Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The "South East Asia Tire Market, By Country, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The South East Asia Tire Market was valued at USD 13.45 billion in 2023, and is expected to reach USD 19.45 billion by 2029, rising at a CAGR of 6.41%
The South East Asia tire market is currently experiencing substantial growth, fueled by the increasing number of vehicles on the road and the rising demand for high-quality tires. This growth can be attributed to the burgeoning automobile sectors in countries such as Indonesia, Thailand, and Malaysia, where the demand for vehicles is on a steady rise. Moreover, the rapid urbanization and notable growth in per capita income across the Country have further propelled the demand for tires, as more individuals can now afford personal vehicles. 
Advancements in tire technology have also played a significant role in shaping the market. With the introduction of innovative features such as run-flat tires, self-sealing tires, and low rolling resistance tires, consumers now have a wide range of options to choose from based on their specific needs and preferences. These technological advancements not only enhance the overall performance and safety of the vehicles but also contribute to the growth of the replacement tire market. The market for replacement tires is thriving due to the increasing number of vehicles on the road, changing weather conditions, and advancements in tire technology. Tire manufacturers and suppliers who can adapt to these evolving trends and cater to the diverse needs of consumers are well-positioned to capitalize on this lucrative market opportunity.
The South East Asia tire market is undeniably poised for substantial growth, driven by various factors such as the increasing number of vehicles, booming automobile sectors, rapid urbanization, and growth in per capita income. While challenges exist, this market presents lucrative opportunities for manufacturers and suppliers to meet the growing demand for high-quality tires and contribute to the overall development of the Country's automotive industry. With advancements in technology and continuous innovation, the tire market is expected to evolve, providing even more opportunities for growth and expansion in the coming years.
However, fluctuating raw material prices, for instance, pose a significant challenge for tire manufacturers as it directly affects the cost of production and, ultimately, the pricing of tires. Additionally, stringent environmental regulations require tire manufacturers to adopt sustainable practices and develop eco-friendly solutions, adding another layer of complexity to the market dynamics.
Growing Demand for All-Season Tires
One prominent trend in the South East Asia Tire Market is the increasing demand for all-season tires. These tires are designed to perform well in various weather conditions, including dry, wet, and light snow. South East Asia, with its diverse climates, ranging from tropical to temperate, has seen consumers seeking versatile tire options that eliminate the need for seasonal tire changes. All-season tires offer convenience, cost savings, and practicality for vehicle owners who want a single set of tires to suit a range of weather conditions. As a result, all-season tires are gaining popularity across the region, with tire manufacturers responding by expanding their offerings in this category.
High-Performance and Ultra-High-Performance Tires
The demand for high-performance and ultra-high-performance tires is on the rise in South East Asia. These tires cater to enthusiasts and performance-oriented vehicle owners looking for superior grip, handling, and control. High-performance tires are valued for their enhanced traction, stability, and cornering capabilities, making them appealing to drivers who prioritize vehicle performance.
In addition to high-performance tires, ultra-high-performance tires are designed for even greater speed and handling capabilities, further fueling the trend. The growth in this segment reflects the region's expanding middle class and the desire for more advanced and specialized tire options. For instance, In March 2024, Goodyear Singapore unveiled the Assurance MaxGuard tire, which incorporates ActiveGrip Technology. This design improves road grip and wet-weather performance, resulting in better handling and shorter braking distances.
Digitalization and Online Tire Sales
Digitalization and online tire sales are rapidly becoming significant trends in the South East Asia Tire Market. As digital technology continues to proliferate in the region, consumers are increasingly turning to online platforms to research and purchase tires. E-commerce platforms provide easy access to a wide range of tire options, including detailed product information, customer reviews, and the convenience of doorstep delivery or installation services. With the growth of digital channels, consumers are better equipped to make informed tire choices. Manufacturers and retailers are capitalizing on this trend by investing in user-friendly websites and mobile apps, making online tire shopping an increasingly popular choice in South East Asia.
Eco-Friendly and Fuel-Efficient Tires
The trend of eco-friendly and fuel-efficient tires is gaining momentum in the South East Asia Tire Market. As environmental awareness continues to grow, consumers are seeking tires that are designed to be more fuel-efficient and eco-friendly. These tires typically have lower rolling resistance, which can contribute to better fuel economy and reduced carbon emissions. Environmental regulations in various countries within the region have also played a role in promoting the adoption of eco-friendly tires. As a result, consumers looking to reduce their carbon footprint and improve their vehicles' fuel efficiency are driving the demand for this category of tires.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $13.45 Billion |
| Forecasted Market Value (USD) by 2029 | $19.45 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Asia Pacific |
Report Scope:
Key Market Players in the South East Asia Tire Market Include
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company Limited
- Kumho Tire Co. Inc.
- Toyo Tire Corporation
- Apollo Tyres Ltd.
South East Asia Tire Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicles (M&HCV)
- Off-the-Road Vehicles (OTR)
- Two-Wheeler
- Three-Wheeler
South East Asia Tire Market, By Tire Construction:
- Radial
- Bias
South East Asia Tire Market, By Demand Category:
- OEM
- Replacement
South East Asia Tire Market, By Country:
- Indonesia
- Vietnam
- Thailand
- Malaysia
- Philippines
- Singapore
- Cambodia
For more information about this report visit https://www.researchandmarkets.com/r/1zjhiy
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