Economic growth of ASEAN will drive the ASEAN Tire Market

The ASEAN tire market is anticipated to grow with a significant CAGR of 3.5% during the forecast period (2020-2026). Growth in vehicle sales and increasing demand for high-performance products are the major factor for tire market growth in the region. As per the ASEAN Automotive Federation, vehicle sales were only 3% down in 2019 in the region, as compared to 4.5% at the global level (by volume). Moreover, the two-wheeler sales have witnessed a growth of 3.0% YoY in 2019 and reached to 3.99 million in 2019 as compared to 3.86 million in 2018. 

Browse the full report description of "ASEAN Tire Market Size, Share & Trends Analysis Report By Vehicle Type (Passenger Cars, Light & Medium Commercial Vehicle, Heavy Commercial Vehicle, Two-Wheeler and Other), By Road Application (All-Season Tire, Summer Tire, Winter Tire and Other), By Construction (Radial Tire and Bias Ply Tire), By Tire Type (Tubeless Tire and Tubbed Tire), By Sales Channel (OEM and Aftermarket) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/asean-tire-market

Due to the COVID-19 pandemic, a steep downfall in the vehicle, as well as tires, are expected in 2020, however, the prospect looks promising for the region. Companies are shifting to the ASEAN region from China to diversify their manufacturing. Besides, governments are also undergoing various agreements to increase manufacturing in the region. It will provide economic growth to the region hence driving the vehicle as well as the tires market. For instance, EVFTA (EU-Vietnam Free Trade Agreement) has come into force from the 1st of August 2020. It has eliminated custom duties on the 99% product from both sides for 10 years. A similar Trade Agreement came into effect in November 2019 between EU and Singapore as EU-Singapore FTA. 

Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered- 

o Vehicle Type 

o Road Application 

o Construction 

o Tire Type 

o Sales Channel 

• Countries Covered- Indonesia, Malaysia, Philippines, Thailand, Rest of ASEAN
• Competitive Landscape- Bridgestone Corp., Ceat Ltd., Michelin Group, Goodyear Tire, and Rubber Co.

Key questions addressed by the report

• What is the market growth rate?
• Which segment dominates the market in the base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected region

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

ASEAN Tire Market Report Segment

By Vehicle Type

• Passenger Cars 
• Light & Medium Commercial Vehicle 
• Heavy Commercial Vehicle 
• Two-Wheeler
• Other (Construction, Agricultural, Customized Sports)

By Road Application 

• All-Season Tire 
• Summer Tire 
• Winter Tire 
• Other

By Construction

• Radial Tire 
• Bias Ply Tire

By Tire Type

• Tubeless Tire 
• Tubbed Tire 

By Sales Channel 

• OEM 
• Aftermarket 

ASEAN Tire Market Report Segment By Geography 

• Indonesia 
• Malaysia 
• Philippines 
• Thailand 
• Rest of ASEAN

To learn more about this report request a free sample copy @  https://www.omrglobal.com/request-sample/asean-tire-market