Thailand is a major global producer and exporter of rubber, with a total natural rubber production of 4.707 million tons in 2023, accounting for one-third of the world's production, thus giving the Thai automobile tire industry a raw material advantage. As Thailand's economy has developed, the number of vehicles in the country has also steadily increased. According to Thai government statistics, in 2022, Thailand had 19 million vehicles, with a vehicle ownership rate of 271 per thousand people. In Bangkok alone, the annual increase in passenger vehicle ownership exceeds 250,000 units. The development of Thailand's automotive industry has spurred the growth of its automobile tire industry.
Thailand was the world's second-largest tire exporter in 2022, accounting for 7.1% of the global market, with a slight decrease in export volume in 2023 but still maintaining a leading position. In 2022, the export value of automobile tires reached US$ 2.89 billion. From 2021 to 2022, the fastest-growing export markets for Thai automobile tires were Malaysia, Vietnam, and South Korea.
In Thailand's automotive market, passenger cars, including light commercial vehicles like pickup trucks, hold a significant market share. Since 2022, the sales of electric vehicles have seen exponential growth, breaking through the 50,000-unit mark in 2023. The analyst predicts that the future electric vehicle market will experience a minor explosion, which will also affect the development pattern of Thailand's automobile tire industry. According to the analyst, in 2023, Thai automobile tire production was approximately 58 million units, with passenger car tires accounting for about 90% of the total automobile tire production.
The Thai tire market is highly competitive. Major players include Michelin, Dunlop, Yokohama Tire, and Llit Co., Ltd. According to the analyst, the Thai automobile tire market not only features local enterprises but also multinational tire giants. Chinese tire brands such as Linglong Tire and Chengshan Tire have also established a significant presence in Thailand by setting up factories. Due to its advantageous geographic location, favorable labor conditions, and government incentives, an increasing number of Chinese tire companies are choosing to set up factories in Thailand. For example, Xinyuan Rubber (Thailand) Company is a state-owned multinational group involved in natural rubber processing and sales; in 2022, the Haomai Group set up its second tire mold factory in Thailand.
The analyst forecasts that from 2024 to 2033, 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%. In the coming years, the growth of Thailand's automobile tire industry will be driven by domestic market demand as well as the continually increasing volume of tire exports.
Topics covered:
- Overview of the Automobile tire Industry in Thailand
- Economic and Policy Environment for Automobile tires in Thailand
- How can foreign investors enter Thailand's automotive tire industry?
- Market Size of Automobile tires in Thailand, 2019-2023
- Analysis of Major Automobile tire Manufacturers in Thailand
- Key Drivers and Market Opportunities for the Automobile tire Industry in Thailand
- What are the main drivers, challenges, and opportunities for the Thai automobile tire industry during the forecast period of 2024-2033?
- What is the projected revenue for the Thai automobile tire market during the forecast period of 2024-2033?
- What strategies have major market players adopted to increase their market share in this industry?
- Which segment of the Thai automobile tire market is expected to dominate by 2033?
- Market Forecast for the Thai Automobile tire Industry, 2024-2033
- What are the major adverse factors facing the automobile tire industry in Thailand?
Table of Contents
Companies Mentioned
- Song Lam Trading & Packaging Production Co. Ltd.
- Oji Interpack Vietnam Co. Ltd.
- Khang Thanh Manufacturing Co. Ltd.
- Binh Minh Pat Co. Ltd
- Tetra Pak International SA
- Bien Hoa Packaging Joint Stock Company
- Rengo Co. Ltd.
- HC Packaging Vn Company Limited
- Starprint Vietnam Jsc
- New Asia Industries Co. Ltd.
- SCG
- Hiep Luc Carton Box Private Enterprise
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | May 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value in 2024 | 60.87 Million Units |
| Forecasted Market Value by 2033 | 96.31 Million Units |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Thailand |
| No. of Companies Mentioned | 12 |
