Portland, OR, Dec. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Southeast Asian tire market generated $8.21 billion in 2020, and is projected to reach $14.48 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
High rubber production in the Southeast Asian region, growth in automotive exports, and rise in passenger car sales drive the growth of the Southeast Asian tire market. However, development in the market of retreading tires and lack of infrastructure restrain the market to some extent. On the other hand, advancements in technology present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic has had a negative impact on the Southeast Asian tire market.
- The implementation of lockdown in South Asia gave way to several travel restrictions and forced all tire manufacturing hubs to shut down their operation, which in turn, hampered the growth of the market.
The report offers detailed segmentation of the Southeast Asian tire market based on type, vehicle type, rim size, and country.
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Based on type, the all season segment held the highest market share in 2020, holding 92% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the summer segment is estimated to register the highest CAGR of 7.5% from 2021 to 2030.
Based on vehicle type, the two wheeler segment held the largest market share in 2020, holding around more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the electric vehicle segment is projected to register the highest CAGR of 10.8% from 2021 to 2030.
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Based on country, Thailand contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the Vietnam region is projected to manifest the fastest CAGR of 7.3% during the forecast period.
Leading players of the Southeast Asian tire market analyzed in the research include Bridgestone Corporation, Continental AG, Dunlop Tires, PT Gajah Tunggal Tbk, Goodyear Tire, Hankook Tire & Technology Co., Ltd., Michelin, Pirelli & C. S.p.A, PT Multistrada Arah Sarana Tbk, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., Inoac Corporation, PT. Suryaraya Rubberindo Industries, PT Tiga Berlian Mandiri.
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