Philippines Tire Market Growth, Size, Trends, Demand, Share, Revenue and Future Outlook
Philippines Tire Market Size- By Product, By Vehicle Type, By Demand Category- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jul-2024 | Report ID: AMIN24173 | Pages: 1 - 106 | Formats*: |
| Category : Automotive & Transportation | |||
Philippines Tire Market Introduction and Overview
According to SPER Market Research, the Philippines Tire Market is estimated to reach USD XX billion by 2033 with a CAGR of 3.91%.
The report includes an in-depth analysis of the Philippines Tire Market, including market size and trends, product mix, applications, and supplier analysis. A tire is an element with a ring form that encircles the rim of a wheel to transfer weight from the axle to the ground through the wheel and offer grip on the surface being driven over. Tires are usually composed of rubber, which can be either natural or synthetic, and are engineered to withstand various types of road conditions. They are made up of a body that offers stability and a tread that offers traction. Tires have a major impact on handling, safety, and fuel economy of a car. Steel or polyester are common reinforcements used in modern tires to improve their performance and longevity in a variety of driving scenarios.
- January 2024; A new line of high-performance tires was introduced by Goodyear Philippines to meet the nation's rising demand for fuel-efficient and environmentally friendly automobiles. This launch is consistent with the business's dedication to innovation and sustainability.
- April 2024; The newest range of all-season tires from Yokohama Tire Sales Philippines is intended to deliver exceptional performance in a variety of weather circumstances. With the introduction of this product, Yokohama is attempting to increase its market share in the Philippines by providing a range of tire options.
Market Opportunities and Challenges
Opportunities- Specialty tires, such those used in industrial equipment, agricultural machinery, and off-road vehicles, are becoming more and more in demand. These specialty tires are made to endure harsh operating environments and terrains, thus they need particular features. The tire market has enormous development potential in emerging economies. The need for automobiles is being driven by the rapid urbanization, rising disposable incomes, and expanding middle class populations in nations like China, India, Brazil, and Mexico; these factors are also boosting the tire market. Winter tires are becoming more and more in demand, especially in areas with severe winter weather. Winter tires provide increased traction on ice and snow, enhancing road safety. Tire producers might take advantage of this trend to meet the cyclical demand.
Challenges- Natural rubber, which is largely used in tires, is prone to price swings because of a variety of reasons, including supply and demand dynamics, political unrest, and weather. The expenses associated with manufacturing tires and their total profitability can be greatly impacted by these price swings. There are many local and international competitors fighting for market share in the fiercely competitive tire industry. Price wars, which can have a detrimental effect on manufacturers' and distributors' profit margins, are frequently the result of fierce rivalry. There are environmental risks associated with the tire manufacturing process because it uses a lot of energy and natural resources. Additionally, recycling and trash management are hampered by the disposal of used tires.
Market Competitive Landscape
The Philippines tire market is a highly competitive arena due to the presence of multiple global and regional companies in the competitive environment. Leading companies in the industry are 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.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Vehicle Type, By Demand Category |
| Regions covered | Northern Region, Eastern Region, Western Region, Southern Region |
| Companies Covered | 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. |
COVID-19 Impact on Philippines Tire Market
Like many other industries, the tire market in the Philippines was severely damaged by the Covid-19 pandemic. The outbreak produced extensive disruptions to the automotive industry, including a noticeable decline in consumer demand, supply chain interruptions, and temporary shutdowns of manufacturing facilities. During this period of global crisis, the tire sector saw a significant fall in demand as lockout measures and economic uncertainties adversely hurt car manufacturing and sales.
Key Target Audience:
- Automobile Owners and Drivers
- Commercial Vehicle Operators
- Tire Retailers and Distributors
- Automobile Manufacturers and Assemblers
- Government and Public Sector
Our in-depth analysis of the Philippines Tire Market includes the following segments:
| By Product |
|
| By Vehicle Type |
|
| By Demand Category |
|
Key Topics Covered in the Report:
- Philippines Tire Market Size (FY’2024-FY’2033)
- Overview of Philippines Tire Market
- Segmentation of Philippines Tire Market by Product (Radial Tires, Bias Tires)
- Segmentation of Philippines Tire Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers)
- Segmentation of Philippines Tire Market by Demand Category (OEM, Aftermarket)
- Statistical Snap of Philippines Tire Market
- Expansion Analysis of Philippines Tire Market
- Problems and Obstacles in Philippines Tire Market
- Competitive Landscape in the Philippines Tire Market
- Impact of COVID-19 and Demonetization on Philippines Tire Market
- Details on Current Investment in Philippines Tire Market
- Competitive Analysis of Philippines Tire Market
- Prominent Players in the Philippines Tire Market
- SWOT Analysis of Philippines Tire Market
- Philippines Tire Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Philippines Tire Market.
