Phil reports tyre market to grow double digits

tyre-market

According to the recently released TechSci Research report, “Philippines Tyre Market Forecast & Opportunities, 2019”, tyre market in the Philippines is forecast to grow at a CAGR of about 13.85% during 2014-19. On account of growing automobile fleet size, infrastructure development and growth-focused initiatives taken by the government, the market is expected to witness increase in tyre sales through 2019. While two-wheeler tyres accounted for majority market share in 2013, NCR region remained the highest contributor in tyre sales due to a large population living in the region and rapid development in industries located in the region.

Bridgestone, Goodyear, Yokohama, Michelin and Toyo tyres are the leading global tyre manufacturers in the country. Yokohama is the only tyre company in the Philippines to have its manufacturing unit. Other companies largely import tyres from offshore locations to sell tyres in the country. Due to their low cost and easy availability, Chinese tyre brands are preferred by price sensitive customers in the country.

“Illegal trade of tyres and rising penetration of fake tyres are two key threats to the country’s growing tyre market. Since most of the major companies have lost their confidence in the country’s governance and trade scenario, they are increasingly shifting their production units to other lucrative locations in the ASEAN region including Thailand and Indonesia. Considering these market aspects, government’s MVDP initiative is expected to be a turning point for automotive as well as tyre market in the country” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Philippines Tyre Market Forecast & Opportunities, 2019” has evaluated the future growth potential of Philippines tyre market and provides statistics and information on market structure, exports and future growth of the Philippines tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in the Philippines tyre industry.