The Malaysia Tires Market is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2022-27. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market’s trajectory in the coming years.
The growth of the market is likely to be driven by massive investments by the Malaysian government in infrastructure development projects, such as roads, bridges, & tunnels, i.e., resulting in an increasing number of construction activities, propelling the need for heavy-duty vehicles, and directly influencing the demand for tires.
Additionally, with growing connectivity in the country, vehicle sales are also rising rapidly. It is instigating tire manufacturers in Malaysia to increase their production capabilities & meet the burgeoning tire requirement, which would boost the market in the coming years.
Besides, the rapidly improving economic conditions of the people and the mounting inclination toward vehicle ownership is another prominent aspect fueling the demand for tires in Malaysia. Moreover, with the rapidly expanding transportation & logistics sector, the need for light & heavy commercial vehicles is rising swiftly, which is another crucial aspect projected to positively influence the tire market in Malaysia over the forecast years.
Exploring the Market Dynamics: What’s Driving the Growth of Malaysia Tire Market?
Increasing Concerns for Vehicle Safety to Reduce Road Accidents: he rapidly increasing road accidents have instigated the Malaysian government to impose stringent norms for vehicle safety. It has encouraged tire companies to manufacture safer tires and promoted vehicle owners to inspect tire conditions periodically. As a result, it would generate growth opportunities for the leading players in the Malaysia Tire Market to enhance their product portfolio during 2022-27.
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Key Takeaways from the Market Study:
- Historical Data: 2017-20
- Base Year: 2021
- Forecast Period: 2022-27
- CAGR (2022-2027): 4.5%
- Key Players to Watch: Michelin, Bridgestone, Continental, Pirelli, Goodyear, Hankook, Toyo, Sumitomo, Giti, Friendship Rubber Industry are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Latest News in the Malaysia Tire Industry:
- In October 2021, leading tire manufacturing company, Michelin, announced the launch of a multi-purpose tire, LTX Trail in Malaysia, for on and off-road applications.
- The same year, in August, prominent tire manufacturer Bridgestone launched the latest generation of their ultra-high-performance line of tires called Potenza Sport & Potenza RS980AS+, enabling drivers to unlock the full potential of their vehicles.
Market Segmentation of Malaysia Tire Industry
The Malaysia Tire market is segmented as follows:
- By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses and Trucks
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
According to report, the rechargeable segment holds a larger share of the Global Malaysia Tire Market mainly due to their lower costs.
- By Demand Category
- OEM
- Replacement
- By Type of Tire
- Radial
- Bias
- By Sales Channel
- Dealer/Exclusive Outlets
- Online
- Direct Sales
- By Season
- All-season
- Summer
- By Price Category
- Budget
- Economy
- Premium
- By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
According to reports, offline retail holds the largest market share.
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Malaysia Tire Market Geographical Analysis
East
Central
North
South
Sabah
Sarawak
According to reports, Malaysia holds a prominent share of the Malaysia Tire Market
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