Report Overview

Thailand Tire Market – Industry Trends & Forecast Report, 2029

Thailand tire market size was estimated at USD 10.82 billion in 2022. During the forecast period between 2023 and 2029, the size of Thailand tire market is projected to grow at a CAGR of 6.12% reaching a value of USD 15.45 billion by 2029. Major factor driving the growth of Thailand tire market is a growing demand for eco-friendly tires, driven by increasing environmental awareness and government initiatives promoting sustainable practices. There has been a surge in the adoption of radial tires, due to their superior performance, fuel efficiency, and longer lifespan. Also, the market has seen a rise in online tire sales, facilitated by the increasing popularity of e-commerce platforms. There is also a growing focus on specialized tires for specific applications, such as off-road, sports, and luxury vehicles. The market has experienced a shift towards premium tire brands, reflecting consumers' preferences for quality and safety.

Thailand Tire Market - Overview

A tire is a circular, elastic shield that encircles the wheel's rim to grant grip, bear the weight of the vehicle, and absorb jolts from the road. It plays a crucial role in any mode of transportation, including cars, trucks, motorcycles, and bicycles. Tires are meticulously designed with a unique pattern to enhance traction in diverse road conditions, whether they are wet or dry. They are typically composed of a blend of synthetic rubber, natural rubber, fabric, and a range of chemical compounds. Tires are available in a variety of sizes and types to cater to different vehicles and purposes, ensuring the utmost safety, stability, and agility while traveling.

Growth Drivers

Expanding Automotive Industry Spurs Demand for Tires

In recent years, the burgeoning automotive industry in Thailand has emerged as a significant growth driver for the country's tire market. With a rise in vehicle production and sales, there is an increasing demand for tires to cater to the expanding fleet on Thai roads. The government's initiatives to promote domestic automobile manufacturing, coupled with favorable investment policies, have attracted major automotive manufacturers to set up production facilities in Thailand. This has led to a surge in domestic tire manufacturing and an influx of foreign tire companies. Also, the growing awareness of road safety and the need for reliable tires among consumers further propel the demand for quality tire products, creating a promising growth trajectory for Thailand's tire market.

Restraints

Supply Chain Constraints Amid Growing Demand

The tire market in Thailand encounters significant challenges as supply chain constraints amplify in the face of escalating demand. A surge in the automotive industry and expanding consumer base has sparked a robust need for tires, outpacing the capacity of manufacturers to keep up. Disruptions in raw material supply, shipping delays, and limited production capabilities are impeding the market's growth potential. As a consequence, tire prices are soaring, leading to affordability concerns for consumers and impacting overall sales. Stakeholders are grappling to address these restraints and foster sustainable solutions to ensure the smooth functioning of Thailand's tire market.

Impact of COVID-19 on the Thailand Tire Market

The COVID-19 pandemic significantly impacted the tire market in Thailand. The country's tire industry faced various challenges due to the crisis, including disruptions in the global supply chain and reduced consumer demand. Lockdown measures and travel restrictions resulted in a decline in vehicle usage and a slowdown in automotive production, affecting tire sales. Also, the economic downturn and uncertainties led to cautious consumer spending, further impacting the market. However, with the gradual easing of restrictions and the recovery of the automotive sector, the Thailand tire market is expected to witness a gradual revival in the post-pandemic period.

Thailand Tire Market

Segmental Coverage

Thailand Tire Market – By Type

On the basis of type, Thailand tire market is split into Radial and Bias segments. Radial tires, known for their construction with cords running radially from the bead to the tread, offer advantages, such as improved fuel efficiency, better handling, and increased tread life. Bias tires, on the other hand, are constructed with cords that crisscross diagonally from bead to bead, providing durability and stability. The market's division into these segments reflects the diverse preferences and demands of consumers in Thailand.

Thailand Tire Market – By Size

On the basis of size, Thailand tire market is divided into 10”–12”, 13”–15”, 16”–18”, 19”–21”, and >21 inches segments. Among the segments in the Thailand tire market, the largest one is the ">21 inches" category. This segment represents tires with a diameter greater than 21 inches. It encompasses a range of tire sizes commonly used for larger vehicles, such as SUVs, trucks, and luxury cars. The ">21 inches" segment caters to customers who prioritize performance, aesthetics, and specific vehicle requirements. As vehicles with larger wheel sizes gain popularity in Thailand, the demand for tires in this segment has experienced significant growth. Manufacturers and retailers in the Thailand Tire market have recognized this trend and are actively expanding their offerings in the ">21 inches" segment to meet consumer needs.

Thailand Tire Market – By Distribution Channel

On the basis of distribution channel, Thailand tire market is bifurcated into Online and Offline segments. The online segment represents a rapidly growing avenue for tire purchases, leveraging the convenience and accessibility of digital platforms. Online marketplaces, e-commerce websites, and specialized tire retailers contribute to the expansion of this segment, allowing consumers to browse, compare, and purchase tires online. Conversely, the offline segment encompasses traditional brick-and-mortar stores, tire dealerships, and service centers. While the offline segment remains relevant, the online segment's surge indicates a shifting consumer preference towards digital channels, making it the largest and most influential segment in the Thailand tire market.

