Dublin, June 23, 2021 (GLOBE NEWSWIRE) -- The "Philippines Tire Market By Vehicle Type (Two Wheeler, Commercial Vehicle and Passenger Car), By Demand Category (Replacement and OEM), By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Philippines Tire market is expected to grow from USD591.31 million in 2020 to USD1,482.04 million with a CAGR of 15.36% by 2026 because of growing automotive sales and technological advancement.
Technological advancements play an important role in developing the Philippines tire market as tire manufacturers are increasingly focusing on developing and manufacturing high-tech tires for automobiles in the Philippines. To meet evolving customer demand with respect to better ride comfort, safety, higher fuel efficiency and durability, several tire manufacturers are coming up with their technologically advanced new tire offerings. One of the driving factors in the Philippines Tire Market is increasing disposable income and high living standard of the people.
The increasing income of the people led to an increase in the automotive sales in the country and hence the tire demand is also increasing in the country. Moreover, the disposable income level of middle-class population of the Philippines is increasing and has significantly augmented demand for sedans over the years, further driving the tire market in the Philippines. Receptivity to trade is another driving factor responsible for increasing growth rate of the Philippines Tire Market.
The growing trade relations of the country with various economies of the world have made the Philippines a trade-friendly nation in the global market. Further, the rich resources of minerals and natural rubber in the country have acted as an advantage for the country. However, due to COVID-19, the automotive industry has been experiencing the highest volume decline in decades. With all the automakers and importers facing challenging times, vehicle sales are also witnessing a huge decline, which is leading to a downfall in generating tire demand from the OEM sector.
The Philippines Tire Market can be segmented based on vehicle type, demand category, and region. Based on vehicle type segment, two-wheeler is dominating the market with approximately 3/4th of the share in the market in 2020 and it is forecast to increase in future as well. Due to COVID-19, the two-wheeler sales declined which resulted in the decline in share of two-wheeler tires in 2020.
Based on demand category, replacement segment is dominating the OEM segment by more than 40% margin in 2020 and is expected to do so in the forecast period as well. This is due to average life of automobiles across the region that has been increasing due to technological advancements and competition resulting in higher replacement rate.
Major players operating in the Philippines Tire Market are Bridgestone Corporation, Goodyear Tire and Rubber Company, Yokohama Tire Corporation, Chinese brands, Michelin, Dunlop Tires, Maxxis International, CST, Toyo Tire Corporation and Federal Corp.
Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2021-2026
Key Target Audience:
Original equipment manufacturers, suppliers and other stakeholders
Research organizations and consulting companies
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to tires
Philippines Tire Market, By Vehicle Type:
Philippines Tire Market, By Demand Category:
Philippines Tire Market, By Region:
National Capital Region (NCR)
Region IV - Southern Tagalog
Region III - Central Luzon
Region VII - Central Visayas
Region I -Ilocos Region
Philippine Allied Enterprises Corporation
Goodyear Tire & Rubber Company
Yokohama Tire Sales Philippines, Inc.
Goodyear Tire & Rubber Company
Armstrong Enterprises Company, Inc.
Tiara Commercial & Industrial Corporation
CST Tires/AP Blue Whale, Inc.
WestLake Tires Philippines
PPC Asia Corporation
For more information about this report visit https://www.researchandmarkets.com/r/m2ozau
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