London, 20 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the passenger car tires market in Malaysia 2015-2019, which is expected to grow at a CAGR of 4.47% during the forecast period of 2014-2019.
The tire market in Malaysia is driven by the growing demand for automobiles, the overall growth of the economy, and the expansion of the replacement tire market base. With the expanding middle class in Malaysia and a relatively stable economy, the number of potential car buyers is increasing, which will translate into new car sales.
“With the improvement in the economy, consumer demand is expected to improve, thereby leading to an increase in demand for new passenger cars,” says Faisal Ghaus, Vice President of Technavio.
“Growing demand and sales of new cars will translate into high sales of tires from the OEM and replacement tire segments.”
Key Market Drivers
- Favourable Economic Conditions Fuelling the Automotive Industry’s Growth, Primarily of Domestic Manufacturers
- Need for Replacement of Old and Damaged Tires Having a Positive Impact on Domestic Tire Market
- Falling Crude Oil Prices Leading to Increased Miles Driven per Year, thereby, Having a Positive Impact on Tire Demand
Key Market Trends
- Fall in Rubber Prices and its Impact on the Tire Industry
- Self-sealing Tires
- Future SUV Concept Tire
Key Market Vendors
- Bridgestone Tyre Sales Malaysia Sdn Bhd
- Continental Tyre PJ Malaysia Sdn. Bhd
- Goodyear Malaysia (Goodyear Tire & Rubber Co.)
- GT Radial Malaysia (PT Gajah Tunggal Tbk)
- Hankook Tire Co. Ltd.
- Kumho Tire Co. Inc.
- Maxxis International GmbH
- Michelin Malaysia Sdn Bhd
- Pirelli Tyre SpA
- Sailun Co., Ltd.
- Simex Tyres
- Sumitomo Rubber Industries Ltd.
- Toyo Tyres Malaysia Sdn Bhd
- Yokohama Rubber Co.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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