Southern Asia: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Southern Asia

The South Asian truck and bus tyre market reduced modestly to $X in 2022, dropping by -2.7% against the previous year. Over the period under review, consumption recorded a mild downturn. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in Southern Asia

In value terms, truck and bus tyre production stood at $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 15%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports in Southern Asia

In 2022, approx. X units of tyres for buses or lorries were exported in Southern Asia; increasing by 2.2% on the year before. Total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +82.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 79% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, truck and bus tyre exports stood at $X in 2022. Total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 59% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

The shipments of the one major exporters of tyres for buses or lorries, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the tyres for buses or lorries exports, with a CAGR of +1.8% from 2012 to 2022. From 2012 to 2022, the share of India increased by +2.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest truck and bus tyre supplier in Southern Asia.

In India, truck and bus tyre exports increased at an average annual rate of +1.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, growing by 7.9% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 22% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -0.3% per year.

Imports of Tyres For Buses Or Lorries

Imports in Southern Asia

In 2022, after two years of growth, there was significant decline in supplies from abroad of tyres for buses or lorries, when their volume decreased by -31.5% to X units. Over the period under review, imports saw a perceptible setback. The growth pace was the most rapid in 2016 with an increase of 27% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, truck and bus tyre imports reduced rapidly to $X in 2022. In general, imports saw a noticeable setback. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Pakistan was the key importer of tyres for buses or lorries in Southern Asia, with the volume of imports amounting to X units, which was near 41% of total imports in 2022. It was distantly followed by Bangladesh (X units), Afghanistan (X units) and Nepal (X units), together making up a 52% share of total imports. Sri Lanka (X units) and India (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 key importing countries, was attained by Nepal (with a CAGR of +6.9%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Bangladesh ($X), Pakistan ($X) and Afghanistan ($X) constituted the countries with the highest levels of imports in 2022, together comprising 80% of total imports. Nepal, Sri Lanka and India lagged somewhat behind, together comprising a further 18%.

Nepal, with a CAGR of +11.6%, saw the highest growth rate of 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

In 2022, the import price in Southern Asia amounted to $X per unit, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2018 an increase of 12%. The level of import peaked at $X per unit in 2015; however, from 2016 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 India ($X per unit), while Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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