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Philippines Tire Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Philippines Tire Market
7. Philippines Tire Market, By Product (USD Million) 2020-2033
7.1. Philippines Tire Market Size, Share and Forecast, By Product, 2020-20267.2. Philippines Tire Market Size, Share and Forecast, By Product, 2027-20337.3. Radial Tires7.4. Bias Tires
8. Philippines Tire Market, By Vehicle Type (USD Million) 2020-2033
8.1. Philippines Tire Market Size, Share and Forecast, By Vehicle Type, 2020-20268.2. Philippines Tire Market Size, Share and Forecast, By Vehicle Type, 2027-20338.3. Passenger Cars,8.4. Light Commercial Vehicles8.5. Heavy Commercial Vehicles8.6. Two Wheelers
9. Philippines Tire Market, By Demand Category (USD Million) 2020-2033
9.1. Philippines Tire Market Size, Share and Forecast, By Demand Category, 2020-20269.2. Philippines Tire Market Size, Share and Forecast, By Demand Category, 2027-20339.3. OEM9.4. Aftermarket
10. Philippines Tire Market Forecast, 2020-2033 (USD Million)
10.1. Philippines Tire Market Size and Market Share
11. Philippines Tire Market, By Region, 2020-2033 (USD Million)
11.1. Philippines Tire Market Size and Market Share By Region (2020-2026)11.2. Philippines Tire Market Size and Market Share By Region (2027-2033)11.3. Eastern Region11.4. Northern Region11.5. Western Region11.6. Southern Region
12. Company Profile
12.1. ARMSTRONG ENTERPRISES COMPANY, INC.12.1.1. Company details12.1.2. Financial outlook12.1.3. Product summary12.1.4. Recent developments12.2. CST TIRES, INC.12.2.1. Company details12.2.2. Financial outlook12.2.3. Product summary12.2.4. Recent developments12.3. GOODYEAR PHILIPPINES, INC.12.3.1. Company details12.3.2. Financial outlook12.3.3. Product summary12.3.4. Recent developments12.4. MICHELIN PHIPINNES PTY LTD.12.4.1. Company details12.4.2. Financial outlook12.4.3. Product summary12.4.4. Recent developments12.5. NEXEN DISTRIBUTION PHILIPPINES INC.12.5.1. Company details12.5.2. Financial outlook12.5.3. Product summary12.5.4. Recent developments12.6. SAILUN CO., LTD.12.6.1. Company details12.6.2. Financial outlook12.6.3. Product summary12.6.4. Recent developments12.7. TIARA COMMERCIAL AND INDUSTRIAL CORP.12.7.1. Company details12.7.2. Financial outlook12.7.3. Product summary12.7.4. Recent developments12.8. WESTLAKE TIRES PHILIPPINES12.8.1. Company details12.8.2. Financial outlook12.8.3. Product summary12.8.4. Recent developments12.9. YOKOHAMA TIRE SALES PHILIPPINES INC.12.9.1. Company details12.9.2. Financial outlook12.9.3. Product summary12.9.4. Recent developments12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The high cost of advanced diabetes drugs and the financial burden of treating diabetes remain major obstacles to market growth, despite the fact that numerous drugs have been approved for the condition and that governments and industry players are launching numerous initiatives.
Philippines Tire Market is projected to reach USD XX billion by 2033, growing at a CAGR of 3.91% during the forecast period.
Philippines Tire Market grew in Market size from 2024. The Market is expected to reach USD XX billion by 2033, at a CAGR of 3.91% during the forecast period.
Philippines Tire Market CAGR of 3.91% during the forecast period.
You can get the sample pages by clicking the link - Click Here
Philippines Tire Market size is USD XX billion from 2024 to 2033.
Philippines Tire Market is covered By Product, By Vehicle Type, By Demand Category
The Asia-Pacific is anticipated to have the highest Market share in the Philippines Tire Market.
The key players in the Market include Companies Covered 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.
PLACE AN ORDER
Year End Discount
Sample Report
Pre-Purchase Inquiry
NEED CUSTOMIZATION?
Request CustomizationCALL OR EMAIL US
100% Secure Payment
Related Reports
Have a glance of the Report
Our Global Clients
Our data-driven insights have influenced the strategy of 200+ reputed companies across the globe.
