Malaysia $1.19 Billion Tire (Radial vs. Bias) Markets, Competition Forecast & Opportunities, 2027
April 15, 2021 06:28 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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The Malaysian Tire Market stood at around USD1.19 billion in 2020 and is expected to register growth with a CAGR of around 5.86% by value terms in the forecast period.
Passenger car demand is increasing owing to its usage for daily commutation and due to that vehicle fleet of the country is increasing, consequently, driving the Malaysian Tire Market.
Moreover, increasing per capita spending of the people is also resulting in the upgradation of vehicles and hence inducing demand for technologically advanced replacement tires in the country.