Increasing automotive fleet coupled with developing transport infrastructure are expected to aid the growth of Thailand tire market in next five years.
According to TechSci Research report, “Thailand Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast & Opportunities, 2025”, the country’s tire market was valued USD 3.10 Billion in 2019 and is projected to grow at a CAGR of around 4.90% during the forecast period on account of increasing vehicle fleet and growing middle-class population in the country. Moreover, surging automobile production in the country coupled with increased vehicle exports are expected to push the demand for tire market through 2025.
Presence of favourable trade policy introduced by the Thailand government is also encouraging tire manufactures to establish their manufacturing facility in the country. And, owing to the trade war between United States & China and easy availability of raw materials such as rubber, Thailand is becoming on the top destinations for tire companies.
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Thailand tire market is segmented based on vehicle type, demand category, radial vs bias, rim size and region. Based on vehicle type, Thailand tire market can be segmented into passenger car, LCV (Light Commercial Vehicle), M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road Vehicles), two-wheeler and three -wheeler. Among them, the light commercial vehicle segment dominated the Thailand tire market util 2019 and is further expected to maintain its dominance during the forecast period on account of increasing demand from end use industries such as FMCG sector. LCVs are mostly used for carrying daily household products like food grains, dairy products, fruits and vegetables, and LPG cylinders. Moreover, with thriving e-commerce and retail industry, LCVs are expected to be high in demand through 2025.
Based on demand category, the Thailand tire market can be categorized into OEMs vs replacement. Among the two, the replacement segment dominated the tire market in 2019 and the trend is likely to continue until 2025. Among radial and bias, the former segment is projected to dominate the Thailand tire market as radial tires are progressively being installed in vehicles as they offer flexible sidewalls, better puncture resistance at lower life-cycle cost.
Leading market players in Thailand tire market are Bridgestone Sales (Thailand) Co. Ltd, Michelin Thailand, Sumitomo Corporation Thailand, Deestone Group, Goodyear (Thailand) Public Company Limited, Yokohama Tire Sales (Thailand) Co., Ltd., TOYO TIRES Thailand, Hankook Tire Thailand Co., Ltd., Continental Tyres (Thailand) Co., Ltd. and Pirelli MOTO (Thailand), among others. Key growth strategies being undertaken by leading companies are product innovation, mergers & acquisitions, partnerships and joint ventures.
“Rising per capita income and favourable government policies to promote the automotive industry in Thailand are boosting automobile sales in the domestic market. Moreover, the country also exports a substantial percentage of domestically manufactures automobiles. With growing automobile sales in domestic as well as exports markets and expanding automobile fleet in Thailand, the country’s overall tire market is expected to grow at impressive rate over the period of next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Thailand Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast & Opportunities, 2025” has analyzed the potential of Thailand tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Thailand tire market.
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