Indonesia Commercial Vehicle Tires Market is anticipated to grow with increasing demand for commercial vehicles in the forecast period, 2022-2026F.
According to TechSci report on, “Indonesia Commercial Vehicle Tires Market - By Region, Competition Forecast Opportunities, 2026”, Indonesia commercial vehicle tires market is projected to reach market value of USD4.96 billion in the year 2026 while growing at a CAGR of 3.86% in the forecast years, 2022-2026. In the year 2020, market value was registered to be USD3.75 billion and its growth depends on factors like increasing demand for commercial vehicles by various end use industries. Increasing production of automotive for the commercial purposes and increasing demand for the replacement tires further drives the growth of the Indonesia commercial vehicle tires market in the upcoming five years. Automotive industry in the country is ever expanding and growing rapidly due to surging demand from consumers. The automotive industry in the country is dominated by global giants like Mitsubishi, Ford, etc. Presence of such market players and their dealers distributors in the market are also actively responsible for the growth of the Indonesia commercial vehicle tire market in the next five years. Also, Indonesia is the second largest producer and exporter of rubber that is utilized for the manufacturing of tires. Thus, availability of the raw material along with cheap labor substantiates the growth of the Indonesia commercial vehicle tires market in the future five years. Increasing population of the country, growing construction sector, surging demand for logistic services, and increasing dependency over commercial vehicles for commutation further aids the growth of the Indonesia commercial vehicle tires market in the forecast years, until 2026.
Although factors like Chinese players’ penetration in the export of commercial vehicle tires and increasing competition from other Asian countries for the export of commercial vehicle tires may create restraint on the future growth of the Indonesia commercial vehicle tires market.
Browse over 44 market data Figures and 4 market data Tables spread through 96 Pages and an in-depth TOC on "Indonesia Commercial Vehicle Tires Market"
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The Indonesia commercial vehicle tire market is segmented by vehicle type, demand category, tire construction type, price segment, regional distribution, and competitive analysis. Based on demand category, the market is further differentiated between OEM and replacement tires. Replacement tires are expected to hold largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of increasing demand for the replacement tires among the long-term consumers. Also, increasing demand for transportation and logistic services causes higher wear and tear in the products and thus surge the demand for replacement tires and drives the Indonesia commercial vehicle tires market growth in the next five years. Rising popularity of the local branded tires is also influencing consumer preference. Higher cost of automotive vehicles tends to influence consumers to replace the tires over buying new automobiles thus further substantiating the growth of the Indonesia commercial vehicle tires market in the future five years.
On the basis of tire construction type, the market is bifurcated into radial and bias. Bias construction type of commercial vehicle tires is anticipated to lead the market segment and hold largest revenue shares of the market in the next five years on the grounds of its advantages over radial tires. A bias tire is made of multiple layers of coated rubber, piles of fabric, that are placed in angular formation at 30-40 degrees with piles laid at opposing levels giving it a crisscross pattern. These tires provide better grip with the road thus providing smooth ride on rough surfaces with enhanced operator comfort, while also the ability to withstand higher loads. This makes these tires especially effective for machinery in ports terminals.
A partial list of major market players in the Indonesia commercial vehicle tires market includes :
- PT Sumi Rubber Indonesia
- PT Hankook Tire Indonesia
- PT Elangperdana Tyre Industry
- PT Industri Karet Deli
- PT Gajah Tunggal Tbk
- PT Bridgestone Tire Indonesia
- PT Multistrada Arah Sarana Tbk.
- The Yokohama Rubber Co., Ltd.
- PT Goodyear Indonesia
- PT Continental Tyres Indonesia
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“Government initiatives towards automotive industry in the country is one of the major growth drivers of the Indonesia commercial vehicle tire market. Where government is itself investing in the industry and also inviting foreign direct investment in the tire industry along with other end use industries. New market players may focus on online sales channels to increase their sales and enhance their market presence. Also, they may invest in promotions of premium tires to gain better brand recalls,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Indonesia Commercial Vehicle Tire Market By Vehicle Type (Truck, Bus/Van, OTR), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast Opportunities, 2026” has evaluated the future growth potential of Indonesia commercial vehicle tires 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 Indonesia commercial vehicle tires market.
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