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Report
Philippines Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, OTR), By Tire Construction (Radial, Bias), By Demand Category (OEM, Replacement), By Region, Competition, Forecast & Opportunities, 2020-2030F
Market Report I 2025-02-28 I 88 Pages I TechSci Research
The Philippines Tire Market was valued at USD 982.1 million in 2024 and is projected to grow to USD 1,394.1 million by 2030, with a compound annual growth rate (CAGR) of 5.94% over the forecast period. The market is set for growth due to the expansion of the automotive sector and increasing consumer demand for vehicles. The rise in car ownership, spurred by an expanding middle class and improving economic conditions, is driving tire sales. Additionally, the country's infrastructure development is fueling the demand for commercial and heavy-duty vehicles, which in turn increases the need for high-performance, durable tires. The rapid growth of online retail and direct-to-consumer sales is opening new opportunities for tire manufacturers to reach a wider audience, particularly in urban centers. These combined factors contribute to a positive outlook for the tire market in the coming years.
Sustainability is becoming a key focus in the tire industry, with both consumers and manufacturers increasingly prioritizing eco-friendly tires made from renewable or recyclable materials. This is in response to growing environmental concerns. The market is also seeing heightened interest in tire longevity and fuel efficiency, as advances in technology allow for the production of tires that are both more durable and more environmentally friendly, reducing carbon emissions. The shift toward electric vehicles (EVs) is expected to drive innovation in tire design, as specialized tires are needed to address the distinct weight distribution and performance characteristics of EVs compared to traditional vehicles.
Key Market Drivers
Growth in Vehicle Ownership
An increase in the number of vehicles on the road is a significant driver for the tire market. As the Philippines experiences growth in its middle class, more people are purchasing cars and motorcycles for personal and business purposes. This surge in vehicle ownership is driving greater demand for tires, especially in urban areas where transportation needs are higher. Rising disposable incomes are also enabling consumers to invest in higher-quality tires that offer enhanced safety and performance. This trend has prompted manufacturers to expand their product offerings to meet the needs of car, motorcycle, and commercial vehicle owners. The growth of both personal and commercial vehicle fleets presents substantial opportunities for tire replacement, maintenance, and innovation. In 2024, the Philippine automotive market showed strong performance, with CAMPI-TMA sales reaching a record 467,252 units. While this marked an 8.7% year-over-year increase, it fell slightly short of the target of 468,300 units. Commercial vehicle sales within CAMPI-TMA also increased by 8.1%, totaling 346,482 units.
Key Market Challenges
Fluctuating Raw Material Costs
A major challenge facing the tire market is the volatility in the prices of essential raw materials, such as rubber, oil, and steel. Tire manufacturing is heavily reliant on these materials, and fluctuations in their costs can disrupt pricing strategies for both manufacturers and retailers. Factors such as weather conditions, supply chain disruptions, and global demand can influence the price of natural rubber. Similarly, rising oil prices affect the production of tires, as petroleum-based products are used in tire compounds. These fluctuations can result in price instability for consumers, forcing tire companies to adjust their pricing or reduce margins, potentially affecting profitability and market growth.
Key Market Trends
Increasing Demand for Electric Vehicle Tires
As the popularity of electric vehicles (EVs) rises, there is an increasing demand for specialized tires designed to meet the unique needs of these vehicles. EVs have different weight distributions, torque characteristics, and performance requirements compared to traditional internal combustion engine vehicles. Tires for EVs must be designed to handle higher torque, maximize range efficiency, and provide a quieter ride due to the absence of engine noise. As more consumers adopt EVs, tire manufacturers are investing in research and development to create products that meet these specific demands, presenting opportunities for innovation and growth. By 2025, electric motorcycles and scooters are expected to represent 25% of the country's two-wheeler market. The Electric Vehicle Association of the Philippines (EVAP) projects that the number of EVs in the country will reach 6.6 million by 2030, with electric motorcycles making up 3.6 million and private electric cars accounting for 300,000 of the total.
Key Market Players
- Apollo Tyres Limited
- Bridgestone Corporation
- CEAT Limited
- Continental AG
- JK Tyre & Industries Limited
- Michelin
- MRF Limited
- The Goodyear Tire & Rubber Company
- Pirelli & C. S.p.A.
- Yokohama Rubber Company Limited
Report Scope
This report segments the Philippines Tire Market into the following categories, along with detailed insights into industry trends:
- Philippines Tire Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicles (M&HCV)
- Off-the-Road Vehicles (OTR)
- Two-Wheeler
- Philippines Tire Market, By Tire Construction:
- Radial
- Bias
- Philippines Tire Market, By Demand Category:
- OEM
- Replacement
- Philippines Tire Market, By Region:
- Central
- Southern
- Northern
Competitive Landscape
Company Profiles: In-depth analysis of major players in the Philippines Tire Market.