Thailand Tire Market – By End Use

Based on end use, Thailand tire market is split into OEM and Replacement segments. The replacement segment holds a higher market share. The replacement segment refers to tires that are purchased by consumers to replace their worn-out or damaged tires on existing vehicles. This segment demonstrates substantial demand due to factors, such as tire wear, punctures, or the need for better performance. The replacement segment also benefits from the overall growth of the automotive industry in Thailand, as it caters to a wide range of vehicles, including cars, motorcycles, trucks, and commercial vehicles. With a robust consumer base and increasing vehicle ownership, the replacement segment plays a pivotal role in driving the growth of the Thailand tire market.

Thailand Tire Market – By Vehicle Type

On the basis of vehicle type, Thailand tire market is divided into Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), two-wheelers, and Off-The-Road (OTR) Vehicles segments. The largest segment in the Thailand tire market is the Passenger Cars segment. Thailand has a growing automotive industry, and the demand for passenger cars is significant. With a large population and increasing disposable income, more people in Thailand are purchasing passenger cars, leading to higher demand for tires in this segment. Also, the government's initiatives to promote the use of eco-friendly vehicles and the rising popularity of electric cars further contribute to the growth of the passenger car tire segment. However, it is important to note that the LCVs, M&HCVs, Two-Wheeler, and OTR Vehicles segments also hold considerable importance in the Thailand tire market, albeit with smaller market shares compared to passenger cars.

Competitive Landscape

Major players in the Thailand tire market include Apollo Tyres Ltd., Michelin, Bridgestone Corporation, Continental Aktiengesellschaft, Sumitomo Rubber Industries, Ltd., Pirelli Tyre S.p.A., Yokohama Tire Corporation, MRF Ltd., and JK Tyre & Industries. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Type

• Radial

• Bias

By Size

• 10”-12”

• 13”-15”

• 16”-18”

• 19”-21”

• >21 inches

By Distribution Channel

• Online

• Offline

By End Use

• OEM

• Replacement

By Vehicle Type

• Passenger Cars

• Light Commercial Vehicles (LCVs)

• Medium & Heavy Commercial Vehicles (M&HCVs)

• Two-Wheelers

• Off-The-Road (OTR) Vehicles

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Demand from the Automotive Sector
         2. Growing Investment Toward Automobile Production Activities
      2. Restraints
         1. High Price of Tires
      3. Opportunities
         1. Product Developments
      4. Challenges
         1. Impact on Supply Chain due to COVID-19
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Thailand Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Radial
         2. Bias
      2. By Size
         1. 10”–12”
         2. 13”–15”
         3. 16”–18”
         4. 19”–21”
         5. >21 inches
      3. By Distribution Channel
         1. Online
         2. Offline
      4. By End Use
         1. OEM
         2. Replacement
      5. By Vehicle Type
         1. Passenger Cars
         2. Light Commercial Vehicles (LCVs)
         3. Medium & Heavy Commercial Vehicles (M&HCVs)
         4. Two-Wheelers
         5. Off-The-Road (OTR) Vehicles
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Thailand Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Thailand Tire Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Apollo Tyres Ltd
   2. Michelin
   3. Bridgestone Corporation
   4. Continental Aktiengesellschaft
   5. Sumitomo Rubber Industries, Ltd.
   6. Pirelli Tyre S.p.A.
   7. Yokohama Tire Corporation
   8. MRF Ltd
   9. JK Tyre & Industries
   10. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Thailand Tire Segmentation

Figure 2       Thailand Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Thailand Tire Market Size, By Value (USD Million), 2019–2029

Figure 5       Thailand Tire Market Share, By Type, By Value, 2019–2029

Figure 6       Thailand Tire Market Share, By Sizes, By Value, 2019–2029

Figure 7       Thailand Tire Market Share, By Distribution Channel, By Value, 2019–2029

Figure 8       Thailand Tire Market Share, By End Use, By Value, 2019–2029

Figure 9       Thailand Tire Market Share, By Vehicle Type, By Value, 2019–2029

List of Tables

Table 1        Thailand Tire Market Size, By Value (USD Million), 2019–2029

Table 2        Thailand Tire Market Size, By Type, By Value, 2019–2029

Table 3        Thailand Tire Market Size, By Sizes, By Value, 2019–2029

Table 4        Thailand Tire Market Size, By Distribution Channel, By Value, 2019–2029

Table 5        Thailand Tire Market Size, By End Use, By Value, 2019–2029

Table 6        Thailand Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 7        Apollo Tyres Ltd. Company Overview

Table 8        Apollo Tyres Ltd. Financial Overview

Table 9        Michelin Company Overview

Table 10      Michelin Financial Overview

Table 11      Bridgestone Corporation Company Overview

Table 12      Bridgestone Corporation Financial Overview

Table 13      Continental Aktiengesellschaft Company Overview

Table 14      Continental Aktiengesellschaft Financial Overview

Table 15      Sumitomo Rubber Industries, Ltd Company Overview

Table 16      Sumitomo Rubber Industries, Ltd Financial Overview

Table 17      Pirelli Tyre S.p.A. Company Overview

Table 18      Pirelli Tyre S.p.A. Financial Overview

Table 19      Yokohama Tire Corporation Company Overview

Table 20      Yokohama Tire Corporation Financial Overview

Table 21      MRF Ltd Company Overview

Table 22      MRF Ltd Financial Overview

Table 23      JK Tyre & Industries Company Overview

Table 24      JK Tyre & Industries Financial Overview