NEW YORK, August 4, 2016 /PRNewswire/ --
Favorable government policies, rising automobile sales and growing vehicle production to drive Indonesia tire market through 2021
According to TechSci Research report, "Indonesia Tire Market Forecast and Opportunities, 2021'’, tire market in Indonesia is projected to grow at a CAGR of 13.6% during 2016 - 2021. With a population of over 255 million in 2015, Indonesia has emerged as one of the rapidly developing markets for automotive tires in Asia-Pacific. Powered by rising vehicle sales, the country's vehicle fleet has been expanding continuously year on year. Considering growing demand for vehicles, many domestic and global players are strengthening their footprint in the country by establishing manufacturing plants or assembly units in Indonesia. Further, the increase in motorization rate (passenger car & commercial vehicle) from 77 vehicles in 2013 to 83 vehicles in 2014, is also identified as a key factor for the growth of Indonesia tire market. As per Organisation Internationale des Constructeurs d'Automobiles (OICA), the country recorded an automobile fleet (passenger car & commercial vehicle) of over 20 million units in 2014, which continues to boost the country's replacement tire market.
Browse 32 market data Tables and 37 Figures spread through 139 Pages and an in-depth TOC on "Indonesia Tire Market"
Indonesia tire market has been supported by various favorable government policies. In 2013, the Government of Indonesia approved an automobile sector development strategy termed as Low-Cost Green Car Policy, as per which, the government would provide tax exemptions on production of eco-friendly and low cost cars that are produced in the country. As a result, the passenger car production in Indonesia is anticipated to grow at a robust pace in the coming years, which is further expected to garner support to the country's tire market. Moreover, in 2015, the Government of Indonesia, inked AFTA (ASEAN Free Trade Agreements) with neighboring countries to encourage foreign investments, and this is expected to bring down tariff levied on vehicle imports, which would eventually have a positive impact on the country's tire market in the coming years.
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Indonesia construction industry, with a contribution of over 10% to the country's GDP in 2014, is projected to expand in the coming years. Key reasons for this growth can be attributed to rising investments in the construction sector. Expected growth in the country's construction sector is anticipated to increase demand for medium & heavy trucks in the coming years. Apart from construction sector, the country is anticipated to witness growth in logistics industry backed by anticipated growth in the MSME sector. As a result, demand for trucks and OTR vehicles is anticipated to rise in Indonesia, which is forecast to drive demand for trucks and OTR tires over the next five years. "Increasingly favorable trade policies, growing automobile sales and expanding vehicle fleet are few of the key factors that are anticipated to drive Indonesia tire market over the course of next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Indonesia Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of tire market and provides statistics and information on market size, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in tire market in Indonesia.
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