Burnaby, British Columbia, Canada, November 21, 2015 --(PR.com
)-- According to TechSci Research report, “Thailand Tyre Market Forecast & Opportunities, 2020,” the tyre market in Thailand is forecast to grow at a CAGR of more than 8% during 2015 - 2020 on account of anticipated increase in automobile production, expanding automobile fleet and favourable government initiatives which include infrastructure development plans and several incentive schemes to promote energy saving eco-cars in the country. Bridgestone and Michelin are the most dominating tyre brands in Thailand. Other tyre brands operating in the country include Goodyear, Pirelli, Vee Rubber, Sumitomo, Otani Tyres, Apollo, Nokian, Toyo Tyres, etc.
Two-wheeler production is the most dominant segment in Thailand’s automobile market. Two-wheelers also account for the largest share in the country’s automobile fleet. As a result, the Thailand tyre industry is dominated by the two-wheeler tyre segment in volume terms, and this trend is expected to continue in the coming years. Thailand tyre market is dominated by the replacement tyre segment, with the segment accounting for two-thirds of the market share in 2014.This segmental dominance of the replacement segment is also expected to prevail through 2020.
“Rising per capita income and favorable government policies to promote the automotive industry in Thailand are boosting automobile sales in the domestic market. Moreover, the country also exports a substantial percentage of domestically manufactures automobiles. With growing automobile sales in domestic as well as exports markets, coupled with expanding automobile fleet in Thailand, the country’s overall tyre market is expected to grow over the period of next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.