BURNABY, Canada, November 12, 2014 /PRNewswire/ --
Rising Automotive Fleet, Increase in per Capita Disposable Income and Easy Availability of Natural Rubber to Drive Tyre Market in Indonesia Through the Forecast Period
According to the recently released TechSci Research report, "Indonesia Tyre Market Forecast & Opportunities, 2019", the tyre market in Indonesia is forecast to grow at a CAGR of about 10 2014-19. Prominent reasons driving the market include growing automobile sales in domestic market, rising exports, increasing automobile fleet size, and abundance of raw material in the country. In 2013, majority tyre sales were accounted for by two wheeler segment. Through the forecast period, the segment is expected to continue its dominance with two wheeler tyre sales exceeding other tyre sales in volume terms.
OTR tyre segment occupied a very miniscule market share in the Indonesian tyre market in 2013, while passenger car and commercial vehicle tyre segment cumulatively accounted for around 28% share in volume terms in 2013. Java is emerging as the tyre manufacturing hub in the country as major auto OEMs have set up their units in this region. Also, more than 50% of the population lives in this province, which makes it a melting pot for tyre sales in Indonesia. Gajah Tunggal is the market leader in Indonesia's tyre market, holding highest market share in volume terms in 2013. Other prominent tyre players operating in the market are Bridgestone, Goodyear and Michelin.
"Low cost green cars (LCGC), Low Emission Carbon (LEC) vehicles and environment friendly vehicles are expected to grow at a considerable rate in Indonesian market, which is expected to buoy automobile fleet size and hence tyre market in Indonesia. In addition, the government of Indonesia is putting best foot forward in encouraging domestic as well as foreign companies to set up their tyre production units in the country in order to minimize tyre imports" said Mr. Jaspreet Singh, Research Consultant with TechSci Research, a research based global management consulting firm.
"Indonesia Tyre Market Forecast & Opportunities, 2019" has evaluated the future growth potential of Indonesia tyre market and provides statistics and information on market structure, exports and future growth of the Indonesia tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in Indonesia tyre industry.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research