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Follow on Google News | Thailand Tyre Market to Exhibit Over 12% Growth till 2019, Says TechSci ResearchDouble Digit Growth in Automobile Production, Expanding Fleet Size and Favorable Government Policies to Boost Tyre Market in Thailand
By: TechSci Research Passenger car tyre segment is forecast to witness highest growth among other segments, in value terms, due to government promoted Eco-Car projects, which are also attracting significant investment from leading global car manufacturers. The retread tyre market in the country is also expected to witness significant growth during the forecast period, with major demand for retreaded tyres emanating from commercial vehicle segment, followed by the OTR vehicle segment. Central and North East regions are the highest contributors in the country’s total tyre volume sales, mainly due to expanding fleet size, rapid rate of industrial development and a large percentage of Thailand’s population living in these regions. Bridgestone, Michelin and Goodyear are a few of the major tyre brands in Thailand, followed by Sumitomo, Yokohoma and Continental. Other tyre brands operating in the country are Pirelli, Vee Rubber, Otani Tyres, Apollo, Nokian and Toyo Tyres. “Rising per capita income and favorable government policies to promote the automotive industry in Thailand are boosting automobile sales in the domestic market. Moreover, the country also exports a substantial percentage of the total automobiles manufactured in Thailand, which are further anticipated to increase during the forecast period. With growing automobile sales in domestic as well as exports markets, the country’s overall tyre market is expected to register double-digit growth by the end of 2019.”, said Mr. Karan Chechi, Research Director with TechSci Research (http://www.techsciresearch.com/ “Thailand Tyre Market Forecast & Opportunities, 2019 (http://www.techsciresearch.com/ End
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