Philippines is one of the major economies of the ASEAN region. Backed by government initiatives and rapid infrastructure developments, tire market in the Philippines is anticipated to witness modest growth over next five years.
Further, on account of attractive investment schemes for OEMs, favorable trading environment coupled with various encouraging initiatives taken by the Government of Philippines, such as implementation of Motor Vehicle Development Program, an increasing number of OEM companies are establishing their manufacturing/ assembling plants in the country, which is positively influencing the country's tire market.
Tire market in the Philippines is expected to surpass $900 million by 2021 on account of expanding passenger car fleet, continuing infrastructure growth and large scale construction activities being undertaken in the country. In 2015, tire market in Philippines was dominated by the replacement tire segment, which grabbed around two-thirds of the market share.
Few of the major global tire brands operating in the Philippines include Goodyear, Bridgestone and Yokohama. Yokohama is the only tire manufacturer operating in the country, while all other tire companies operating in the Philippines import tires from countries such as Japan, the US, China and other Asian countries.
With sales of two-wheelers, commercial vehicles and passenger cars in the country cumulatively witnessing a CAGR of around 7% during 2011-2015 and reaching 1,139,118 units in 2015, replacement tire demand is expected to remain high over the next five years. With sales of around 850,509 two wheelers in the country in 2015, the two-wheeler tire segment accounted for a major share in the Philippines tire market.
Moreover, increasing private sector investment is expected to boost the construction, agriculture and industrial sectors of the country in the coming years, which would act as a catalyst for commercial vehicle tires segment during the forecast period.
Market Trends & Developments
- Improving Automotive Sector Scenario
- Growing Demand for Retread Tires
- Increasing Domestic Rubber Production
- Presence of Smuggled Chinese Tires
- Implementation of Favorable Government Initiatives
Key Topics Covered:
1. Research Methodology
2. Product Overview
3. Analyst View
4. Philippines Tire Market Outlook
5. Philippines Replacement Tire Market Outlook
6. Philippines Two-Wheeler Tire Market Outlook
7. Philippines Commercial Vehicle Tire Market Outlook
8. Philippines Passenger Car Tire Market Outlook
9. Import-Export Analysis
10. Market Dynamics
11. Market Trends & Developments
12. Policy & Regulatory Landscape
13. Philippines Economic Profile
14. Competitive Landscape
15. Strategic Recommendations
- Bridgestone Corporation
- Cheng Shin Rubber Industries Co. Ltd.
- Federal Corporation
- Goodyear Philippines, Inc.
- Kumho Tire Co., Inc.
- Michelin Asia (Singapore) Co. Pte. Ltd.
- Southern Rubber Industry JSC
- Toyo Tire and Rubber Company Ltd.
- Yokohama Rubber Company, Ltd.
- Zhongce Rubber Group Co., Ltd.
For more information visit http://www.researchandmarkets.com/research/95c6m5/philippines_tire
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/philippines-tire-market-forecast-and-opportunities-2021---market-expected-to-surpass-900-million---research-and-markets-300309821.html
SOURCE Research and Markets