ASEAN: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in ASEAN

In 2022, the ASEAN truck and bus tyre market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, showed a noticeable curtailment. The pace of growth appeared the most rapid in 2017 when the market value increased by 4.9%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in ASEAN

In value terms, truck and bus tyre production reached $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Exports of Tyres For Buses Or Lorries

Exports in ASEAN

In 2022, after two years of growth, there was decline in shipments abroad of tyres for buses or lorries, when their volume decreased by -2.9% to X units. In general, exports, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 34% against the previous year. Over the period under review, the exports hit record highs at X units in 2021, and then reduced modestly in the following year.

In value terms, truck and bus tyre exports expanded to $X in 2022. Over the period under review, exports, however, showed resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 35% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, Thailand (X units) represented the major exporter of tyres for buses or lorries, creating 85% of total exports. It was distantly followed by Vietnam (X units), mixing up a 12% share of total exports. Malaysia (X units) held a little share of total exports.

Thailand was also the fastest-growing in terms of the tyres for buses or lorries exports, with a CAGR of +13.6% from 2012 to 2022. At the same time, Vietnam (+12.3%) displayed positive paces of growth. By contrast, Malaysia (-3.1%) illustrated a downward trend over the same period. While the share of Thailand (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-4.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest truck and bus tyre supplier in ASEAN, comprising 78% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Thailand amounted to +11.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+12.8% per year) and Malaysia (+1.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, growing by 8.1% against the previous year. In general, the export price, however, recorded a mild setback. The pace of growth appeared the most rapid in 2019 when the export price increased by 33% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Tyres For Buses Or Lorries

Imports in ASEAN

Truck and bus tyre imports dropped to X units in 2022, falling by -10.8% compared with 2021. Over the period under review, imports, however, enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 33% against the previous year. The volume of import peaked at X units in 2021, and then declined in the following year.

In value terms, truck and bus tyre imports fell slightly to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +29.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 36% against the previous year. As a result, imports reached the peak of $X, and then fell modestly in the following year.

Imports by Country

In 2022, the Philippines (X units) was the largest importer of tyres for buses or lorries, generating 37% of total imports. Malaysia (X units) held the second position in the ranking, followed by Vietnam (X units), Indonesia (X units), Thailand (X units) and Myanmar (X units). All these countries together held near 56% share of total imports. Singapore (X units) and Lao People's Democratic Republic (X units) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre imports into the Philippines stood at +4.2%. At the same time, Myanmar (+33.9%), Malaysia (+7.8%), Indonesia (+7.2%), Lao People's Democratic Republic (+5.0%), Vietnam (+4.8%) and Thailand (+3.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +33.9% from 2012-2022. By contrast, Singapore (-6.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Myanmar, Malaysia and Indonesia increased by +5.4, +4.2 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest truck and bus tyre importing markets in ASEAN were Indonesia ($X), Malaysia ($X) and Vietnam ($X), together accounting for 69% of total imports. The Philippines, Thailand, Myanmar, Singapore and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 28%.

Myanmar, with a CAGR of +20.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, with an increase of 6.6% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 13%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform