Updated Jan 18, 2023 15:40

Market for Truck and Bus Tyre in Thailand

Market Overview
After four years of decline, the Thai truck and bus tyre market increased by % to $ in . Over the period under review, consumption showed a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

In value terms, truck and bus tyre production amounted to $ in estimated in export price. Over the period under review, the total production indicated buoyant growth from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against indices. The most prominent rate of growth was recorded in 2008 with an increase of % against the previous year. Over the period under review, production attained the maximum level at $ in ; afterwards, it flattened through to .


Consumption
In , the amount of tyres for buses or lorries consumed in Thailand skyrocketed to units, jumping by % compared with the previous year's figure. Over the period under review, consumption posted buoyant growth. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The size of the truck and bus tyre market in Thailand soared to $ in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.


Market Forecast
The truck and bus tyre market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to units by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Thailand remains a net exporter of truck and bus tyre; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.