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Overseas media reported that due to the introduction of preferential policies by the Malaysian government, combined with the political and economic stability of the country and the well-developed infrastructure, it has attracted investment from major international auto and component manufacturers. Malaysia, located in the center of the ASEAN region, provides opportunities for global automotive manufacturers to invest in manufacturing operations. Abundant natural rubber resources and free trade agreements with ASEAN member countries continue to attract global tire manufacturers to build production plants in Malaysia.
According to a recent report from TechSci Research, from 2013 to 2018, the compound annual growth rate of Malaysian tire market revenue is expected to increase by approximately 10%. As the largest passenger vehicle market in the ASEAN region, Malaysia’s tire sales are mainly contributed by the passenger vehicle sector. At present, there are not many tire manufacturing factories in Malaysia because they have signed bilateral trade agreements with Indonesia and Thailand and can import tires from both countries with extremely low tariffs.
Malaysia’s auto production is growing rapidly. Therefore, Toyo Tire, Pirelli and Yokohama have each opened up their own businesses in the country and expanded their product mix to increase their share in this growing tire market. Malaysia’s car production has also been encouraged by various government incentive plans and tax incentives. In 2012, sales of hybrid vehicles in the country increased by 84% year-on-year. Extended tax holidays, new cart type expectations and increased customer acceptance will support further growth. Not only that, the Malaysian tire market is also witnessing a rapid increase in the demand for energy-saving tires and environmental protection tires.
TechSci researchers expect that the passenger car market will continue to dominate the Malaysian tire market in the next five years, but the agriculture, construction and mining sectors are stimulating the country’s demand for construction tires. In addition, the Malaysian government’s incentive plan for automakers is also expected to drive the growth of auto production, which will help drive Malaysia’s tire demand.