Philippines Tire Market Size Set to Grow at CAGR of 3.25% During 2023–2029

Published | 11 July 2023

Philippines tire market is growing due to increasing vehicle production and sales, rising disposable income, expanding transportation and logistics sectors, growing construction and infrastructure activities, and the development of the automotive industry, leading to higher demand for tires across various sectors.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Philippines tire market size to grow at a CAGR of 3.25% during the forecast period between 2023 and 2029. The increasing demand for radial tires due to their higher performance, fuel efficiency, and extended tread life is a major growth driver of the Philippines tire market. Also, environmental concerns and government requirements have raised the emphasis on eco-friendly tires. Further, the market has experienced an increase in the popularity of all-terrain and SUV tires, reflecting the country's increasing automotive sector and consumer desire for vehicles that can handle a variety of road conditions. The online retail sector has grown in popularity, enabling customers to conveniently purchase tires online. To meet the changing needs of Filipino consumers, manufacturers have focused on improving tire durability and safety features.

Philippines Tire Market – Overview

Tires are essential components of vehicles, serving as the only point of contact between the vehicle and the road surface. They are round, rubber structures designed to provide grip, traction, and stability. Tires are composed of various layers, including the tread, which comes into direct contact with the road, and the sidewall, which provides structural support. The tread pattern plays a crucial role in channeling water, improving traction, and reducing road noise. Tires are engineered to meet specific performance requirements, such as handling, fuel efficiency, and durability. Regular maintenance, including proper inflation and tread depth monitoring, is essential for optimal tire performance and safety.

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Impact of COVID-19 on Philippines Tire Market

The COVID-19 pandemic significantly impacted the Philippines tire market. With the implementation of strict lockdown measures and travel restrictions, the demand for tires has declined. Reduced mobility and limited economic activities have led to a decrease in vehicle usage, affecting the replacement and sales of tires. Further, disruptions in the global supply chain have caused delays in tire imports, resulting in limited availability and increased prices. The tire manufacturing industry has also faced challenges due to workforce shortages and operational restrictions. As the country gradually recovers and restrictions ease, the tire market is expected to gradually rebound, albeit with ongoing uncertainties and changes in consumer behavior.

Philippines Tire Market – By Vehicle Type

On the basis of vehicle type, Philippines tire market is divided into Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Two Wheelers segments. These divisions in the vehicle type reflect the diverse range of vehicles present in the country and highlight the demand for tires across various transportation categories. As the largest segment, The passenger cars, the largest vehicle type segment in the market, demonstrate the prominence of private vehicles in the Philippines, emphasizing the need for tires tailored to their specific requirements. The tire market's division into these segments enables manufacturers and suppliers to cater to the unique needs of each vehicle category, ensuring optimal performance and safety on the road.

Competitive Landscape

Competition in the Philippines tire market is intense. Major companies in the market include Philippine Allied Enterprises Corporation, Goodyear Philippines, Inc, Yokohama Tire Sales Philippines Inc., Tiara Commercial & Industrial Corp., Armstrong Enterprises Company, Inc., Sailun Co., Ltd, CST Tires/AP Blue Whale, Inc., Nexen Distribution Philippines Inc., Michelin Philippines Pty Ltd, and Westlake Tires. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Philippines tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Philippines Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Philippines Tire Market and industry insights to help decision-makers make sound strategic decisions. The report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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