The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Southeast Asia Passenger Car Tire Market size, share, analysis future and forecast 2030 comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape. The research company provides an extensive range of strategic reports on diverse industry verticals to substantial and varied client bases, including multinational corporations, financial institutions, governments, and individuals, among others.
Detail Overview of Southeast Asia Passenger Car Tire Industry Size (2024-2030):
According to the latest report, the Southeast Asia Passenger Car Tire Market is predicted to grow at a CAGR of around 4.8% from 2024 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.
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Southeast Asia Passenger Car Tire Market Coverage:
· Historic Period: 2019-22
· Base year: 2023
· Forecast Years: 2024-2030
· Risk & Swot Analysis
· Growth parameters influence Southeast Asia Passenger Car Tire market dynamics
Market Dynamics:
Opportunity-
Rising Inclination Towards Electric & Hybrid Passenger Cars – Southeast Asian nations are seeing a boom in carbon emissions owing to rapid industrialization & rapid increase in transportation activities. These damaging carbon emissions result in environmental degradation & health concerns, due to which the governments of the regional countries are encouraging the adoption of sustainable transportation solutions, including electric passenger cars. The governments of the Southeast Asian countries are laying initiatives such as the Thailand 4.0 policy, the Eco-Car program, and Malaysia's National Electric Mobility Blueprint. Along with this, the governments are also providing subsidies & incentives to purchase electric vehicles. For Instance,
· In 2024, the government of Indonesia launched new incentives & subsidies for its residents to encourage sales of domestic & imported electric vehicles (EVs) in the country.
This would pose an opportunity for pivotal tire manufacturers, like Bridgestone, Michelin, Apollo, etc., to supply their specialized tires for electric vehicles, uplifting market growth in the forecast years.
Notable Southeast Asia Passenger Car Tire Market Players - Business Description, Product Portfolio, Strategic Alliances or Partnerships, Developments and Financial Details
· Pirelli Tyre S.p.A.
· Goodyear Southeast Asia Pvt Ltd
· Bridgestone Tire Co., Ltd.
· Continental AG
· MRF Tires
· The Yokohama Rubber Co., Ltd.
· Triangle Group
· Michelin Tyres
· Apollo Tires Ltd.
· Stamford Tyres Thailand
· Others
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Segmentation of Southeast Asia Passenger Car Tire Market:
· By Vehicle Type (Sedan, SUV, Hatchback)
· By Type of Tire (Radial, Bias)
· By Demand Type (OEMs, Aftermarket)
· By Price Category (Budget, Premium, Economy)
· By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5)
· By Sales Channel (Direct Sales, Online, Multi Brand, Exclusive Outlets)
· By Country (Malaysia, Indonesia, Singapore, Cambodia, Vietnam, Thailand, Philippines, Others)
SUV is Expected to Hold Major Market Share
Based on the vehicle type, the market is bifurcated into sedans, SUVs & Hatchbacks. Of them all, the SUV cars held the notable market share. Southeast Asian countries have higher average household sizes. Therefore, individuals in these countries require larger vehicles to accommodate family members while traveling. As a result, consumers in these countries increasingly purchase SUVs, uplifting their market growth.
In addition, as the road infrastructure in most of the Southeast Asian countries is relatively poorer than the European nations, hence individuals in Southeast Asian countries require vehicles that deliver high performance on rough terrain. This, in turn, pushes consumers to purchase SUVs with high ground clearance & off-road capabilities, enlarging the market share of the SUV in the Southeast Asia Passenger Car Tire Market.
Thailand to Account for a Prominent Market Share
Geographically, Thailand holds a noteworthy market share. The nation experiences the arrival of several travelers from across the globe. These tourists predominantly use cars rather than public transportation for their traveling purposes. As a result, there is a higher demand for cab services in Thailand. Moreover, these cabs cover a vast distance on a daily basis, thus the passenger car tires experience wear & tear, which negatively affects the efficiency of the automobile. Therefore, to guarantee the smooth functioning of the cars, the operators in Thailand ensure regular tire replacements, enhancing the market share of Thailand in the Southeast Asia Passenger Car Tire Market. Moreover, the country has lower costs of labor than other nations due to which it is emerging as a favorable choice among the foreign automakers to establish their manufacturing units, thus amplifying the Thailand Passenger Car Tire Market.
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