Southeast Asia Automotive Tire Market is likely to Reach over USD 5.47 billion with a 6.01% CAGR Annualized Growth Rate by 2033: SPER Market Research
Automotive tires, which offer traction, support, and cushioning, are crucial parts of automobiles. Usually, steel belts and other reinforcements are used to reinforce rubber compounds used in their construction. The tread pattern of tires is made to grab the road, minimizing slippage and guaranteeing good handling. In addition, they safeguard the vehicle’s suspension and improve ride comfort by absorbing shocks from uneven terrain. For the safety and efficiency of the vehicle, proper tire maintenance is essential, including inflation and routine inspection.
According to SPER Market Research, ‘Southeast Asia Automotive Tire Market Size- By Type, By Vehicle Type, By End Use, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Southeast Asia Automotive Tire Market is estimated to reach USD 5.47 billion by 2033 with a CAGR of 6.01%.
The South East Asian Automotive tire market is primarily driven by the region’s economic expansion. Vehicle ownership rises as a result of the region’s countries seeing higher living standards and income levels. More people can now afford to purchase vehicles such as cars, motorbikes, and other modes of mobility. The need for tires has increased as there are more cars on the road. Increased vehicle ownership is intimately linked to economic growth, and in South East Asia, this trend fuels demand for original equipment manufacturer (OEM) tires as well as replacement tires.
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The South East Asia Automotive Tire Market faces significant challenges from the influx of low-cost foreign tires and counterfeit goods. Certain nations in the area, especially those with laxer laws, are vulnerable to the importation of inferior and fake tires. These tires, which are frequently of low quality, can seriously jeopardize customer safety. These goods have the potential to damage established brands’ reputations and erode consumer trust in the tire industry. In order to combat low-cost imports and fake tires, more regulatory monitoring, consumer education, and initiatives to separate real goods from fakes are needed.
The COVID-19 pandemic had a major effect on the vehicle tire market in Southeast Asia, resulting in decreased tire usage as a result of hampered supply chains, fewer cars being made, and lower consumer spending. Pent-up demand, government stimulus plans, and a greater emphasis on personal mobility, however, sparked a gradual market rebound as the pandemic situation improved. These elements demonstrated the industry’s adaptability and tenacity in the face of the crisis and helped it restore pace.
The Thailand region holds the highest share in the Southeast Asia Automotive Tire Market, due to The country’s well-established automotive industry, coupled with a strong manufacturing base for both domestic and export markets, makes it a key player in the region.
Top Southeast Asia Automotive Tire Market Manufacture:
- Bridgestone Sales (Thailand) Co. Ltd.
- Continental AG
- Hankook Tire & Technology Co., Ltd.
- Kumho Tire Co., Inc.
- Maxxis International
- Michelin
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co. Ltd.
- Toyo Tire Corporation
Southeast Asia Automotive Tire Market Segments:
By Type:
- Radial
- Bias
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Off-The-Road
By End-Use:
- OEM
- Aftermarket
For More Information, refer to below link –
Southeast Asia Tire Market Share
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