DUBLIN, May 26, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/bsqxfc/philippines_tyre) has announced the addition of the "Philippines Tyre Market Forecast and Opportunities, 2020" report to their offering.
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The Philippines tyre market is forecast to reach USD970 million by 2020
Presently, a major share of the demand for tyres including passenger car tyres, commercial vehicle tyres and two-wheeler tyres is met by imports, as there is only one tyre manufacturing facility in the country. Increase in the number of OEMs, rising disposable income and introduction of new vehicle models in the domestic market are the major factors driving the automobile market in the Philippines, which is boosting the country's tyre market. Though high disposable income levels have fueled robust growth in sales of passenger cars, two-wheelers continue to be the preferred mode of transport for majority of the country's population. Consequently, two-wheeler tyre segment is forecast to continue its domination in the Philippines tyre market through 2020.
Philippines is one of the fast growing economies in the ASEAN region. The National Capital Region (NCR), Southern Tagalog, Central Luzon and Central Visayas are some of the most commercialized and urbanized areas in the country, and a major portion of the demand for tyres emanates from these geographies. Though the Philippines is one of the major producers of rubber, globally, the country imports tyres from Japan, US, South Korea, China and few other Asian countries. Attractive incentive schemes for OEMs, growing infrastructure developments and favorable trading environment are propelling growth in the country's automobile as well as tyre market. Implementation of Motor Vehicle Development Program (MVDP) in 2012 has offered lucrative opportunities for various OEMs to invest in the country. Moreover, growing concentration of automobile manufacturers in the country is expected to boost demand for tyres from the OEM segment over the next five years. Additionally, as sales of automobiles continue to increase, demand for tyres from the replacement market is also expected to surge in the ensuing years.
Philippines Tyre Market Forecast and Opportunities, 2020 discusses the following aspects:
Market Trends & Developments
Companies Mentioned
For more information visit http://www.researchandmarkets.com/research/bsqxfc/philippines_tyre
Media Contact: Laura Wood , +353-1-481-1716, press@researchandmarkets.net
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