NEW YORK, June 14, 2016 /PRNewswire/ --
Surging Automotive Sales and Favorable Trade Environment Anticipated to Drive Sales of Tire in Philippines Through 2021
According to TechSci Research report, "Philippines Tire Market Forecast & Opportunities, 2021", the country's tire market is forecast to cross $ 900 million by 2021. Major factors positively influencing demand for tires in the Philippines include rapid infrastructure development, implementation of favorable policies by the government coupled with growing disposable income of vehicle owners, which increased from US $ 6,890 in 2011 to US $ 8,450 in 2014. Moreover, rising vehicle sales in the country on the back of introduction of a wide variety of new vehicle models in the domestic market, is anticipated to fuel growth in demand for tires in the country over the next five years. With a volume share of over 50% in the Philippines tire market, two-wheeler tire segment dominated the overall tire market in the Philippines in 2015, followed by commercial vehicle tires and passenger car tires. Due to availability of the easy finance options, demand for two-wheelers as well as passenger cars in the country grew during 2011-2015.
Browse 15 market data Tables and 23 Figures spread through 100 Pages and an in-depth TOC on
"Philippines Tire Market "
As of 2015, tire market in the Philippines was majorly concentrated in three provinces, i.e. National Capital region, Southern Tagalog region and Central Luzon region. With a cumulative volume share of more than 55% in 2015 in the Philippines tire market, these regions dominated the country's tire market and a similar trend is expected to continue during 2016-2021. Moreover, with implementation of the Motor Vehicle Development Plan (MVDP), OEMs are being offered various incentives, as well as tax and other fiscal benefits to establish automotive manufacturing / assembling plants in the country, on the back of which, a growing number of companies are setting up their assembling plants in the Philippines. Few of the leading tire manufacturing companies operating in the country include Bridgestone, Goodyear, Yokohama, Michelin, Toyo, Kumho, Cheng Shin, Zhongce Rubber, Federal, etc. However, as only one tire manufacturing facility is present in the country, the domestic demand for tires in the Philippines is majorly met through imports.
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"With surging GDP, Philippines is expected to attract huge foreign investments in the coming years. Moreover, government spending on the country's construction as well as infrastructure sector is expected to grow through 2021. With anticipated growth in the country's infrastructure sector, demand for commercial vehicles is expected to increase in the coming years, which is forecast to further boost sales of tires in the country over next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Philippines Tire Market Forecast & Opportunities, 2021" has analyzed the potential of Philippines tire market, and provides statistics and information on market sizes, shares and trends. The report would suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry in the Philippines.
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