Philippines Tire Market to Grow at 15.36% CAGR by 2026 – TechSci Research

Growing automotive sales and technological advancement in tires to drive the Philippines Tire market through 2026.

According to TechSci Research report, “Philippines Tire Market By Vehicle Type (Two Wheeler, Commercial Vehicle and Passenger Car), By Demand Category (Replacement and OEM), By Region (National Capital Region (NCR), Region IV - Southern Tagalog, Region III - Central Luzon, Region VII - Central Visayas, Region I -Ilocos Region and Others), Competition, Forecast & Opportunities, 2026”, Philippines Tire market is expected to grow from USD 591.31 Million in 2020 to USD 1,482.04 Million with CAGR of 15.36% by 2026 because of growing automotive sales and technological advancement. Technological advancement playing an important role in developing Philippines tire market as Tire manufacturers are increasingly focusing on developing and manufacturing high-tech tires for automobiles in the Philippines. To meet evolving customer demand with respect to better ride comfort, safety, higher fuel efficiency and durability, several tire manufacturers are coming up with their technologically advanced new tire offerings. Also there are several factors like growing e-commerce platform which is making buying the tires very easy for the customers and they can make a better choice while buying tires. Besides getting time to compare the quality, price, specifications related to tire size, etc., the online platform is also beneficial for the customer as it cuts down the overhead expenses that they face on traditional retail shopping. Consequently, the online platform is also boosting tire sales in the Philippines. In recent years, it is observed that there is a significant growth in passenger car tires. This is mainly due to increasing number of passenger cars sale in the country and also because of increasing disposable income in the country which is allowing the people to buy new cars and new tires with advance technology. The Government of the Philippines is taking various initiatives such as providing tax and monetary benefits to the players operating in the country’s automotive industry and attracting higher FDI in the automotive sector, so as to improve the domestic production of vehicles in the Philippines. The Motor Vehicle Development Program (MVDP), which aims to develop the local automotive manufacturing industry, has been in place for more than two decades. It allows domestic players to import completely knocked down vehicles at a reduced tariff rates, so that the units could then be assembled in the Philippines. Moreover, Corazon Dichosa, executive director of the Board of Investments’ (BOI) industry development services, told reporters that the program was under review as fewer automotive models were being made in the Philippines, which is expected to help the industry boom more generously. Such initiatives by the Philippines Government are assisting the country to boost the domestic production of vehicles, thus, influencing the overall demand for tires from the OEM segment. Due to environmental concerns, people of Philippines are adopting green tires. An increasing number of automobile owners are preferring to use green tires in their vehicles instead of conventional tires and this trend is expected to gain higher traction in the Philippines tire market in the coming years as well. But due to COVID-19, the automotive industry has been experiencing the highest volume decline in decades. With all the automakers and importers facing challenging times, vehicle sales are also witnessing a huge decline, which is leading to a downfall in generating tire demand from the OEM sector.

Philippines Tire market can be segmented based on vehicle type, by demand category, and by region. Based on vehicle type segment, two-wheeler is dominating the market with approximately 3/4^th of the share in the market in 2020 and it is forecast to increase in future also. Due to COVID-19, the two-wheeler sales decline resulted in decline in share of two-wheeler tires in 2020. Based on demand category, replacement segment is dominating the OEM segment by more than 40% margin in 2020 and it is expected that in forecast period also replacement segment will continue to dominate the market. This is due to average life of automobiles across the region has been increasing due to technological advancements and competition resulting in a higher replacement rate.

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"Philippines Tire Market"

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Bridgestone Corporation, Goodyear Tire and Rubber Company, Yokohama Tire Corporation, Chinese Brands** etc., are among some of the leading players operating in Philippines Tire Market. Apart from these companies, Michelin, Dunlop Tires, Maxxis International, CST, Toyo Tire Corporation and Federal Corp are also increasing their marketing activities and enriching product portfolio globally to increase their customer outreach.

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“In 2020, Two-wheeler segment accounted for the largest share i.e., 69.53% in Philippines Tire market. In forecast period also it is expected that two-wheeler segment will dominate the Philippines tire market. “Increase automotive sales and technological advancement in tires boosting the Philippines Tire”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Philippines Tire Market By Vehicle Type (Two Wheeler, Commercial Vehicle and Passenger Car), By Demand Category (Replacement and OEM), By Region (National Capital Region (NCR), Region IV - Southern Tagalog, Region III - Central Luzon, Region VII - Central Visayas, Region I -Ilocos Region and Others), Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Philippines Tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Philippines Tire Market.