Major market players are establishing their production facilities in ASEAN countries to increase domestic production at lower cost

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DUBLIN, February 11, 2022 /PRNewswire/ — The “ASEAN Commercial Vehicle Tire Market Segmented by Vehicle (Truck, Bus/Van), Demand Category (OEM, Replacement), Tire Construction Type (Radial, Bias) , by price segment (Budget, Ultra Budget, Premium), by region, competition, forecast and opportunity” has been added to from ResearchAndMarkets.com offer.

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The ASEAN commercial vehicle tire market stood at $8,159.23 million in terms of value in 2020 and is expected to grow with a CAGR of 5.84% during the forecast period, 2022-2026.

Rising demand for commercial vehicles, ongoing technological advancements and strong demand from the construction industry are the major factors that are expected to drive the growth of the ASEAN commercial vehicle tire market during the forecast period.

ASEAN countries like Indonesia, Vietnamand Thailand are among the largest producers of rubber, facilitating the production process by making raw materials readily available.

Major market players are establishing their production facilities in ASEAN countries to increase their domestic production at lower cost, acting as a major driver for the growth of the ASEAN commercial vehicle tire market during the period forecast. The country’s growing population and increased consumer preference for vehicle ownership is accelerating the rise in pollution levels at an exponential rate.

Major authorities are taking action and encouraging the use of public transport, boosting the production of commercial vehicles throughout the region. Continuous infrastructure development and construction activities are fueling the demand for medium and heavy-duty commercial vehicles due to their ability to transport materials and for logistics purposes are expected to support the growth of the ASEAN commercial vehicle tire market over the course of of the forecast period.

However, the growing penetration of Chinese commercial vehicle tires may hamper the growth of the ASEAN commercial vehicle tire market during the forecast period.

Based on price segment, the market is divided into budget, ultra budget and premium. Ultra low budget commercial tires are expected to hold the largest market share during the forecast period 2022-2026. They are in high demand due to developed transport systems and offer high performance at an affordable rate.

Goal of the study:

  • To analyze historical growth and market size of ASEAN Commercial Vehicle Tire market from 2016 to 2020.

  • Estimate and forecast the market size of ASEAN Commercial Vehicle Tire Market from 2021 to 2026 and the growth rate till 2026.

  • To classify and forecast the ASEAN Commercial Vehicle Tires Market based on vehicle type, demand category, type of tire construction, price segment, country and competitive landscape.

  • Identify drivers and challenges in the ASEAN commercial vehicle tire market.

  • Examine competitive developments such as expansions, new product launches, mergers and acquisitions, and others, in the ASEAN Commercial Vehicle Tires Market.

  • Perform price analysis for the ASEAN commercial vehicle tire market.

  • To identify and analyze the profile of major players operating in the ASEAN Commercial Vehicle Tires Market.

Major market players operating in the ASEAN commercial vehicle tire market are

  • PT Gajah Tunggal Tbk

  • Bridgestone Corporation

  • Michelin Group

  • PT. Sumi Rubber Indonesia (Dunlop)

  • Hankook Tire & Technology Company Limited

  • Yokohama Rubber Company Limited

  • The Goodyear Tire & Rubber Company

  • Continental SA

  • Toyo Tire & Rubber Company Limited

  • Deestone Corporation Limited

Report Scope:

Years considered for this report:

Tire for ASEAN commercial vehicles, by type of vehicle:

Tire for ASEAN commercial vehicles, on demand:

ASEAN commercial vehicle tyre, by tire construction:

ASEAN commercial vehicle tire, by price segment:

  • Ultra-budgetary

  • Budget

  • Premium

ASEAN commercial vehicle tire by country:

  • Thailand

  • Indonesia

  • Vietnam

  • Philippines

  • Malaysia

  • Burma

  • Singapore

  • Laos

  • Cambodia

  • Brunei

For more information about this report visit https://www.researchandmarkets.com/r/ri2syl

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Research and Markets
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