Burnaby, Canada, December 08, 2013 --(PR.com
)-- The tyre industry in Thailand is expected to witness notable growth, reaching up to around USD 17 Billion revenues by the end of 2018, according to the recently published TechSci Research report “Thailand Tyre Market Forecast and Opportunities, 2018”. Thailand’s tyre market is largely dominated by the likes of Bridgestone, Michelin and Goodyear, however, other companies such as Yokohama, Sumitomo and Continental tyres are giving tough competition to global tyre players.
Thailand’s automotive industry is one of the biggest and growing markets of South-East Asian region. Bilateral and multilateral free trade agreements with various countries, such as India, China, Japan, Australia, etc., have enhanced the competitive edge of Thailand’s automotive industry. The major automotive companies, such as Nissan, Toyota, Honda, Mitsubishi, GM, Ford, Isuzu, etc., have established their manufacturing plants in Thailand, catering to the domestic as well as global market. This has resulted into the growing demand for tyres in the country.
The growing demand for automobiles in the country can be attributed to several factors such as strong growth in Thailand’s economy and consumers’ demand in response to the launch of new models. The country has also registered a triple digit growth rate in the passenger car sales in 2012, which is expected to generate huge demand for replacement tyre sales in Thailand during the next five years.
The report reveals that Thailand is expected to dominate the tyre and automotive production within the ASEAN region due to government’s various incentive plans, investments by automotive players, availability of raw material and comparatively cheap skilled labor force and professionals in the country. With about 33 Million vehicles on roads as of 2012 and rapidly growing sales of new vehicles in Thailand, replacement tyre market is forecasted to witness notable growth rate when compared with new tyre market over the next five years. The report highlights that Bangkok is the key region in Thailand, which accounts for nearly half of the automobile sales in the country.
“Thailand is one of the most competitive tyre markets due to the high volumes of natural rubber production, manufacturing facilities along with modern technologies to meet the global standards and support of Thailand government for automotive industry. Moreover, increasing demand for compact and fuel efficient cars along with growth in export of automotive vehicles from Thailand are expected to push tyre sales volume in the country during the forecasted period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Thailand Tyre Market Forecast and Opportunities, 2018” has evaluated the future growth potential of Thailand’s tyre industry and provides statistics and information on market structure, exports and future growth of the tyre industry. 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 analyses the emerging trends along with essential drivers, challenges and opportunities available for the tyre industry in Thailand.