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
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| 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.
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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:
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By Product
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Radial Tires
Bias Tires
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By Vehicle Type
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Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two Wheelers
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By Demand Category
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OEM
Aftermarket
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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 report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Philippines Tire Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Philippines Tire Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. 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, 2020-2026
7.2. Philippines Tire Market Size, Share and Forecast, By Product, 2027-2033
7.3. Radial Tires
7.4. 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, 2020-2026
8.2. Philippines Tire Market Size, Share and Forecast, By Vehicle Type, 2027-2033
8.3. Passenger Cars,
8.4. Light Commercial Vehicles
8.5. Heavy Commercial Vehicles
8.6. 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, 2020-2026
9.2. Philippines Tire Market Size, Share and Forecast, By Demand Category, 2027-2033
9.3. OEM
9.4. 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 Region
11.4. Northern Region
11.5. Western Region
11.6. Southern Region
12. Company Profile
12.1. ARMSTRONG ENTERPRISES COMPANY, INC.
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. CST TIRES, INC.
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. GOODYEAR PHILIPPINES, INC.
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. MICHELIN PHIPINNES PTY LTD.
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. NEXEN DISTRIBUTION PHILIPPINES INC.
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. SAILUN CO., LTD.
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. TIARA COMMERCIAL AND INDUSTRIAL CORP.
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. WESTLAKE TIRES PHILIPPINES
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. YOKOHAMA TIRE SALES PHILIPPINES INC.
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links