Indonesia’s tire market is on the cusp of significant growth, poised to achieve a commendable Compound Annual Growth Rate (CAGR) of 9.9% by 2028, according to a recent study by strategic consulting and market research firm Report Ocean. This growth is attributed to various factors, including rising disposable income, a burgeoning fleet of automobiles, and favorable macroeconomic conditions. With the country’s thriving two-wheeler sales and a continuous focus on exports, the tire market in Indonesia presents a promising landscape. In this article, we explore the drivers, challenges, and key trends shaping the trajectory of Indonesia’s tire market.

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Driving Forces behind Indonesia’s Tire Market Growth:

1. Rising Disposable Income:
   
   
   
   • A significant contributor to the growth of Indonesia’s tire market is the rising disposable income among its populace. As income levels increase, more individuals can afford to purchase and maintain vehicles, consequently driving the demand for tires.
   
   
   
   


2. Growing Fleet of Automobiles:
   
   
   
   • The continuous growth in the number of automobiles on Indonesia’s roads is a pivotal factor in the expansion of the tire market. The country’s large and diverse fleet, encompassing passenger cars, buses, trucks, and two-wheelers, creates a robust demand for tires across various segments.
   
   
   
   


3. Increasing Two-Wheeler Sales:
   
   
   
   • Indonesia’s preference for two-wheelers as a primary mode of transportation, especially motorcycles, contributes significantly to the demand for tires. With a diverse range of road conditions and traffic congestion, motorcycles serve as a convenient and widespread means of travel.
   
   
   
   


4. Favorable Macroeconomic Conditions:
   
   
   
   • Indonesia’s strong macroeconomic conditions, marked by being the largest economy in Southeast Asia, contribute to the growth of its tire market. The automotive industry, accounting for a notable portion of the manufacturing sector and the overall economy, plays a pivotal role in driving tire demand.
   
   
   
   

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Key Market Segments:

1. Two-Wheelers:
   
   
   
   • The segment dominated by two-wheelers, particularly motorcycles, is witnessing substantial growth. Motorcycles are the primary mode of transportation due to road conditions and traffic congestion. With leading players like Honda experiencing significant sales, the demand for tires in this segment is poised to rise.
   
   
   
   


2. Radial Tires:
   
   
   
   • Within tire types, radial tires claim the largest market share in Indonesia. Radial tires offer several advantages, including lower fuel consumption, reduced ground compaction, and less frequent replacement. These benefits make them a preferred choice, further fueling the growth of this segment.
   
   
   
   

Impact of COVID-19 on Indonesia’s Tire Market:

The COVID-19 pandemic brought unprecedented challenges to Indonesia’s automobile industry, causing disruptions in production, sales, and supply chains. The resultant economic downturn led to a temporary decline in vehicle manufacturing and sales. From January to June 2020, motor vehicle manufacturers experienced a significant drop in production and sales, impacting the tire market. Lockdown measures, workforce shortages, and supply chain disruptions all contributed to the downturn.

However, as Indonesia’s economy shows signs of recovery, the tire market is expected to rebound. The growth in income levels, new investments, and a focus on exports position the market for recovery. The emergence of the Omicron variant introduces a level of uncertainty, but the resilience of the market and its alignment with broader economic trends suggest a positive outlook.

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Competitive Landscape:

Key Players in Indonesia’s Tire Market:

• Gajah Tunggal Tbk


• Bridgestone Tire Indonesia


• Multistrada Arah Sarana, Tbk. (Michelin)


• Inoue Rubber Co., Ltd.


• Suryaraya RubberIndo Industries (FDR)


• Timsun Rubber Tire (Weihai) Co., Ltd.


• Goodyear Indonesia Tbk


• Sumi Rubber Indonesia


• Hankook Tire Indonesia


• Tiga Berlian Mandiri (Tiberman)


• Other prominent players

The competitive landscape of Indonesia’s tire market features key players dominating the industry, each contributing to the market’s growth through innovation and market penetration. Recent market developments include TVS Srichakra’s entry into the Indonesian market with the launch of Eurogrip Bee City, a range of two-wheeler tires customized for Indonesian riders.

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Conclusion:

Indonesia’s tire market stands at the intersection of economic growth, automotive expansion, and consumer demand. The projected CAGR of 9.9% underscores its resilience and adaptability in the face of challenges. The market’s reliance on two-wheelers, especially motorcycles, reflects the unique transportation needs in the country. As Indonesia’s economy recovers and income levels rise, the tire market is well-positioned for sustained growth. The diversity of road conditions, coupled with the government’s focus on exports and favorable macroeconomic conditions, creates an environment conducive to tire market expansion. While challenges such as raw material price fluctuations and environmental concerns exist, the overall trajectory remains positive. Indonesia’s tire market is not just rolling ahead; it’s paving the way for a robust and dynamic future in the automotive landscape.

These responses will function a complete examination of the:

• The markets’ present-day infrastructures


• Market possibilities and challenges


• Future plausible for increase in particular industries


• Major geographic and market segments to target, and end-user goal organizations and their viable operational volumes


• Representative and a price chain probability breakdown


• Market dimension and boom price during the expected time frame.


• The market’s important using forces


• Key market traits are impeding market expansion.


• Obstacles to market expansion.


• Market’s pinnacle merchants.


• Thorough SWOT analysis


• Threats and possibilities confronted with the aid of the modern carriers in the world market.


• Trending elements that affect the markets in the quite a number region.


• Initiatives with a strategic center of attention on the pinnacle vendors.


• PEST find out about of the five essential market regions.

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About Report Ocean:

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