Asia-Pacific: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Asia-Pacific

In 2022, the Asia-Pacific truck and bus tyre market decreased by -18.1% to $X, falling for the second consecutive year after three years of growth. In general, consumption showed a noticeable setback. The pace of growth was the most pronounced in 2016 with an increase of 8.1% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Tyres For Buses Or Lorries in Asia-Pacific

In value terms, truck and bus tyre production contracted slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 4.2%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports in Asia-Pacific

In 2022, shipments abroad of tyres for buses or lorries increased by 29% to X units, rising for the third year in a row after two years of decline. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, truck and bus tyre exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 25%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, China (X units) was the major exporter of tyres for buses or lorries, generating 62% of total exports. Thailand (X units) ranks second in terms of the total exports with a 21% share, followed by Japan (4.9%). The following exporters - India (X units), South Korea (X units) and Vietnam (X units) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre exports from China stood at +3.6%. At the same time, Thailand (+13.6%), Vietnam (+12.3%) and India (+1.8%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +13.6% from 2012-2022. By contrast, Japan (-5.2%) and South Korea (-6.1%) illustrated a downward trend over the same period. While the share of Thailand (+13 p.p.), Vietnam (+1.6 p.p.) and China (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-5.9 p.p.) and Japan (-6.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest truck and bus tyre supplier in Asia-Pacific, comprising 57% of total exports. The second position in the ranking was held by Thailand ($X), with a 19% share of total exports. It was followed by Japan, with a 7.8% share.

In China, truck and bus tyre exports increased at an average annual rate of +1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+11.1% per year) and Japan (-4.4% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2022, with a decrease of -12.9% against the previous year. In general, the export price showed a slight reduction. The most prominent rate of growth was recorded in 2018 when the export price increased by 30%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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 Japan ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.1%), while the other leaders experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports in Asia-Pacific

In 2022, truck and bus tyre imports in Asia-Pacific dropped to X units, declining by -9.8% against 2021. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when imports increased by 21% against the previous year. The volume of import peaked at X units in 2021, and then dropped in the following year.

In value terms, truck and bus tyre imports contracted to $X in 2022. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Australia (X units), distantly followed by the Philippines (X units), Malaysia (X units), Vietnam (X units), Pakistan (X units), South Korea (X units), Japan (X units) and Indonesia (X units) represented the largest importers of tyres for buses or lorries, together comprising 73% of total imports. Taiwan (Chinese) (X units), Bangladesh (X units), Thailand (X units), New Zealand (X units) and Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Myanmar (with a CAGR of +33.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constitutes the largest market for imported tyres for buses or lorries in Asia-Pacific, comprising 23% of total imports. The second position in the ranking was held by Indonesia ($X), with a 10% share of total imports. It was followed by Malaysia, with an 8.4% share.

In Australia, truck and bus tyre imports shrank by an average annual rate of -1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+9.9% per year) and Malaysia (+8.6% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per unit, rising by 5.1% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the import price increased by 9.1%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Bangladesh (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :