PUBLISHER: TechSci Research | PRODUCT CODE: 1238793
PUBLISHER: TechSci Research | PRODUCT CODE: 1238793
Philippines Tire Market, By Demand Category, By Vehicle Type, By Tire Construction Type, By Price Segment, By Sales Channel, By Region, Competition Forecast & Opportunities, 2018- 2028F
We offer 8 hour analyst time for an additional research. Please contact us for the details.
Philippines tire market was valued at USD 0.90 billion in 2022 and is expected to register a CAGR of 5.68% between 2023 and 2028F. The growth of the Philippine tire market is due to the high replacement rate of tires, the rising fleet of vehicles, innovation in tire technology, and government initiatives and policies. The Philippines, a trade-friendly country, provides additional growth to the Philippine tire market, as many tire manufacturing companies are expected to enter the market. Furthermore, the abundant supply of natural rubber is expected to have an impact on the Philippine tire market. Thus, all these factors are expected to contribute to the growth of the Philippine tire market.
The Philippines tire market declined because of COVID-19, as a lockdown was imposed throughout the country, limiting tire manufacturers' and suppliers' operations.
Recent Developments
Michelin launched MICHELIN Pilot Sport 5, its fifth generation of the high-performance Pilot Sport range, in July 2022, tire is aimed at enthusiasts of sports cars and high-performance sedans.
Michelin has introduced the MICHELIN LTX Trail tire, an on- and off-road tire designed specifically for high-rise pickup trucks and SUVs. The Michelin LTX Trail is an excellent match for the growing popularity of SUVs, which is expected to increase 5.6% year on year between 2021 and 2026. It is appropriate for 4x2 and 4x4 high-rise pickups as well as SUVs such as the Toyota Hilux, Toyota Fortuner, and Nissan Navara.
Rising Vehicle Fleet Size
The sales of vehicles in the Philippines have increased at a rapid rate. Vehicle sales are expected to increase by 31% in 2022. The sales of vehicles are directly reflected in the sales of tires. Also, with the disposal income of the Filipinos, they are buying their vehicle because of the unreliable public transport system and issues with road conditions and parking spaces, which in turn result in increasing demand for tires for the vehicles. Moreover, with the Build, Build, Build program of the Philippines government for building infrastructure across the country, the demand for commercial vehicles has increased to 46% in 2022. Thus, the increasing sales and rising fleet of vehicles, this has led to the effective growth of the tire industry in the Philippines.
Government Initiative and Policies
The Philippines government has allocated USD 540 million for the Comprehensive Automotive Resurgence Strategy (CARS), to increase investment in local motor vehicle manufacturing and promote local sources of raw materials used in assembly. The Motor Vehicle Development Program (MVDP) allows domestic players to provide incentives for local production tires, which will increase with these government initiatives. Also, the receptivity of the trade has led to an increase in the Philippine tire market. The growing trade relations of the country with the various economies of the world have made the Philippines a trade-friendly nation, which results in more tire players operating in the Philippines. Furthermore, the rich resources of the natural rubber production industry in the country have added an extra advantage for the Philippines. Subsequently, all the factors will have a productive impact on the growth of the Philippine tire market.
High Replacement Ratio
The high replacement ratio is a major contributor to the rising demand for tires in the Philippines. Tire replacement is in high demand due to poor road conditions and high wear and tear. In the Philippine tire market, the replacement ratio of tires is around 70:30 . Furthermore, the vehicle lifecycle is lengthening, which increases the demand for tire replacement.
Market Segmentation
The Philippines Tire Market is segmented based on demand category, vehicle type, tire construction type, price segment, sales channel, and by region. Based on the demand category, the market is divided into OEM and Replacement. Based on vehicle type, the market is further segmented into two-wheeler, passenger cars, light commercial vehicles, medium & heavy commercial vehicles, and OTR. Based on tire Construction type, the market is further bifurcated into radial and bias. Based on the price segment, the market is divided into ultra-budget, budget, and premium. Based on the sales channel, the market is further divided into online and offline.
Company Profiles
Philippine Allied Enterprises Corporation, Goodyear Philippines, Inc, Yokohama Tire Sales Philippines Inc., Tiara Commercial & Industrial Corp., Armstrong Enterprises Company, Inc, Sailun Co., Ltd., CST Tires/AP Blue Whale, Inc., Nexen Distribution Philippines Inc, Michelin Philippines Pty Ltd., and Westlake Tires Philippines are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in various regions to increase their customer outreach.
Report Scope
In this report, Philippines Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Philippines Tire Market, By Demand Category:
- OEM
- Replacement
Philippines Tire Market, By Vehicle Type:
- Two Wheelers
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle & OTR
Philippines Tire Market, By Tire Construction Type:
- Radial
- Bias
Philippines Tire Market, By Price Segment:
- Ultra Budget
- Budget
- Premium
Philippines Tire Market, By Sales Channel:
- Online
- Offline
Philippines Tire Market, By Region:
- Ilocos Region
- Southern Tagalog
- Central Luzon
- Northern Mindanao
- National Capital Region
- Western Visayas
- Bicol Region
- Davao Region
- Cagayan Valley
- Minaropa, Central Visayas
- Eastern Visayas
- Zamboanga Peninsula
- Caraga
- Soccsksargen
- Cordillera Administrative Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Philippines Tire Market.
Available Customizations
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Philippines Tire Market
5. Voice of Customer
- 5.1. Factors Influencing Decision Making
- 5.2. Most Popular Brand Recall (Unaided Brand & Aided Brand)
- 5.3. Brand Satisfaction Level, By Life of Tire
6. Philippines Tire Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Volume
- 6.1.2. By Value
- 6.2. Market Share & Forecast
- 6.2.1. By Demand Category (OEM, Replacement)
- 6.2.2. By Vehicle Type (Two Wheelers, Passenger Cars, LCV, M&HCV and OTR)
- 6.2.3. By Tire Construction Type (Radial, Bias)
- 6.2.4. By Price Segment (Ultra Budget, Budget, Premium)
- 6.2.5. By Sales Channel (Online, Offline)
- 6.2.6. By Region (Ilocos Region, Southern Tagalog, Central Luzon, Northern Mindanao, National Capital Region, Western Visayas, Bicol Region, Davao Region, Cagayan Valley, Minaropa, Central Visayas, Eastern Visayas, Zamboanga Peninsula, Caraga, Soccsksargen, Cordillera Administrative Region)
- 6.2.7. By Company (2022)
- 6.3. Market Map (By Demand Category, By Vehicle Type, By Tire Construction Type, By Price Segment, By Sales Channel, By Region)
7. Philippines Two-Wheeler Tire Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Volume
- 7.1.2. By Value
- 7.2. Market Share & Forecast
- 7.2.1. By Demand Category
- 7.2.2. By Vehicle Type (Motorcycle, Scooter)
- 7.2.3. By Tire Construction Type
- 7.2.4. By Price Segment
- 7.2.5. By Sales Channel
8. Philippines Passenger Car Tire Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Volume
- 8.1.2. By Value
- 8.2. Market Share & Forecast
- 8.2.1. By Demand Category
- 8.2.2. By Vehicle Type (SUV, Sedan & Hatchback)
- 8.2.3. By Tire Construction Type
- 8.2.4. By Price Segment
- 8.2.5. By Sales Channel
9. Philippines LCV Tire Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Volume
- 9.1.2. By Value
- 9.2. Market Share & Forecast
- 9.2.1. By Demand Category
- 9.2.2. By Vehicle Type (Pickup Truck & Van)
- 9.2.3. By Tire Construction Type
- 9.2.4. By Price Segment
- 9.2.5. By Sales Channel
10. Philippines M&HCV Tire Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Volume
- 10.1.2. By Value
- 10.2. Market Share & Forecast
- 10.2.1. By Demand Category
- 10.2.2. By Vehicle Type (Bus & Truck)
- 10.2.3. By Tire Construction Type
- 10.2.4. By Price Segment
- 10.2.5. By Sales Channel
11. Philippines OTR Tire Market Outlook
- 11.1. Market Size & Forecast
- 11.1.1. By Volume
- 11.1.2. By Value
- 11.2. Market Share & Forecast
- 11.2.1. By Demand Category
- 11.2.2. By Vehicle Type (Mining, Construction & Industrial, Agriculture and Others)
- 11.2.3. By Tire Construction Type
- 11.2.4. By Price Segment
- 11.2.5. By Sales Channel
12. Porter's Five Forces
- 12.1. Bargaining Power of Suppliers
- 12.2. Bargaining Power of Buyers
- 12.3. Threat of Substitutes
- 12.4. Threat of New Entrants
- 12.5. Competitive Rivalry
13. Pestle Analysis
14. Market Dynamics
- 14.1. Drivers
- 14.2. Challenges
15. Market Trends and Developments
16. Policy and Regulatory Landscape
17. Philippines Economic Profile
18. Competitive Landscape
- 18.1. Philippine Allied Enterprises Corporation
- 18.2. Goodyear Philippines, Inc
- 18.3. Yokohama Tire Sales Philippines Inc.
- 18.4. Tiara Commercial & Industrial Corp.
- 18.5. Armstrong Enterprises Company, Inc.
- 18.6. Sailun Co., Ltd.
- 18.7. CST Tires/AP Blue Whale, Inc.
- 18.8. Nexen Distribution Philippines Inc
- 18.9. Michelin Philippines Pty Ltd.
