17 © TechSci Research Automotive Industry Brief Booming e - commerce industry and expanding commercial vehicle fleet to drive the demand for ASEAN commercial vehicle tire market for the forecast period. According to TechSci Research report, “ ASEAN Commercial Vehicle Tire Market - By Country, By Company Forecast & Opportunities, 2026 ”, ASEAN commercial vehicle tire market was valued at over USD 8159 million in 2020 and is forecast to grow at a CAGR of 5 . 84 % to reach USD 12219 million by 2026 . Growth in the construction sector and an increase in public transport are expected to drive the growth of the ASEAN commercial vehicle tire market . Thailand, Indonesia, Malaysia and Vietnam are some of the leading rubber - producing countries present in the region . Besides growing domestic production of commercial vehicles is driving the commercial vehicle tire market of the region . Moreover, increasing FDI and the presence of cheap labor are some of the other factors contributing to the growth of the market . Growing infrastructure development in the ASEAN region is expected to positively influence the demand for medium & heavy commercial vehicles, as these vehicles majorly help in the transportation of materials, and logistics purposes, which, in turn, is anticipated to aid the ASEAN commercial vehicle tire market over the next five years . The ASEAN member nations have been collectively allocating ASEAN Infrastructure Fund for investing in infrastructural projects in the transport, energy, water and sanitation, environment and rural development, and social infrastructure sectors, which is further projected to drive the demand for commercial vehicles along with their tires in the region . Leading automobile manufacturers across the world are shifting their manufacturing base to the ASEAN countries owing to the lower cost of production and availability of cheap labor with adequate skillset . Moreover, backed by booming population and increasing per capita income, the region emanates huge growth opportunities for automobile manufacturers . Additionally, the expected increase in the sale of commercial vehicles such as trucks and buses across the region is likely to aid the ASEAN commercial vehicle tire market over the next five years . ASEAN commercial vehicle tire market is segmented into vehicle type, demand category, tire construction type, price segment, and company . On the basis of vehicle type the market is bifurcated into truck and bus/van . The demand for truck tires has increased significantly in the past few years in ASEAN countries . The truck tire segment accounted for 86 . 41 % market share in terms of tire units sold in 2020 and the segment’s share is projected to reach around 86 . 17 % by 2026 , advancing with a CAGR of 4 . 66 % . Rapid growth in manufacturing, construction, e - commerce, and retail sector owing to favorable government policies, is generating greater demand for logistics services, which has been a game changer for truck market in the region . Over the past few years, demand for trucks especially light trucks has grown significantly, backed by growing need for transportation of raw materials as well as finished goods to end users . Moreover, fleet owners have started operating for long haulage transportation services, which is further anticipated to fuel the demand for trucks across the region . Leading players operating in the ASEAN Commercial Vehicle Tire market include PT Gajah Tunggal Tbk , Bridgestone Corporation, Michelin Group, PT . Sumi Rubber Indonesia (Dunlop) , Hankook Tire & Technology Company Limited , The Yokohama Rubber Company Limited, The Goodyear Tire & Rubber Company, Continental AG , Toyo Tire & Rubber Company Limited , Deestone Corporation Limited . “Among all the ASEAN countries, the demand for commercial vehicle tires was highest in Thailand in 2020 , which accounted for 45 . 77 % market share in terms of volume . The country’s market is further projected to grow with a CAGR of 5 . 20 % in the forecast period to reach USD 3 , 691 . 91 million in 2026 . Thailand has been the strongest threshold of development in the automobile industry among all the ASEAN countries in the last few decades, and it has nicknamed itself as "the Detroit of Asia” . Commercial vehicle tire manufacturing companies such as Yokohama Tire Manufacturing (Thailand) Co . , Ltd . , Hankook Tire Thailand, etc . has a wide dealership and distribution network in Thailand commercial vehicle tire market . ” said Mr . Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm .