Navigating Southeast Asia Two-Wheeler Tire Market Trends: USD3.11 Billion in 2022 and Boasting a CAGR of 5% Projections by 2028
The Southeast Asia Two-Wheeler Tire Market is valued at USD3.11 billion in 2022 and is estimated to grow at a CAGR of around 5% during the forecast period, i.e., 2023-28.
Market Overview: Southeast Asia Two-Wheeler Tire Market
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Southeast Asia Two-Wheeler Tire Market Insights 2023-28
The Southeast Asia Two-Wheeler Tire Market is estimated to grow at a CAGR of around 5% during the forecast period 2023-28.
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Driving Innovation: Exploring the Southeast Asia Two-Wheeler Tire Market and its Key Drivers
Southeast Asia Two-Wheeler Tire Market Driver: Growth of E-commerce & the Transition toward E-mobility
The e-commerce sector in the Southeast Asia region has grown at a considerable rate over the past years due to the rising preference of consumers & improvement in online payment facilities. In addition, the availability of a huge variety of options and lucrative pricing & discounts on purchases has also fuelled online sales. As a result, it has positively expanded the logistics sector by increasing its operational work, including home deliveries.
This growth in online sales led to the widespread adoption of both conventional & electric scooters & motorcycles by online delivery companies like Gojek, Foodpanda, etc., to facilitate early product deliveries. It has been mainly attributed to the compact size of two-wheelers, which eases commuting in crowded cities of the region. As Southeast Asia depends on electric two-wheeler imports, many companies have received funding to establish their manufacturing units in the region. For instance,
- In 2022, DatBike, a Vietnam-based electric vehicle start-up, received USD5.3 million in Series A funding for expanding its domestic electric two-wheeler manufacturing capability.
Hence, with the increasing number of e-commerce companies and the growing domestic two-wheeler manufacturing, the demand for two-wheeler tires is anticipated to rise in the forecast years.
Top Players in the Southeast Asia Two-Wheeler Tire Market:
MRF Tyres, Bridgestone Tyres, Continental Tires, CEAT Tyres, Apollo Tyres, TVS Eurogrip, Deerubber Company Ltd. [Deestone], Pirelli Tires, JK Tyre, Michelin, Maxxis Tyres, Corsa Motorcycle Tire, Others
Global Southeast Asia Two-Wheeler Tire Industry Recent Development:
- In December 2022, Bridgestone Southern Africa (BSAF) made a significant announcement regarding the acquisition of OTRACO Southern Africa, a prominent provider of Off-The-Road (OTR) tire management solutions. The acquisition was carried out by Bridgestone Southern Africa Holdings (BSAFH), a group company of BSAF. This strategic move is expected to enhance the growth of Bridgestone SA’s mining solutions business and broaden the company’s service network. By integrating OTRACO’s expertise and resources, Bridgestone SA aims to strengthen its position in the market and better serve its customers in the mining industry.
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Segmentation Analysis of Southeast Asia Two-Wheeler Tire Market
Southeast Asia Two-Wheeler Tire Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023-28, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
By Vehicle Type
-Scooter and Moped
–Upto 100CC
–101 cc to 125 cc
–126 cc to 150 cc
–Above 150 cc
-Motorcycle
–Upto 100CC
–101 cc to 125 cc
–126 cc to 150 cc
–Above 150 cc
By Rim Size
-10” to 14”
-14.1” to 16”
-Above 16.1”
By Tire Type
-Radial
-Bias
By Price Category
-Budget
-Economy
-Premium
By Sales Channel
-Online
-Direct Sales
-Multi Brand Stores
-Exclusive Outlets
By Demand Type
-OEM
-Replacement
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A Comprehensive Geographical Analysis:
By Country
-Malaysia
-Indonesia
-Singapore
-Cambodia
-Vietnam
-Thailand
-Philippines
-Others
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