Vancouver, Canada, June 29, 2013 --(PR.com
)-- Philippines is one of the largest emerging markets in the ASEAN region with a population of over 95 Million people. The Philippines economy performed exceptionally well during 2012 and is one of the fastest growing economies in Asia. Increasing urbanization, disposable income and growth in commercialization is contributing significantly to the country’s automotive market. Over the last few years, the automotive industry in Philippines has witnessed a noteworthy increase in demand for passenger cars and automotive loans for vehicles.
According to a recently published report by TechSci Research "Philippines Tyre Market Forecast and Opportunities 2018," the majority share of the country’s tyre market is held by two wheelers segment and utility vehicles segment. Japan based Yokohama is the biggest tyre manufacturer in the country and it plans to invest USD 640 Million by 2017 to increase its tyre production by two and a half times from the existing level.
The tyre market in the Philippines is expected to witness trade liberalization with the formation of ASEAN Economic Community (AEC) which is expected to be implemented in 2015. It is also expected that by 2018, ASEAN would become the sixth largest automotive market in the world and regional vehicle sales would double; hence directly contributing to the growing market for tyres. In addition, the government of Philippines is in the process of formulating a policy for the development and growth of automotive industry in the country which is expected to be implemented by the end of 2013. The government aims to improve the natural rubber plantation in the country in order to boost the domestic tyre market which would encourage local players to set up new production units and also attract foreign investments in tyre manufacturing. The government of Philippines has planned to increase the rubber plantation from 138,710 hectares in 2010 to over 200,000 hectares by the end of 2016, implying an approximate annual increase of 10,000 hectares.
“The increasing investments in the sector along with growing demand for passenger cars would contribute significantly to the demand for tyres in the country. The growing automotive market in the country is also driving the demand for replacement tyres. The market is expected to witness an increased penetration of commercial vehicle tyres and passenger car tyres. The tyre Industry of Philippines is set to reach USD 2.8 Billion by 2018,” said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
"Philippines Tyre Market Forecast & Opportunities, 2018" has evaluated the future growth potential of Philippines tyre market and provides statistics and information on market structure, industry behavior trends. The report includes tyre market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in tyre market of Philippines.