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Report
Sri Lanka 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 86 Pages I TechSci Research
The Sri Lankan tire market was valued at USD 689.0 million in 2024 and is projected to reach USD 1,072.9 million by 2030, growing at a CAGR of 7.49% over the forecast period. The market is experiencing steady expansion, driven by an increase in vehicle ownership and a higher demand for replacement tires. The growth of the automotive industry, marked by rising sales of both new and used cars, is fueling the demand for tires. Consumers are increasingly opting for high-performance, durable tires to ensure safety and efficiency, prompting manufacturers to offer diverse products tailored to various vehicle needs. This trend is particularly prominent in the passenger vehicle segment, with both local and international manufacturers broadening their product offerings. Additionally, the rise of e-commerce platforms has streamlined tire purchasing, providing consumers with greater access to a wide range of options.
Technological advancements in tire manufacturing are enhancing the quality and longevity of tires, presenting new growth opportunities. Innovations such as smart tires, which provide real-time data on tire pressure and wear, are gaining traction among both consumers and fleet operators. Manufacturers are increasingly adopting sustainable practices, including the use of eco-friendly materials and the development of energy-efficient tires. As consumer awareness of environmental issues grows, the demand for these advanced products is expected to increase. In parallel, the demand for high-performance tires, especially for electric vehicles (EVs), is anticipated to rise, creating further growth potential. As sustainability and efficiency become more prominent, the tire market is positioning itself to meet the evolving needs of both conventional and electric vehicles.
For example, in September 2024, Revolt Motors, an electric motorcycle company, entered the Sri Lankan market through a partnership with Evolution Auto. The company launched its operations in Colombo with plans for further regional expansion. Revolt Motors announced it would introduce its entire model lineup in Sri Lanka and aimed to establish 90 dealerships across the country by 2029. The first phase of this expansion will involve opening 15 dealerships within the next four months to address the growing demand for electric mobility solutions.
Market Drivers
Growth in Vehicle Ownership
The increasing ownership of vehicles in Sri Lanka is a key driver of growth in the tire market. Rising disposable incomes and improved access to financing have contributed to a surge in vehicle purchases, leading to greater demand for tires. This trend spans various segments, including passenger cars, motorcycles, and commercial vehicles. As vehicle numbers increase, so does the demand for both new tires and replacements, driven by the natural wear and tear of tires. Furthermore, vehicle owners are becoming more aware of the importance of tire safety and maintenance, leading to more timely tire replacements. As long as vehicle sales continue to rise, tire manufacturers can expect sustained demand. The continued expansion of the automotive sector in Sri Lanka remains a significant factor in the tire market's growth.
Key Market Challenges
Raw Material Price Volatility
A key challenge in the Sri Lankan tire market is the volatility of raw material prices, particularly rubber. The cost of natural rubber fluctuates due to various factors, including weather conditions, supply chain disruptions, and global demand. As rubber is a primary material in tire manufacturing, price fluctuations can significantly impact production costs. Tire manufacturers often have to adjust their pricing strategies in response to rising material costs, which can affect their profit margins. The reliance on imported raw materials further exacerbates this issue, as exchange rate fluctuations can drive up costs. To address these challenges, manufacturers are exploring alternative materials and investing in more efficient production technologies.
Key Market Trends
Shift Toward High-Performance Tires
A notable trend in the Sri Lankan tire market is the growing demand for high-performance tires. As vehicle technology continues to advance, consumers are becoming more discerning about the performance characteristics of their tires. High-performance tires, known for their superior traction, handling, and durability, are particularly sought after by those prioritizing vehicle safety and driving comfort. This trend is especially prevalent in the premium vehicle segment, where owners expect their tires to align with the performance capabilities of their vehicles. Tire manufacturers are responding to this demand by developing specialized tread patterns, improved rubber compounds, and enhanced durability features, reflecting the growing desire for tires that offer better driving experiences and contribute to vehicle efficiency.
