February 18, 2021
As stated by the business intelligence report titled ‘South East Asia Tire Market Analysis, 2020’ available with Market Study Report LLC, South East Asia tire market is anticipated to amass lucrative gains during the analysis timeframe of 2021 to 2026.
Industry analysts claim that ongoing technological advancements in the business sphere, rising disposable incomes, and collaborations, partnerships, acquisitions, and other strategic alliances among market players and product manufacturers are positively swaying the South East Asia tire market dynamics.
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Citing an instance, French multinational tire manufacturing organization, Michelin acquired Indonesia-based tire manufacturer PT Multistrada Arah Sarana for USD 439 million to expand its portfolio in South East Asian countries.
The report states that escalating demand for tire installation services coupled with strong presence of several prominent car manufacturers such as Toyota Motor Corporation, Daihatsu Motor Co. Ltd., and Honda Motor Co. Ltd in the region are stimulating the South East Asia tire market outlook.
The unforeseen advent of the Covid-19 pandemic has adversely affected the market sphere by disrupting the entire supply chain. Moreover, the imposition of stringent lockdown measures by the governments to curb the spread of the novel Coronavirus has halted the functioning of the tourism and hospitality verticals, consequently shrinking the demand for tires.
Based on vehicle type, the market is divided into OTR (off-the-road) vehicles, two wheelers, medium & high commercial vehicles, light commercial vehicles, and passenger cars. With regards to tire type, the industry is split into bias and radial.
Speaking of sales channel, the online segment is expected to emerge as a major revenue generator for the market through 2026, owing to increasing establishment of tire manufacturing facilities in China, high concentration of authorized and exclusive stores of established OEMs, and consumer inclination towards e-commerce platforms.
Elaborating on the country-level analysis, South East Asia tire market is bifurcated into Philippines, Thailand, Vietnam, Cambodia, Singapore, Indonesia, and Malaysia among others.
Prominent firms which boast of an authoritative status in the market are Hankook Tire & Technology Group, Bridgestone Corporation, Goodyear Tire & Rubber Co., Michelin Group, Continental AG, Pirelli & C. S.p.A, Kumho Tire Co., Inc., Apollo Tyres Ltd., and Dunlop Tyres among others.