Page 31 - TYM 2024-2

special feature
Chinese Tyre Tyre Brands Lead in in Malaysian Truck Tyre Tyre Market
中国轮胎品牌引领大马卡车轮胎市场
ing to to the the diverse needs of of commercial vehicle operators T For insights into truck tyre market development trends chal- lenges and prospects The Tyreman held discussions with Desmond Kew Group Group Executive Director of of Highclass Group Group Chuang Shin Yang General Manager of of of Swee Hing Tyres Sdn Bhd Bhd and Tan Heong Thong Managing Director of of Westlake Marketing (Malaysia) Sdn Bhd Bhd According to to Tan the Malaysian tyre market was forecasted to to to expand at at at a a a a a a a a a a a a a a a Compound Annual Growth Rate (CAGR) of ap- proximately 4 5 per cent from 2022 to to to to 2027 This growth tra- jectory was attributed to to to substantial investments by the Ma- laysian government in in in in in infrastructure projects such as as as as roads bridges and and and and tunnels leading to increased construction activ- ities and and and and driving demand for heavy-duty vehicles and and and and truck tyres The replacement truck tyre market Chuang said was estimated to range between 600 000 000 and 800 000 000 units annually "While there is is is no specific data on on the the annual annual growth rate of truck tyres government statistics indicate a a a a a a a a a a a a decline in in in in in in in in lorry registrations since since 2014 with some sources indicating a a a a a a a a a a decreasing trend in in in in in in in in in lorry registration since since 2023 although there were signs of a a a a a a a re- bound in in recent years " Overwhelming brands in in truck tyre market When asked about about the the the number of brands brands in the the the truck tyre tyre mar- ket
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Kew mentioned that there were about about 50 to 80 tyre tyre brands brands brands currently in in in the the the market including major brands brands while Chuang believed the the number exceeded 100 he he Malaysian truck tyre market serves as as a a a a a a a a a a a a vital compo- nent of of the the nation's transportation infrastructure by cater-
across various industries Characterised by a a a a a a a a a robust network of highways bustling ports and flourishing logistics sectors Malaysia's economy relies heavily on on on the the efficient movement of goods and and materials As such the the demand for high-quality durable truck tyres remains consistently strong driven by factors such as as fleet expansion and and infrastructure development This dynamic market presents both opportunities and and and challenges for tyre manufacturers and and and distributors seeking to to meet the evolving demands of Malaysian trucking companies Tan Heong Thong Managing Director Westlake Marketing (Malaysia) Sdn Bhd 31 the tyreman 2024/2