Southeast Asia tire market projected to grow at a CAGR of over 7.5 percent through 2024
The "Southeast Asia Tire Market (2018-2024): Market Forecast By Tire Types, By End Markets, By Vehicle Types, By Countries, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Growing demand for passenger vehicles, domestic manufacturing and opportunities in the aftermarket have propelled the demand for tires in the Southeast Asia region. Moreover, government visions, such as Indonesia's vision 2045 and Vietnam vision 2035, would result in an increase in the level of disposable income in the region. This would further result in higher adoption of vehicles and would spur the growth of the tire market in Southeast Asia over the next six years.
According to this research, the Southeast Asia tire market is projected to grow at a CAGR of over 7.5 percent during 2018-2024. The report thoroughly covers the Southeast Asia tire market by vehicle types, tire types, end markets, and regions.
The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Radial tires represent the key revenue generating segment in the Southeast Asia tire market revenues owing to their low life-cycle cost and high deployment, especially in passenger vehicles, and two and three wheeler vehicles. In passenger vehicles, mainly radial tires are installed due to the availability of certain key features such as higher safety, long-term value and lower life-cycle cost.
Radial tires are expected to maintain their dominance during the forecast period as well due to a surge in the sales of passenger vehicles in the region. Indonesia, Thailand and Malaysia have captured key pie in 2017. Further, government plans such as Indonesia's vision 2045 and Malaysia's Industrial Linkage Program (ILP) would help the tire industry to grow in the region.
In addition to these countries, Vietnam would emerge as the key revenue generating market during the forecast period due to the implementation of Vietnam 2035.
Source: Rubber World Magazine