According to the MarkNtel Advisors’ research report titled “Thailand Tire Market Analysis, 2020”, the tire market is expected to grow at a CAGR of around 3% in terms of unit sold during 2020-25. Thailand is considered to be a key manufacturing hub, and ranked 8th amongst the global tire manufacturing geographies in 2019. Moreover, the country imports tires from Japan, South Korea, India, and China. Total imports in 2019 were valued at around USD 400 million.
Prevalence of Dealers/Distributors Boosting the Thailand Tire Market
The dealer and distributors dominated the Thailand Tire market. The leading players such as Bridgestone, Michelin, Yokohama, Goodyear, Continental follows the traditional sales channel i.e. through dealers and distributors in the country. However, numerous automobile OEMs who are the prominent buyers of tires from these companies operate through a direct sale/purchase model. Moreover, the sale through the online channel in urban areas is expected to boost in the years to come. The leading companies also sell their tires on online platforms.
The replacement demand acquired a major market share in the Thailand Tire market in 2019 owing to the growing passenger car vehicles and light commercial vehicles in the country. Moreover, the extensive government’s initiatives for the launch of electric vehicles are anticipated to strongly contribute to the growth of Thailand Tire market. BMW applied for PHV incentives and Daimler for PHV and EV incentives. Therefore, the electric vehicle segment is anticipated to catalyze demand for tires from OEMs in next few years.
Surging Passenger Cars Sales to Upsurge the Thailand Tire Market
The declining two-wheeler sales and growing the traction toward private cars among the consumers, especially in the cities has increased the demand for tires from the passenger car segment. Moreover, the usage of LCV deployed in logistics has increased considerably. However, the passenger car segment grabbed the highest market share in the Thailand Tire market in 2019.
According to the MarkNtel Advisors, the major players capturing a significant market share in the Thailand Tire market include Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Deestone, etc.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Forecast Numbers, Market Segmentation, Market Shares) of Thailand Tire Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Thailand Tire Market?
4. Who are the key competitors or market players and how they perform in Thailand Tire market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Thailand Tire Market study?