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.
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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.Speak directly to the analyst to clarify any post sales queries you may have.
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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, the publisher offers customizations according to a company’s specific needs.Table of Contents
1. Product Overview2. 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 the Publisher & 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
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
- WestLake Tires Philippines
