(MENAFN- Techsci Research) Growing demand for higher fuel efficiency and safety and ongoing technological advancements are driving the growth of Indonesia Commercial Vehicle Tire Market in the forecast period, 2022-2026.
According to TechSci Research report, “Indonesia Commercial Vehicle Tire Market By Vehicle Type (Truck, Bus/Van, OTR Vehicle), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast & Opportunities, 2026”, the Indonesia Commercial Vehicle Tire market is anticipated to grow at a rate of steady CAGR for the forecast period, 2022-2026. The availability of commercial vehicles equipped with advanced technologies is aiding in increasing the average of the vehicles. The increase in the miles driven per year by commercial vehicles results in the wear and tear of the commercial tires. Market players are making efforts to enhance the safety features in commercial vehicles that require low maintenance, fueling the life span of the commercial vehicles. The rise in industrialization boosts the automotive industry, thereby accelerating the sale of commercial vehicles such as trucks, buses, and vans. With the increase in the sales of commercial vehicles, the sales of Commercial Vehicle Tires are expected to witness growth in the next five years.
However, the fluctuation in the raw material price may restrain the Indonesia Commercial Vehicle Tires market growth for the forecast period.
The Indonesia Commercial Vehicle Tire market is segmented on the basis of vehicle type, application, competitional landscape, and regional distribution.
On the basis of vehicle type, the Indonesia Commercial Vehicle Tire market is divided into truck, bus/van, and OTR vehicle. The truck segment is expected to dominate the market in the next five years. The growing demand for last-mile delivery services led to the escalation of the sales of the trucks in the country. Market players are making investments to use tire-centric solutions to improve efficiency and safety and make tire after-market services available to boost the sales of tires used in commercial trucks.
On the basis of demand category, the Indonesia Commercial Vehicle Tire market is bifurcated into OEM and replacement. The replacement segment is expected to hold the largest market share in the forecast period. The commercial tires suffer wear and tear after some years due to traveling over long distances and extreme weather conditions requiring replacement. The availability of a large number of market players providing excellent after-sales services and the introduction of high-performance commercial vehicles is contributing to the growth of replacement tires. Due to the COVID-19, the sales of the commercial vehicles faced a setback which further accelerated the sales of the replacement commercial tires.
On the basis of tire construction type, the Indonesia Commercial Vehicle Tire market is divided into radial and bias. The radial category is expected to witness the fastest incremental growth for the next five years. Radial commercial tire offers lower fuel consumption, higher traction, and improved cut resistance than bias tires. Radial tires allow longer tread wear and smoother ride thereby, these are high in demand in commercial vehicles. The construction industry’s development requires commercial vehicles carrying heavy loads and traveling at high speeds using radial tires. Radial tires have better heat resistance and ensure the highest ride quality. Furthermore, the radial tires are actively being installed in commercial vehicles as they offer better puncture resistance at affordable costs and have flexible sidewalls.
On the basis of price segment, the Indonesia Commercial Vehicle Tire market is divided into budget, ultra-budget, and premium. The budget segment is expected to witness growth for the next five years. The growing truck fleet in the country to accommodate the rise in the demand from the online sales channels is influencing the market demand.
“The growing demand for electric vehicles owing to the strict emission standards and rise in the pollution levels in the country is expected to foster the demand for commercial electric vehicles. Supportive government policies promoting the domestic manufacturing of commercial electric vehicles require a different set of commercial tires, which is expected to create lucrative opportunities for the Indonesia Commercial Tire market growth. Development of the charging infrastructure and the decline in the cost of electric batteries, along with the adoption of advanced technologies by the manufacturers of the Commercial Vehicle Tire, is expected to propel the Indonesia Commercial Vehicle Tire market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Indonesia Commercial Vehicle Tire Market By Vehicle Type (Truck, Bus/Van, OTR Vehicle), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Indonesia Commercial Vehicle Tire and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Indonesia Commercial Vehicle Tire market.
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