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 Sri Lankan tire market into the following categories, alongside an analysis of industry trends:
- By Vehicle Type:
o Passenger Car
o Light Commercial Vehicle (LCV)
o Medium & Heavy Commercial Vehicles (M&HCV)
o Off-the-Road Vehicles (OTR)
o Two-Wheeler
- By Tire Construction:
o Radial
o Bias
- By Demand Category:
o OEM
o Replacement
- By Region:
o Central
o Southern
o Western
o North-Western
Competitive Landscape
Company Profiles:
This section provides a detailed analysis of the key players in the Sri Lankan tire market.
Available Customizations:
TechSci Research offers customizations to the Sri Lanka tire market report according to specific company needs. Customization options include:
- 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. Sri Lanka 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. Western Market Share Analysis
4.2.4.4. North-Western Market Share Analysis
4.2.5. By Top 5 Companies Market Share Analysis, Others (2024)
4.3. Sri Lanka 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 Sri Lanka 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 Sri Lanka 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. Western Sri Lanka 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. North-Western Sri Lanka Tire Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Vehicle Type Market Share Analysis
8.2.2. By Tire Construction Market Share Analysis
8.2.3. By Demand Category Market Share Analysis
9. Market Dynamics
9.1. Drivers
9.2. Challenges
10. Market Trends & Developments
11. Competitive Landscape
11.1. Company Profiles
11.1.1. Apollo Tyres Limited
11.1.1.1. Company Details
11.1.1.2. Products
11.1.1.3. Financials (As Per Availability)
11.1.1.4. Key Market Focus & Geographical Presence
11.1.1.5. Recent Developments
11.1.1.6. Key Management Personnel
11.1.2. Bridgestone Corporation
11.1.2.1. Company Details
11.1.2.2. Products
11.1.2.3. Financials (As Per Availability)
11.1.2.4. Key Market Focus & Geographical Presence
11.1.2.5. Recent Developments
11.1.2.6. Key Management Personnel
11.1.3. CEAT Limited
11.1.3.1. Company Details
11.1.3.2. Products
11.1.3.3. Financials (As Per Availability)
11.1.3.4. Key Market Focus & Geographical Presence
11.1.3.5. Recent Developments
11.1.3.6. Key Management Personnel
11.1.4. Continental AG
11.1.4.1. Company Details
11.1.4.2. Products
11.1.4.3. Financials (As Per Availability)
11.1.4.4. Key Market Focus & Geographical Presence
11.1.4.5. Recent Developments
11.1.4.6. Key Management Personnel
11.1.5. JK Tyre & Industries Limited
11.1.5.1. Company Details
11.1.5.2. Products
11.1.5.3. Financials (As Per Availability)
11.1.5.4. Key Market Focus & Geographical Presence
11.1.5.5. Recent Developments
11.1.5.6. Key Management Personnel
11.1.6. Michelin
11.1.6.1. Company Details
11.1.6.2. Products
11.1.6.3. Financials (As Per Availability)
11.1.6.4. Key Market Focus & Geographical Presence
11.1.6.5. Recent Developments
11.1.6.6. Key Management Personnel
11.1.7. MRF Limited
11.1.7.1. Company Details
11.1.7.2. Products
11.1.7.3. Financials (As Per Availability)
11.1.7.4. Key Market Focus & Geographical Presence
11.1.7.5. Recent Developments
11.1.7.6. Key Management Personnel
11.1.8. The Goodyear Tire & Rubber Company
11.1.8.1. Company Details
11.1.8.2. Products
11.1.8.3. Financials (As Per Availability)
11.1.8.4. Key Market Focus & Geographical Presence
11.1.8.5. Recent Developments
11.1.8.6. Key Management Personnel
11.1.9. Pirelli & C. S.p.A.
11.1.9.1. Company Details
11.1.9.2. Products
11.1.9.3. Financials (As Per Availability)
11.1.9.4. Key Market Focus & Geographical Presence
11.1.9.5. Recent Developments
11.1.9.6. Key Management Personnel
11.1.10. Yokohama Rubber Company Limited
11.1.10.1. Company Details
11.1.10.2. Products
11.1.10.3. Financials (As Per Availability)
11.1.10.4. Key Market Focus & Geographical Presence
11.1.10.5. Recent Developments
11.1.10.6. Key Management Personnel
12. Strategic Recommendations/Action Plan
12.1. Key Focus Areas
12.1.1. Target Vehicle Type
12.1.2. Target Tire Construction
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