Thailand Automobile Tire Industry Research Report 2024-2033: Market Analysis and Forecast
The Thai Automobile Tire Industry is a booming sector that plays a crucial role in Thailand’s economy. With a strong manufacturing base and a significant position in Southeast Asia, Thailand has become a major global producer and exporter of automobile tires. In fact, Thailand was the world’s second-largest tire exporter in 2022, accounting for 7.1% of the global market.
One of the key factors driving the growth of the Thai automobile tire industry is the country’s abundant natural rubber production. Thailand is a major global producer and exporter of rubber, with a total natural rubber production of 4.707 million tons in 2023. This gives the Thai automobile tire industry a raw material advantage, making it a competitive player in the global market.
In addition to its natural resources, Thailand’s automotive industry has also seen significant growth in recent years. The country had 19 million vehicles in 2022, with a vehicle ownership rate of 271 per thousand people. The development of Thailand’s automotive industry has spurred the growth of its automobile tire industry, with passenger cars accounting for a significant market share.
The Thai tire market is highly competitive, with major players such as Michelin, Dunlop, Yokohama Tire, and Llit Co., Ltd. dominating the industry. In addition to local enterprises, multinational tire giants and Chinese tire brands have also established a significant presence in Thailand. The analyst forecasts that Thai tire production will continue to rise, with automobile tire production projected to reach 96.31 million units by 2033, achieving an annual compound growth rate (CAGR) of 5.2%.
Overall, the future looks bright for the Thai automobile tire industry, with domestic market demand and the increasing volume of tire exports driving its growth. As the industry continues to evolve and expand, it will be interesting to see how key players adapt to market trends and challenges to maintain their competitive edge.