- 18.10. WestLake Tires Philippines
19. Strategic Recommendations
20. About Us & Disclaimer
List of Figures
- Figure 1: Philippines Tire Market Size, By Volume (Million Units), 2018-2028F
- Figure 2: Philippines Tire Market Size, By Value (USD Billion), 2018-2028F
- Figure 3: Philippines Tire Market Share, By Demand Category, By Volume, 2018-2028F
- Figure 4: Philippines Tire Market Share, By Vehicle Type, By Volume, 2018-2028F
- Figure 5: Philippines Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F
- Figure 6: Philippines Tire Market Share, By Price Segment, By Volume, 2018-2028F
- Figure 7: Philippines Tire Market Share, By Sales Channel, By Volume, 2018-2028F
- Figure 8: Philippines Tire Market Share, By Region, By Volume, 2018-2028F
- Figure 9: Philippines Tire Market Share, By Company, By Volume, 2022
- Figure 10: Philippines Tire Market Map, By Demand Category, Market Size (Million Units) & Growth Rate (%), 2022
- Figure 11: Philippines Tire Market Map, By Vehicle Type, Market Size (Million Units) & Growth Rate (%), 2022
- Figure 12: Philippines Tire Market Map, By Tire Construction Type, Market Size (Million Units) & Growth Rate (%), 2022
- Figure 13: Philippines Tire Market Map, By Price Segment, Market Size (Million Units) & Growth Rate (%), 2022
- Figure 14: Philippines Tire Market Map, By Sales Channel, Market Size (Million Units) & Growth Rate (%), 2022
- Figure 15: Philippines Tire Market Map, By Region, Market Size (Million Units) & Growth Rate (%), 2022
- Figure 16: Philippines Two-Wheeler Tire Market Size, By Volume (Million Units), 2018-2028F
- Figure 17: Philippines Two-Wheeler Tire Market Size, By Value (USD Billion), 2018-2028F
- Figure 18: Philippines Two-Wheeler Tire Market Share, By Demand Category, By Volume, 2018-2028F
- Figure 19: Philippines Two-Wheeler Tire Market Share, By Vehicle Type, By Volume, 2018-2028F
- Figure 20: Philippines Two-Wheeler Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F
- Figure 21: Philippines Two-Wheeler Tire Market Share, By Price Segment, By Volume, 2018-2028F
- Figure 22: Philippines Two-Wheeler Tire Market Share, By Sales Channel, By Volume, 2018-2028F
- Figure 23: Philippines Passenger Car Tire Market Size, By Volume (Million Units), 2018-2028F
- Figure 24: Philippines Passenger Car Tire Market Size, By Value (USD Billion), 2018-2028F
- Figure 25: Philippines Passenger Car Tire Market Share, By Demand Category, By Volume, 2018-2028F
- Figure 26: Philippines Passenger Car Tire Market Share, By Vehicle Type, By Volume, 2018-2028F
- Figure 27: Philippines Passenger Car Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F
- Figure 28: Philippines Passenger Car Tire Market Share, By Price Segment, By Volume, 2018-2028F
- Figure 29: Philippines Passenger Car Tire Market Share, By Sales Channel, By Volume, 2018-2028F
- Figure 30: Philippines LCV Tire Market Size, By Volume (Million Units), 2018-2028F
- Figure 31: Philippines LCV Tire Market Size, By Value (USD Billion), 2018-2028F
- Figure 32: Philippines LCV Tire Market Share, By Demand Category, By Volume, 2018-2028F
- Figure 33: Philippines LCV Tire Market Share, By Vehicle Type, By Volume, 2018-2028F
- Figure 34: Philippines LCV Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F
- Figure 35: Philippines LCV Tire Market Share, By Price Segment, By Volume, 2018-2028F
- Figure 36: Philippines LCV Tire Market Share, By Sales Channel, By Volume, 2018-2028F
- Figure 37: Philippines M&HCV Tire Market Size, By Volume (Million Units), 2018-2028F
- Figure 38: Philippines M&HCV Tire Market Size, By Value (USD Billion), 2018-2028F
- Figure 39: Philippines M&HCV Tire Market Share, By Demand Category, By Volume, 2018-2028F
- Figure 40: Philippines M&HCV Tire Market Share, By Vehicle Type, By Volume, 2018-2028F
- Figure 41: Philippines M&HCV Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F
- Figure 42: Philippines M&HCV Tire Market Share, By Price Segment, By Volume, 2018-2028F
- Figure 43: Philippines M&HCV Tire Market Share, By Sales Channel, By Volume, 2018-2028F
- Figure 44: Philippines OTR Tire Market Size, By Volume (Million Units), 2018-2028F
- Figure 45: Philippines OTR Tire Market Size, By Value (USD Billion), 2018-2028F
- Figure 46: Philippines OTR Tire Market Share, By Demand Category, By Volume, 2018-2028F
- Figure 47: Philippines OTR Tire Market Share, By Vehicle Type, By Volume, 2018-2028F
- Figure 48: Philippines OTR Tire Market Share, By Tire Construction Type, By Volume, 2018-2028F
- Figure 49: Philippines OTR Tire Market Share, By Price Segment, By Volume, 2018-2028F
- Figure 50: Philippines OTR Tire Market Share, By Sales Channel, By Volume, 2018-2028F
