Philippines Tire Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 3.91%.
Tires, which round the wheel rim of an automobile, are the vital connection between the car and the road. With its durable rubber construction and outer grooved tread for more traction, you may confidently corner, brake, and accelerate. The majority of tires are air-filled inflatables that function as comfortable cushions to cushion shocks and maintain a smooth ride. Additionally, the compressed air helps equally distribute the vehicle's weight and preserve the shape of the tires. While most vehicles use rubber tires, some large machines and trains use extremely durable metal tires that are made to survive severe wear and tear.
Philippines Tire Market Driving Factors and Challenges
Driving Factors- The manufacturing of automobiles is booming in the Philippines thanks to reasons like growing disposable income, urbanization, and infrastructure development. Since every car needs tires, this growth directly affects the need for tires. The tire market is significantly influenced by the aftermarket sector. The need for replacing tires rises as the current fleet of vehicles ages. In addition, regular wear and tear and seasonal tire changes influence aftermarket sales. The tire business is always changing as a result of technological breakthroughs that create novel tire solutions. By utilizing cutting-edge materials, tread designs, and manufacturing processes, tire manufacturers are concentrating on enhancing tire performance, longevity, and safety features.
Challenges- Inadequate infrastructure development is a major impediment to the tire business in the Philippines. The need for tires is severely impacted by the nation's poorly maintained transportation systems and roadways, even with the country's expanding automobile industry. Inadequate infrastructure impedes effective distribution and raises tire delivery costs, which drives up prices for customers. Additionally, poor road conditions increase tire wear and tear, requiring regular replacements. This circumstance presents a significant challenge to industry players and the nation's economic development as it inhibits potential investments and restricts the tire market's total growth potential in the Philippines.
Impact of COVID-19 on Philippines Tire Market
The Philippines tire market was severely hit by the COVID-19 outbreak. The need for tires has decreased as a result of the tight lockdown protocols and travel restrictions. Tire sales and replacement have been impacted by the decline in vehicle utilization brought on by lower mobility and fewer economic activity. Moreover, delays in tire imports have been brought on by interruptions in the global supply chain, which has constrained availability and raised prices. Operational constraints and a lack of labor have presented problems for the tire manufacturing sector as well.
Philippines 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 Armstrong Enterprises Company, Inc., CST Tires/AP Blue Whale, Inc., Michelin Philippines Pty Ltd., Nexen Distribution Philippines Inc., Sailun Co., Ltd., Tiara Commercial & Industrial Corp., Westlake Tires Philippines, Inc., Yokohama Tire Sales Philippines Inc., Goodyear Philippines, Inc.
Philippines Tire Market Segmentation:
By Product: Based on the Product, Philippines Tire Market is segmented as; Radial Tires, Bias Tires.
By Vehicle Type: Based on the Vehicle Type, Philippines Tire Market is segmented as; Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers.
By Demand Category: Based on the Demand Category, Philippines Tire Market is segmented as; OEM, Aftermarket.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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.