An automobile tire is an essential part of a car that is made to give you stability, traction, and support when you drive. Tires, which are usually composed of rubber and reinforced with steel, nylon, or polyester, have a tread pattern that improves traction on different types of roads. To keep their shape and cushion impacts from uneven roads, they are inflated with air, which makes for a comfortable ride. There are several varieties of car tires, such as winter, performance, and all-season tires, each designed for a particular set of road conditions. For the safety of the vehicle and best possible performance, proper tire maintenance is required, including routine tread examinations and inflation checks.
Southeast Asia Automotive Tire Market Driving Factors and Challenges
Driving Factors- The world's automobile production is expanding, which is driving the automotive tire market. The need for automobile tires is being fueled in part by the growth of the automotive sector, particularly in emerging markets. The production of vehicles is increasing due to factors such changing consumer tastes, increasing urbanization, and improving infrastructure. The market for vehicle tires is significantly driven by the replacement tire segment. The requirement for new tires grows as cars get older and their tires get worn out. The market for replacement tires is driven by elements like tread wear, seasonal variations, punctures, and tire damage. The replacement tire market is predicted to expand as a result of the world's growing car population.
Challenges- One of the main issues facing the South East Asia Automotive tire market is fierce competition. There are a lot of tire suppliers and manufacturers in the area, representing both national and international brands. There is intense competition between brands as they fight for market share when there are several rivals. Customers' sensitivity to price plays a big role in this battle because many in the area give affordability first priority while buying tires. Manufacturers' profit margins may be impacted by pricing wars and cost-cutting initiatives that result from this. In order to maintain profitability and stay competitive, tire firms need to manage the difficult terrain by striking a balance between price and quality.
Impact of COVID-19 on Southeast Asia Automotive Tire Market
The COVID-19 pandemic had a significant negative effect on the automotive tyre market in Southeast Asia, resulting in disruptions from reduced car manufacturing, lockdown measures, and supply chain disruptions. Vehicle sales significantly decreased as a result of the slowing economy and consumer uncertainty, which had an impact on tire demand. Numerous tire producers encountered operational difficulties, such as workforce shortages and plant closures. The industry's susceptibility was brought to light by the pandemic, which made it necessary to make strategic changes in order to manage the crisis and adjust to shifting market conditions.
Southeast Asia Automotive Tire Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as 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, Others.
Southeast Asia Automotive Tire Market Segmentation:
By Type: Based on the Type, Southeast Asia Automotive Tire Market is segmented as; Radial, Bias.
By Vehicle Type: Based on the Vehicle Type, Southeast Asia Automotive Tire Market is segmented as; Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Off-the-road.
By End-User: Based on the End-User, Southeast Asia Automotive Tire Market is segmented as; OEM, Aftermarket.
By Region: This research also includes data for Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, Rest of Southeast Asia.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.