South-Eastern Asia: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in South-Eastern Asia

After three years of decline, the Southeast Asian truck and bus tyre market increased by 2% to $X in 2022. Overall, consumption, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 when the market value increased by 4.9% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in South-Eastern Asia

In value terms, truck and bus tyre production reached $X in 2022 estimated in export price. Over the period under review, production recorded 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 maximum level at $X in 2020; afterwards, it flattened through to 2022.

Exports of Tyres For Buses Or Lorries

Exports in South-Eastern Asia

After two years of growth, shipments abroad of tyres for buses or lorries decreased by -2.9% to X units in 2022. In general, exports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 34% against the previous year. The volume of export peaked at X units in 2021, and then dropped in the following year.

In value terms, truck and bus tyre exports expanded modestly to $X in 2022. Overall, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 35% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

Thailand represented the major exporter of tyres for buses or lorries in South-Eastern Asia, with the volume of exports finishing at X units, which was approx. 85% of total exports in 2022. It was distantly followed by Vietnam (X units), constituting a 12% share of total exports. Malaysia (X units) followed a long way behind the leaders.

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 ($X) remains the largest truck and bus tyre supplier in South-Eastern Asia, comprising 78% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 17% share of total exports.

In Thailand, truck and bus tyre exports increased at an average annual rate of +11.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+12.8% per year) and Malaysia (+1.0% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, surging by 8.1% against the previous year. Overall, the export price, however, showed a mild curtailment. The pace of growth was the most pronounced in 2019 an increase of 33% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 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 South-Eastern Asia

In 2022, the amount of tyres for buses or lorries imported in South-Eastern Asia fell to X units, reducing by -10.8% against the previous year. In general, imports, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2016 with an increase of 34%. The volume of import peaked at X units in 2021, and then reduced in the following year.

In value terms, truck and bus tyre imports contracted modestly to $X in 2022. Total imports indicated a moderate 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 pace of growth was the most pronounced in 2021 when imports increased by 37% against the previous year. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

In 2022, the Philippines (X units) was the main importer of tyres for buses or lorries, making up 37% of total imports. Malaysia (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (15%), Indonesia (11%), Thailand (7.1%) and Myanmar (5.9%). Singapore (X units) and Lao People's Democratic Republic (X units) held a minor share of total imports.

Imports into the Philippines increased at an average annual rate of +4.2% from 2012 to 2022. 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 South-Eastern Asia, 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 South-Eastern Asia were Indonesia ($X), Malaysia ($X) and Vietnam ($X), with a combined 69% share of total imports. The Philippines, Thailand, Myanmar, Singapore and Lao People's Democratic Republic lagged somewhat behind, together accounting for 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 South-Eastern Asia stood at $X per unit in 2022, rising by 6.6% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 13%. The level of import peaked at $X per unit in 2014; however, from 2015 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 Indonesia (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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