Research and Markets - Thailand Tire Market Forecast and Opportunities, 2022: Market is Projected to Cross $5.6 Billion With Bridgestone, Michelin, Sumitomo, Yokohama, Goodyear Operating Production Facilities in Thailand
Thailand's tire market is projected to cross $5.6 billion mark by 2022. In 2016, two-wheeler tire segment dominated the country's tire market, followed by light commercial vehicle, passenger car, medium and heavy commercial vehicle and off-the-road tire segments. Tire replacement segment accounts for around two-thirds of the tire demand emanating in the country in 2016, and the segment is anticipated to maintain its dominance through 2022.
Thailand is among the largest global producers of natural rubber, which is the prime raw material used in production of tires. As a result, a large number of renowned tire manufacturers have their production bases in the country due to abundant availability of natural rubber. This has contributed significantly towards development of tire industry in the country. Most of the major global tire players such as Bridgestone, Michelin, Sumitomo, Yokohama, Goodyear, etc., operate their production facilities in Thailand.
Besides that, the government is also taking diverse measures to gear up for green automotive production, which is expected to positively impact the country's tire market in the coming years. Further, consistently increasing tire prices and expanding automobile fleet size are predicted to boost Thailand tire market during the forecast period.
Moreover, sales of radial tires in the country is also expected to witness an uptrend in the coming years. Rising innovation and technological advancements in manufacturing of tires by various flagship brands are predicted to fuel tire ASP in the country during 2017-2022.
Thailand Tire Market Forecast & Opportunities, 2022 discusses the following aspects of tire market in Thailand:
Thailand Tire Market Size, Share & Forecast
Segmental Analysis - By Vehicle Type (Two-Wheeler, Light Commercial Vehicle, Passenger Car, Medium & Heavy Commercial Vehicle, & Off-The-Road); By Demand Category (OEM Vs. Replacement); and By Radial Vs. Bias