Asia: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Asia

In 2022, the Asian truck and bus tyre market decreased by -16.5% to $X, falling for the third consecutive year after two years of growth. In general, consumption saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2019 when the market value increased by 7.7%. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Tyres For Buses Or Lorries in Asia

In value terms, truck and bus tyre production shrank slightly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports in Asia

In 2022, overseas shipments of tyres for buses or lorries increased by 26% to X units, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, truck and bus tyre exports reached $X in 2022. The total export value increased at an average annual rate of +1.5% 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 2021 with an increase of 25% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

In 2022, China (X units) was the largest exporter of tyres for buses or lorries, generating 58% of total exports. It was distantly followed by Thailand (X units), Turkey (X units) and Japan (X units), together achieving a 30% share of total exports. India (X units), South Korea (X units) and Vietnam (X units) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Thailand (+13.6%), Vietnam (+12.3%), Turkey (+4.1%) and India (+1.8%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, 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 (+12 p.p.) and Vietnam (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-5.6 p.p.) and Japan (-6.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest truck and bus tyre supplier in Asia, comprising 54% of total exports. The second position in the ranking was taken by Thailand ($X), with an 18% share of total exports. It was followed by Japan, with a 7.4% share.

In China, truck and bus tyre exports expanded at an average annual rate of +1.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+11.1% per year) and Japan (-4.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, reducing by -11.3% against the previous year. Over the period under review, the export price recorded a mild decline. The most prominent rate of growth was recorded in 2018 when the export price increased by 29% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2019; however, from 2020 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 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

In 2022, the amount of tyres for buses or lorries imported in Asia reduced to X units, shrinking by -7.4% compared with the previous year. In general, imports, however, saw a slight increase. The pace of growth appeared the most rapid in 2016 with an increase of 28%. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, truck and bus tyre imports shrank slightly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Philippines (X units) and the United Arab Emirates (X units) represented roughly 24% of total imports in 2022. Turkey (X units) ranks next in terms of the total imports with a 7.8% share, followed by Malaysia (5.5%), Iraq (5%) and Vietnam (4.9%). Pakistan (X units), South Korea (X units), Japan (X units), Indonesia (X units), Kazakhstan (X units), Taiwan (Chinese) (X units) and Bangladesh (X units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Malaysia (with a CAGR of +7.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest truck and bus tyre importing markets in Asia were the United Arab Emirates ($X), Turkey ($X) and Indonesia ($X), with a combined 25% share of total imports.

Indonesia, with a CAGR of +9.9%, saw the highest rates of growth with regard to the value of imports, among 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 Asia stood at $X per unit in 2022, surging by 3.9% against the previous year. Over the period under review, the import price, however, continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2018 an increase of 14%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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

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