Thailand Tire Market (2022-2028) | Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT

Latest 2023 Development of The Thailand Tire Market

Thailand Tire Market is growing over the past few years with the increasing demand for tires across the globe. The expansion of manufacturing units by tire manufacturers to meet the increasing demand for tires globally. This has resulted in an increasing number of tire manufacturing units in Thailand and has helped in boosting the tire industry in Thailand. Thailand is one of the largest exporters of tires in the world which contributes to the growth of the tire market in Thailand and has increased the revenue generated by the industry. The tire industry in Thailand is also investing heavily in research and development to improve the quality and efficiency of tire manufacturing. The government has been supportive of the tire industry and has provided various tax incentives and subsidies to promote the growth of the industry which is helping in attracting more investment and has boosted the development of the tire market. 

The growth of the automotive industry in Thailand has been a major factor in the development of the tire market as the increasing production of vehicles has increased the demand for tires in Thailand which has led to the growth of the tire market in Thailand. The tire market in Thailand is continuously growing and is anticipated to grow in the future years with the expansion of manufacturing units, investment in research and development, and support from the government.

Thailand Tire Market Synopsis

Thailand Tire Market is witnessing tremendous growth with the growing demand for commercial vehicles in the logistics industry due to the growing manufacturing industry across the country along with the development of the electric vehicle industry in Thailand, the demand for tires is projected to grow in the forecast period. Thailand Tire Market experienced a significant decline during the pandemic owing to government-imposed lockdown measures to stop the spread of the coronavirus, which affected the supply chain, and production operations, and put a stop to all trading activities across all sectors.

According to 6Wresearch, the Thailand Tire Market is projected to grow at a CAGR of 8.8% from 2022 to 2028. Thailand Tire Market is experiencing growth owing to the country's robust automotive sector. Over the years, Thailand's automobile fleet has been expanding, and the transportation infrastructure in the country is developing with extensive construction projects. OEMs are increasing their manufacturing & assembling facility capacity to serve the tire market owing to the growing demand of tires from the replacement segment. Moreover, the Thailand Tire Industry is expected to grow significantly in the forecast period as the demand for commercial vehicles has been growing for logistic proposes owing to rising manufacturing output and the growing e-commerce sector. However, Thailand tire industry would be hampered by the anti-dumping duties and regulatory framework which would affect the production of raw materials, i.e., rubber latex for the tire industry and the production of tires respectively in the country over the coming years.

Market by Vehicle Types

Light trucks accounted for the majority of vehicles produced in Thailand over the years, and the nation is the top exporter of these trucks. Also, consumers are shifting from 2-wheelers to 4-wheelers, especially pickup trucks.

Market by Origin

Thailand is one of the major producers of rubber in the world, many tire OEMs have set up their production bases in the country as the availability of raw materials is easy due to which local manufacturing of tires would continue to grow in the forecast period.

Market by End-Users

The replacement segment is expected to show the highest growth in the Thailand Tire Market in the coming years on the back of the continuous expansion of the automobile fleet, which would continue to fuel the replacement demand for tires in the forthcoming period.

COVID-19 impact on Thailand Tire Market

The COVID-19 pandemic has severely impacted the tire industry in Thailand. The pandemic resulted in a decreasing demand for tires due to the suspension of manufacturing activities and reduced consumer spending capacity. Moreover, the outburst caused disruptions in the supply chain which makes it difficult for tire manufacturers to access the raw materials to produce tires. Due to the pandemic, manufacturers have had to implement measures to protect their workers and reduce the spread of the virus which led to an increase in production costs.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2022
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Thailand Tire Market Overview
• Historical Data and Forecast of Thailand Tire Market Volume and Revenues, for the Period 2018-2028F
• Historical Data and Forecast of Thailand Tire Market Volume and Revenues, By Vehicle Types, for the Period 2018-2028F
• Historical Data and Forecast of Thailand Tire Market Volume, By Types, for the Period 2018-2028F
• Historical Data and Forecast of Thailand Tire Market Volume, By Origin, for the Period 2018-2028F
• Historical Data and Forecast of Thailand Tire Market Volume and Revenues, By End Users, for the Period 2018-2028F
• Impact of COVID-19 on the Thailand Tire Market
• Market Drivers, Restraints
• Market Trends
• Market Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Market Competitive Landscape
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

Thereportprovides a detailed analysis of the following market segments:

By Vehicle Types

• Truck and Bus
• Passenger Cars
• Two-Wheeler
• Light Trucks

By Origin

• Local Manufacturing
• Imports

By End-Users

• OEM
• Replacement

By Types

• Radial
• Bias