The rising vehicle sales, innovation in tire technology, and favorable government policies are driving the demand of Philippines Tire market.
According to the TechSci Research report, “Philippines Tire Market – Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F”, the market is anticipated to be valued at USD 0.90 billion in 2022, registering a CAGR of 5.68% in the 2023E-2028F. Automotive tyres are pneumatic structures that are mounted on the rims of vehicles to transfer the vehicle’s drive to the ground. Natural rubber, synthetic rubber, wire, and fabric are used to make tyres. Each tyre model is distinguished by a distinct rubber composition with varying degrees of hardness and temperature resistance. Steel mesh is attached to the rubber on the outside (the part that contacts the road) and the inside of tyres (the part that contacts the wheel). This improves the tire’s durability and hardness, reducing the likelihood of a blowout.
The Philippines Tire Market is growing because of rising automotive sales and technological advancement. As tire manufacturers increasingly focus on developing and manufacturing high-tech tires for automobiles in the Philippines, technological advancements play an important role in the development of the Philippines tire market. One of the driving factors is rising disposable income and people’s high standard of living. People’s rising incomes have resulted in an increase in automotive sales in the country, and as a result, tire demand is rising. Furthermore, the disposable income level of the Philippines’ middle-class population is rising, which has significantly increased demand for sedans over the years, is driving the Philippine tire market even further.
Another driving factor responsible the Philippines tyre market’s increasing growth rate is its openness to trade. The Philippines’ growing trade relations with various world economies has made the country a trade-friendly nation in the global market. Furthermore, the country’s abundant mineral and natural rubber resources have benefited the country.
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The Philippines Tire Market is segmented on the basis of demand category, vehicle type, tire construction type, price segment, sales channel, and by region. Based on demand category, the market is segmented into OEM and replacement market. The replacement segment is leading the Philippines tire market with around 70% of the share. The high replacement rate is due to high wear and tear in tire and poor road conditions. By vehicle type, the market is segmented into two-wheeler, passenger car, light commercial vehicle, and medium and heavy commercial vehicle and OTR. Among them, two-wheeler has the greatest market share of around 60% because the Filipinos have their own vehicle due to poor public transport network. On the basis of tire construction type, the market is divided into radial and bias. Bias holds the largest share in this segment because smoother ride on rough surface and are less expensive than radial. Based on price segment, the market is divided into ultra budget, budget and premium. The ultra-budget is holding the highest share owing to high two-wheeler presence, as cost of the two-wheeler tire is low. Based on the sales channel, the market is segmented into online and offline. The offline channel is dominating this segment .
Some of the major players operating in the Philippines Tire Market include:
- Philippine Allied Enterprises Corporation
- Goodyear Philippines, Inc.
- Yokohama Tire Sales Philippines Inc.
- Tiara Commercial & Industrial Corp.
- Armstrong Enterprises Company, Inc
- Sailun Co., Ltd.
- CST Tires/AP Blue Whale, Inc.
- Nexen Distribution Philippines, Inc
- Michelin Philippines Pty, Ltd.
- Westlake Tires Philippines
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“The Philippines tire market is expected to generate new opportunities as the replacement ratio in the Philippines is high. The rise in the vehicle sales is increasing the demand of Philippines tire industry. Many tire manufacturers are investing in the Philippine tire market because of the trade-friendly nation, favorable government policies, and infrastructure development, as well as the availability of natural rubber in the country, which provides many opportunities for tire players. Thus, Philippines tire market will be prosperous in the upcoming years,.”said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
Press Release : https://www.techsciresearch.com/news/8524-philippines-tire-market.html
“Philippines Tire Market by Demand Category (OEM , Replacement), By Vehicle Type (Two wheeler , Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle & OTR), By Tire Construction Type (Radial , Bias), By Price Segment (Ultra Budget, Budget and Premium), By Sales Channel (Online, Offline), By Region Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of Philippines Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Philippines Tire Market.
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