The pneumatic tires production in Malaysia has experienced significant fluctuations over the past decade. Between 2013 and 2023, there was a noticeable decline in production, with the value dropping from 15.22 million units in 2013 to 6.18 million units in 2023. The most pronounced decreases occurred in recent years, particularly in 2020 and 2022, with year-on-year declines of 31.52% and 17.99%, respectively. The CAGR for the past five years stands at a sharp -14.69%, underscoring the substantial downward trend in production.
For the forecasted period from 2024 to 2028, the production is expected to continue its decline, reaching as low as 3.27 million units by 2028. The forecasted five-year CAGR stands at -10.18%, indicating a further reduction in production volume by 41.53% over this period.
Looking ahead, key trends to watch for include:
- Technological advancements and increased efficiency in tire manufacturing
- Regulatory changes impacting environmental and safety standards
- Shifts in global automotive industry dynamics affecting demand for pneumatic tires
- Potential impact of economic factors such as raw material availability and labor costs
- Rising competition from alternative tire technologies, potentially influencing market share
