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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Some of the key players of the ASEAN tire market include Bridgestone Corp., CEAT Ltd., Michelin Group, Goodyear Tire, and Rubber Co. among others. The market players are significantly contributing to the market growth by adopting various strategies including mergers, & acquisitions, collaborations, new product launch, and geographical expansion, to stay competitive in the market.
Market Segmentation
ASEAN Automotive Tire Market by Vehicle Type
• Passenger Cars
• Light &Medium Commercial Vehicle
• Heavy Commercial Vehicle
• Two-Wheeler
• Others(Construction, Agricultural, Customized Sports)
ASEAN Automotive Tire Market by Road Application
• All-Season Tire
• Summer Tire
• Winter Tire
• Others(All-Terrain Tire)
ASEAN Automotive Tire Market by Construction
• Radial Tire
• Bias PlyTire
ASEAN Automotive Tire Market by Tire Type
• Tubeless Tire
• Tubbed Tire
ASEAN Automotive Tire Market 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.
• Pt. IndustriKaret Deli
• PT. Suryaraya Rubberindo Industries
• Sumitomo Rubber Industries Ltd.
• The Yokohama Rubber Co, Ltd.
• Toyo Tire Corp.
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