The "Serbia Tire Market, By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, and Two-Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region Competition Forecast Opportunities,
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.
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The Chinese Tire Market was valued USD 28.19 Billion in 2019 and is projected to grow at CAGR of over 6% during the forecast period to reach USD 36.82 Billion by 2025, owing to increasing sales of automobile and growing replacement tire demand in the country.
Rising demand for automobiles in most of the countries is leading to higher production in China. China is a leading exporter of automobiles to most of the regions across the globe, with the country being the largest exporter of automobiles to Middle East. High and rising vehicle production in China is expected to continue boosting the demand for tires in the OEM tire segment.