Thailand Tire Market By Size, Share, Forecast 2022-2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Thailand tire market size at USD 10.82 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Thailand tire market size to grow at a steady CAGR of 6.12% reaching a value of USD 15.45 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Thailand tire market size at USD 10.82 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Thailand tire market size to grow at a steady CAGR of 6.12% reaching a value of USD 15.45 billion by 2029. A growing demand for environmentally friendly tires, fueled by rising environmental consciousness and government measures supporting sustainable practices, is a major factor boosting the Thailand tire market. Radial tires are more popular, because of their greater performance, increased fuel efficiency, and longer lifespan. As e-commerce platforms gain more popularity, the sector has also experienced an increase in online tire sales. Specialized tires for particular uses, such as off-road, sports, and luxury vehicles, are also receiving more attention. Premium tire brands are now more prevalent on the market, reflecting consumers' preferences for quality and safety.
Thailand Tire Market – Overview
A tire is a spherical, elastic shield that surrounds the rim of the wheel to provide traction, support the weight of the car, and cushion shocks from the road. It is essential to all forms of mobility, such as automobiles, trucks, motorcycles, and bicycles. To increase traction in a variety of road conditions, whether they are wet or dry, tires are painstakingly created with a certain pattern. They typically consist of a combination of synthetic and natural rubber, cloth, and various chemical substances. To accommodate various vehicles and uses, tires come in a range of sizes and types, ensuring maximum safety, stability, and agility when driving.
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Impact of COVID-19 on Thailand Tire Market
The COVID-19 pandemic has significantly impacted the tire market in Thailand. The country's tire industry faced various challenges due to the crisis, including disruptions in the global supply chain and reduced consumer demand. Lockdown measures and travel restrictions resulted in a decline in vehicle usage and a slowdown in automotive production, affecting tire sales. Also, the economic downturn and uncertainties led to cautious consumer spending, further impacting the market. However, with the gradual easing of restrictions and the recovery of the automotive sector, the Thailand tire market is expected to witness a gradual revival in the post-pandemic period.
Thailand Tire Market – By Size
On the basis of size, Thailand tire market is divided into 10”–12”, 13”–15”, 16”–18”, 19”–21”, and >21 inches segments. Among the segments in the Thailand tire market, the largest one is the ">21 inches" category. This segment represents tires with a diameter greater than 21 inches. It encompasses a range of tire sizes commonly used for larger vehicles, such as SUVs, trucks, and luxury cars. The ">21 inches" segment caters to customers who prioritize performance, aesthetics, and specific vehicle requirements. As vehicles with larger wheel sizes gain popularity in Thailand, the demand for tires in this segment has experienced significant growth. Manufacturers and retailers in the Thailand tire market have recognized this trend and are actively expanding their offerings in the ">21 inches" segment to meet consumer needs.
Competitive Landscape
Thailand tire market is fiercely competitive. Major companies in the market include Apollo Tires Ltd, Michelin, Bridgestone Corporation, Continental Aktiengesellschaft, Sumitomo Rubber Industries Ltd, Pirelli Tire S.p.A., Yokohama Tire Corporation, MRF Ltd, and JK Tire & Industries. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Thailand tire market
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