Philippines Tire Market

Philippines Tire Market Overview:

The Philippines tire market is projected to exhibit a growth rate (CAGR) of 3.70% during ​2024-2032​. Robust economic development and urbanization, government infrastructure initiatives, rising road safety awareness and tire maintenance practices, the proliferation of innovative tire technologies and e-commerce platforms, shifts towards electric vehicles (EVs), and the popularity of ride-sharing services and motorsports are bolstering the market growth.

Philippines Tire Market Trends:

Economic Development and Urbanization 

The tire market in the Philippines grows primarily on account of the robust economic development of the country, stimulated by the rapid urbanization. With the growing economy, people are becoming more economically affluent which enables them to buy more vehicles in every segment. The process of urbanization with more and more population moving to cities and sustaining the high requirement for transportation services that include private cars, public buses and two-wheeler driving the tires market in the region. According to the industry reports, the urban population's share has been increasing year after year in the Philippines. The urban population comprised of about 48% of the total population in 2022. In addition, cities usually have good road infrastructure and links, which lead to heavy vehicle usage, increased replacement requirements, and shorter tire life.

Infrastructure Development Initiatives

The government of the Philippines, with its emphasis on infrastructure development, is expected to act as a major driver for the market in near future. The developments of infrastructure projects in road construction, expansion, and maintenance are expected to support an increase in regional connectivity. Greater traffic flow due to the extension of the road network and better quality of roads has left room for an increase in vehicle traffic and thus higher demand for tires. In addition, infrastructure projects often include the renewing of public transport fleet, which requires tire replacements and enhancements to comply with safety, and sustainability regulation. Consequently, the tire market is expected to fare well owing to this renewed appetite for infrastructure projects, thereby sustaining demand today and in the future from infrastructure development projects.

Road Safety Awareness and Tire Maintenance 

Rising awareness of road safety and the importance of tire maintenance among consumers significantly impact the Philippine tire market. As road traffic increases, so does the emphasis on safety measures, including proper tire care and maintenance. Consumers are becoming more conscious of the role tires play in vehicle performance and safety, leading to a greater willingness to invest in high-quality tires and adhere to recommended maintenance schedules. Additionally, the implementation of government campaigns and initiatives promoting road safety further reinforce this awareness, encouraging regular tire inspections, proper inflation, and timely replacements, is acting as another growth-inducing factor. Consequently, the growing emphasis on road safety and tire maintenance drives demand for tires in the replacement and aftermarket segments, fostering market growth and encouraging manufacturers to develop innovative products tailored to consumer needs.

Philippines Tire Market News:

• In 2024, Goodyear Tire & Rubber Co. introduced a specialized tire, the Urban Max BSAEV (Bus Service All-Position), designed specifically for use in electric buses and transit fleets. This tire was developed in collaboration with GILLIG, a leading manufacturer of heavy-duty buses in the United States.
   

Philippines Tire Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on design, end use, vehicle type, distribution channel, and season.

Design Insights:

• Radial Market
• Bias Market
   

The report has provided a detailed breakup and analysis of the market based on the design. This includes radial market and bias market.

End Use Insights:

• OEM Market
• Replacement Market
   

A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes OEM market and replacement market.

Vehicle Type Insights:

• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Two Wheelers
• Three Wheelers
• Off-The-Road (OTR)
   

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR).

Distribution Channel Insights:

• Offline
• Online
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes offline and online.

Season Insights:

• All Season Tires
• Winter Tires
• Summer Tires
   

The report has provided a detailed breakup and analysis of the market based on the season. This includes season tires, winter tires, and summer tires.

Regional Insights:

• Luzon
• Visayas
• Mindanao
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Luzon, Visayas, and Mindanao.  

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Philippines Tire Market Report Coverage:

Key Questions Answered in This Report:

• How has the Philippines tire market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Philippines tire market?
• What is the breakup of the Philippines tire market on the basis of design?
• What is the breakup of the Philippines tire market on the basis of end use?
• What is the breakup of the Philippines tire market on the basis of vehicle type?
• What is the breakup of the Philippines tire market on the basis of distribution channel?
• What is the breakup of the Philippines tire market on the basis of season?
• What are the various stages in the value chain of the Philippines tire market? 
• What are the key driving factors and challenges in the Philippines tire?
• What is the structure of the Philippines tire market and who are the key players?
• What is the degree of competition in the Philippines tire market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Philippines tire market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Philippines tire market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Philippines tire industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.