Thailand Tire Market to Surpass $5.6 Billion by 2022: TechSci Research Forecast

NEW YORK - May 1, 2017 - PRLog -- Expanding two-wheeler and commercial vehicle fleet, lack of reliable public transportation system and increasing population to drive tire market in Thailand

According to TechSci Research report, "Thailand Tire Market Forecast & Opportunities, 2022", the market for tires in Thailand is projected to cross $5.6 billion mark by 2022, on account of expanding domestic demand, growing automobile fleet and favorable government policies. Few of the prime factors that impacted sale of light commercial vehicle and two-wheeler tires in the country were observed to be enhancing demand for LCV emanating from the logistics sector, and rising sales of two-wheelers due to growing requirement for convenient transportation in remote areas across the country. As per the World Bank, population of the country rose from 67.16 million in 2012 to 67.96 million in 2015. This continuing growth in population size has been observed to be the key reason for expanding fleet size of vehicles in Thailand. These multiple factors stated above are anticipated to drive the tire market in the country in the coming years.

Browse 10 market data Tables and 54 Figures spread through 123 Pages and an in-depth TOC on "Thailand Tire Market "

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In 2016, Bangkok region, which is the commercial and cultural hub of the country, held a majority share in the market, followed by north-eastern, northern, southern, eastern, western and central regions of the country. Bridgestone, a leading global tire player, dominated the country's tire market in 2016, and the company is expected to lead the market during the forecast period as . Thailand's retreaded tire market is being driven by growing tire demand from truck and bus segments, as these tires cost comparatively less compared to the brand new tires.

"Rising GNI per capita income as well as favorable government policies are estimated to further escalate growth of automotive industry in Thailand. The constantly surging automobile fleet size is driving demand for tires in the replacement segment. Thailand also exports a substantial percentage of domestically manufactured vehicles. With the growing demand for automobiles arising from the export markets, the country's overall tire market is expected to grow rapidly over the period of next five years", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Thailand Tire Market Forecast & Opportunities, 2022" has evaluated the future growth potential of Thailand tire market and provides statistics and information on market structure, size, share and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities present in Thailand tire market.

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