Philippines tire market could reach €2.15 billion by 2018 - Research and Markets

ERJ staff report (BC)

Dublin – The Philippines might well be the next big tire market in Asia, according to a report from analyst Research & Markets (R&M).

Passenger car ownership may be relatively lower than elsewhere in the region, but R&M expects this this to change in the near future. Also, Manila government initiatives such as ready loan availability and promoting rubber production are expected to contribute to tire market growth.

The government plans to increase natural rubber production in the country from 138 710 hectares in 2010 to over 200 000 hectares by 2016.

Yokohama is the leader among just a few tire manufacturers in the Philippines. The increase in natural rubber production is likely to draw foreign investment to the country, says the study.

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Further details from Research and Markets