicles, and two-wheelers, among other automobiles, to provide a gripping surface for traction and to cushion the moving vehicle's wheels. The booming automotive fleet, growing middle-income population, expanding transportation infrastructure, and rising automotive exports in Southeast Asian countries have all contributed to strong increase in tire production across the region in recent years. Furthermore, the development of several export hubs in the region offers a promising opportunity for automobile tire manufacturers to expand their production capacities.

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The leading manufacturers of automobile tires are Indonesia and Thailand, and this trend is expected to continue during the forecast period. Malaysia is rapidly developing as a result of the country's growing automobile industry, which further enhances the outlook for automotive tire manufacturers present in the country.

The key players profiled in this report include

Leading players of the Southeast Asian tire market analyzed in the research include Bridgestone Corporation, Continental AG, Dunlop Tires, PT Gajah Tunggal Tbk, Goodyear Tire, Hankook Tire & Technology Co., Ltd., Michelin, Pirelli & C. S.p.A, PT Multistrada Arah Sarana Tbk, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., Inoac Corporation, PT. Suryaraya Rubberindo Industries, PT Tiga Berlian Mandiri.

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The factors, such as high rubber production in the Southeast Asian region, and growing automotive exports, and rising passenger car sales, are expected to drive the Southeast Asian tire market. However, development in the market of retreading tires and lack of infrastructure are expected to restrict the growth of the market during the forecast period. Moreover, rise in southeast Asian government initiatives to increase automotive component manufacturing, and advancement in technology are the factors anticipated to supplement the southeast Asian tire market growth.

Based on vehicle type, the two wheeler segment held the largest market share in 2020, holding around more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the electric vehicle segment is projected to register the highest CAGR of 10.8% from 2021 to 2030.

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Key Findings Of The Study

By type, the summer segment is expected to register significant growth during the forecast period.

On the basis of vehicle type, the two wheeler segment is projected to lead the overall market in terms of market share by the end of the forecast period.

Depending on rim size, the 16 to 18 segment is expected to register significant CAGR during the forecast period.

Thailand dominated the market in 2020, and is projected to lead the market growth and maintain its dominance in the southeast Asian tire market.

Based on country, Thailand contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the Vietnam region is projected to manifest the fastest CAGR of 7.3% during the forecast period.

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