Dublin, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The "ASEAN Commercial Vehicle Tire Market, Segmented By Vehicle (Truck, Bus/Van), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition, Forecast & Opportunities" report has been added to ResearchAndMarkets.com's offering.
The ASEAN Commercial Vehicle Tire Market stood at USD8,159.23 million in terms of value in 2020 and is estimated to grow with a CAGR of 5.84% in the forecast period, 2022-2026.
Increasing demand for commercial vehicles, ongoing technological advancements, and the high demand from the construction sector are the primary factors expected to drive the growth of the ASEAN Commercial Vehicle Tire Market during the forecast period.
ASEAN countries like Indonesia, Vietnam, and Thailand are among the largest producers of rubber, facilitating the production process by making the raw materials easily available.
Major market players are establishing their production facilities in ASEAN countries to boost their domestic production at lower costs, acting as a major driver for the growth of the ASEAN Commercial Vehicle Tire Market in the forecast period. The growing population in the country and the increased preference of consumers for vehicle ownership are boosting the pollution level rise at an exponential rate.
Leading authorities are taking steps and promoting the use of public transportation facilities, boosting the production of commercial vehicles across the region. Ongoing infrastructure development and construction activities fuel the demand for medium & heavy commercial vehicles owing to their ability to transport materials and logistics purposes are expected to bolster the growth of the ASEAN Commercial Vehicle Tire Market in the forecast period.
However, the rising penetration of Chinese commercial vehicle tires may hinder the growth of the ASEAN Commercial Vehicle Tire Market in the forecast period.
Based on price segment, the market is divided into the budget, ultra budget, and premium. The ultra-budget commercial tires are expected to hold the largest market share in the forecast period, 2022-2026. They are witnessing high demand due to developed transportation systems and provide high performance at an affordable rate.
Objective of the Study:
- To analyze the historical growth and the market size of the ASEAN Commercial Vehicle Tire Market from 2016 to 2020.
- To estimate and forecast the market size of the ASEAN Commercial Vehicle Tire Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the ASEAN Commercial Vehicle Tire Market based on vehicle type, demand category, tire construction type, price segment, country, and competitional landscape.
- To identify drivers and challenges for the ASEAN Commercial Vehicle Tire Market.
- To examine competitive developments such as expansions, new product launches, mergers, and acquisitions, etc., in the ASEAN Commercial Vehicle Tire Market.
- To conduct pricing analysis for the ASEAN Commercial Vehicle Tire Market.
- To identify and analyze the profile of leading players operating in the ASEAN Commercial Vehicle Tire Market.
The top market players operating in the ASEAN Commercial Vehicle Tire Market are
- PT Gajah Tunggal Tbk
- Bridgestone Corporation
- Michelin Group
- PT. Sumi Rubber Indonesia (Dunlop)
- Hankook Tire & Technology Company Limited
- The Yokohama Rubber Company Limited
- The Goodyear Tire & Rubber Company
- Continental AG
- Toyo Tire & Rubber Company Limited
- Deestone Corporation Limited
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2030
ASEAN commercial vehicle tire, By Vehicle Type:
- Truck
- Bus/Van
ASEAN commercial vehicle tire, By Demand:
- Replacement
- OEM
ASEAN commercial vehicle tire, By Tire Construction:
- Radial
- Bias
ASEAN commercial vehicle tire, By Price Segment:
- Ultra Budget
- Budget
- Premium
ASEAN commercial vehicle tire, By Country:
- Thailand
- Indonesia
- Vietnam
- Philippines
- Malaysia
- Myanmar
- Singapore
- Laos
- Cambodia
- Brunei
For more information about this report visit https://www.researchandmarkets.com/r/ajgzex
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