Available Customizations:
- Company Information: Detailed analysis and profiling of additional market players (up to five).
1. Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Philippines Tire Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value & Volume
4.2. Market Share & Forecast
4.2.1. By Vehicle Type Market Share Analysis (Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicles (M&HCV), Off-the-Road Vehicles (OTR), Two-Wheeler)
4.2.2. By Tire Construction Market Share Analysis (Radial, Bias)
4.2.3. By Demand Category Market Share Analysis (OEM, Replacement)
4.2.4. By Regional Market Share Analysis
4.2.4.1. Central Market Share Analysis
4.2.4.2. Southern Market Share Analysis
4.2.4.3. Northern Market Share Analysis
4.2.5. By Top 5 Companies Market Share Analysis, Others (2024)
4.3. Philippines Tire Market Mapping & Opportunity Assessment
4.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
4.3.2. By Tire Construction Market Mapping & Opportunity Assessment
4.3.3. By Demand Category Market Mapping & Opportunity Assessment
4.3.4. By Regional Market Mapping & Opportunity Assessment
5. Central Philippines Tire Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis
5.2.2. By Tire Construction Market Share Analysis
5.2.3. By Demand Category Market Share Analysis
6. Southern Philippines Tire Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Tire Construction Market Share Analysis
6.2.3. By Demand Category Market Share Analysis
7. Northern Philippines Tire Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Vehicle Type Market Share Analysis
7.2.2. By Tire Construction Market Share Analysis
7.2.3. By Demand Category Market Share Analysis
8. Market Dynamics
8.1. Drivers
8.2. Challenges
9. Market Trends & Developments
10. Competitive Landscape
10.1. Company Profiles
10.1.1. Apollo Tyres Limited
10.1.1.1. Company Details
10.1.1.2. Products
10.1.1.3. Financials (As Per Availability)
10.1.1.4. Key Market Focus & Geographical Presence
10.1.1.5. Recent Developments
10.1.1.6. Key Management Personnel
10.1.2. Bridgestone Corporation
10.1.2.1. Company Details
10.1.2.2. Products
10.1.2.3. Financials (As Per Availability)
10.1.2.4. Key Market Focus & Geographical Presence
10.1.2.5. Recent Developments
10.1.2.6. Key Management Personnel
10.1.3. CEAT Limited
10.1.3.1. Company Details
10.1.3.2. Products
10.1.3.3. Financials (As Per Availability)
10.1.3.4. Key Market Focus & Geographical Presence
10.1.3.5. Recent Developments
10.1.3.6. Key Management Personnel
10.1.4. Continental AG
10.1.4.1. Company Details
10.1.4.2. Products
10.1.4.3. Financials (As Per Availability)
10.1.4.4. Key Market Focus & Geographical Presence
10.1.4.5. Recent Developments
10.1.4.6. Key Management Personnel
10.1.5. JK Tyre & Industries Limited
10.1.5.1. Company Details
10.1.5.2. Products
10.1.5.3. Financials (As Per Availability)
10.1.5.4. Key Market Focus & Geographical Presence
10.1.5.5. Recent Developments
10.1.5.6. Key Management Personnel
10.1.6. Michelin
10.1.6.1. Company Details
10.1.6.2. Products
10.1.6.3. Financials (As Per Availability)
10.1.6.4. Key Market Focus & Geographical Presence
10.1.6.5. Recent Developments
10.1.6.6. Key Management Personnel
10.1.7. MRF Limited
10.1.7.1. Company Details
10.1.7.2. Products
10.1.7.3. Financials (As Per Availability)
10.1.7.4. Key Market Focus & Geographical Presence
10.1.7.5. Recent Developments
10.1.7.6. Key Management Personnel
10.1.8. The Goodyear Tire & Rubber Company
10.1.8.1. Company Details
10.1.8.2. Products
10.1.8.3. Financials (As Per Availability)
10.1.8.4. Key Market Focus & Geographical Presence
10.1.8.5. Recent Developments
10.1.8.6. Key Management Personnel
10.1.9. Pirelli & C. S.p.A.
10.1.9.1. Company Details
10.1.9.2. Products
10.1.9.3. Financials (As Per Availability)
10.1.9.4. Key Market Focus & Geographical Presence
10.1.9.5. Recent Developments
10.1.9.6. Key Management Personnel
10.1.10. Yokohama Rubber Company Limited
10.1.10.1. Company Details
10.1.10.2. Products
10.1.10.3. Financials (As Per Availability)
10.1.10.4. Key Market Focus & Geographical Presence
10.1.10.5. Recent Developments
10.1.10.6. Key Management Personnel
11. Strategic Recommendations/Action Plan
11.1. Key Focus Areas
11.1.1. Target Vehicle Type
11.1.2. Target Tire Construction
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