How Big is the Malaysia Tire Market?
The Malaysia Tire Market is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven by massive investments by the Malaysian government in infrastructure development projects, such as roads, bridges, & tunnels, i.e., resulting in an increasing number of construction activities, propelling the need for heavy-duty vehicles, and directly influencing the demand for tires.
Market Statistics
- Market Growth Rate (CAGR): 4.5% from 2022-2027
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Malaysia Tire Market Insight:
Driver-
- Increasing Concerns for Vehicle Safety to Reduce Road Accidents
The rapidly increasing road accidents have instigated the Malaysian government to impose stringent norms for vehicle safety. It has encouraged tire companies to manufacture safer tires and promoted vehicle owners to inspect tire conditions periodically. As a result, it would generate growth opportunities for the leading players in the Malaysia Tire Market to enhance their product portfolio during 2022-27.
- Increasing Concerns for Vehicle Safety to Reduce Road Accidents
The rapidly increasing road accidents have instigated the Malaysian government to impose stringent norms for vehicle safety. It has encouraged tire companies to manufacture safer tires and promoted vehicle owners to inspect tire conditions periodically. As a result, it would generate growth opportunities for the leading players in the Malaysia Tire Market to enhance their product portfolio during 2022-27.
- Rising Construction Projects & Surging Demand for Heavy Vehicles
While the country is actively developing the infrastructure, the number of construction projects is swiftly increasing and augmenting the demand for several heavy vehicles. As a result, the requirement for robust tires for better grip, exert weight & pressure, and function on changing terrains is also mounting significantly, which, in turn, would boost the market through 2027.
Possible Restraints
- Fluctuations in Commodity Prices, Growing Concerns over Environmental Degradation
Constant fluctuations in the prices of commodities like crude oil, rubber, steel, and other raw materials involved in the production of tires, are leading to an upswing in tire prices and changing the purchasing behavior of cost-sensitive customers. Hence, it is a prominent challenge for the Malaysia Tire Market that might hinder its growth during 2022-27.
Moreover, the automotive industry is a prominent contributor to environmental degradation, and several automakers & tire manufacturers are seeking alternatives to address the issues. However, since rubber remains the core material for tire production, stringent norms laid by the Malaysian government on carbon emissions might hamper the tire market during the forecast period.
Malaysia Tire Market Segmentation:
The report has segmented the market into the following categories:
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses and Trucks
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
By Demand Category
- OEM
- Replacement
By Type of Tire
- Radial
- Bias
By Sales Channel
- Dealer/Exclusive Outlets
- Online
- Direct Sales
By Season
- All-season
- Summer
By Price Category
- Budget
- Economy
- Premium
By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
By Region
- East
- Central
- North
- South
- Sabah
- Sarawak
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Competitive Landscape:
- Michelin
- Bridgestone
- Continental
- Pirelli
- Goodyear
- Hankook
- Toyo
- Sumitomo
- Giti
Friendship Rubber Industry.
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Key Highlights of the Report:
- Market Performance (2022-2027)
- Strategic Recommendations
- Current, Historical and Future Market Trends
- Market Drivers and Leading Competitor
- SWOT Analysis
- Structure of the Market
- Comprehensive Mapping and Recent Advancement
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