Tire Market to Grow with a CAGR of 5.97% in Taiwan through to 2028
The major drivers for the Taiwan Tire
Market include robust automotive industry growth, increasing vehicle ownership
rates, and a rising demand for high-performance and eco-friendly tires in
response to environmental concerns.
According to TechSci Research report, “Taiwan Tire
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Taiwan Tire Market stood at USD 1.63 Billion in
2022 and is anticipated to grow with a CAGR of 5.97% in the forecast period,
2024-2028. Several key drivers are contributing to the continuous growth of the
Taiwan Tire Market. Firstly, the rapid increase in vehicle ownership, fueled by
a rising middle class and improving economic conditions, has led to a surge in
demand for tires. As more people are able to afford cars, the need for reliable
and high-quality tires becomes paramount.
In addition to the rise in vehicle ownership,
advancements in tire technology have played a significant role in shaping the
market. Manufacturers have been focusing on developing innovative tire solutions
aimed at improving fuel efficiency, enhancing longevity, and promoting
sustainability. These tire technologies, such as low rolling resistance
compounds and eco-friendly materials, have not only attracted
environmentally-conscious consumers but also helped reduce the overall carbon
footprint of vehicles.
Moreover, the expansion of online retail platforms has
revolutionized the way consumers purchase tires. With the convenience of online
shopping, customers can easily compare prices, read reviews, and make informed
decisions from the comfort of their homes. This shift in consumer behavior has
not only made tire purchases more convenient but also cost-effective, as online
retailers often offer competitive prices and exclusive deals.
Furthermore, government regulations and initiatives
have played a crucial role in shaping the Taiwan Tire Market. The government's
focus on promoting eco-friendly and fuel-efficient transportation has led to
the implementation of regulations that encourage the use of eco-friendly tires.
This has created a favorable environment for tire manufacturers who specialize
in producing environmentally-friendly alternatives. Additionally, incentives
and subsidies provided by the government have further encouraged consumers to
opt for these eco-friendly tire options.
In conclusion, the Taiwan Tire Market is driven by a
combination of factors including the rise in vehicle ownership, tire technology
advancements, the expansion of online retail platforms, and government
regulations promoting eco-friendly tires. These factors collectively contribute
to the overall growth and development of the market, creating opportunities for
tire manufacturers and satisfying the evolving needs of consumers.
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Tire Market”
The Taiwan Tire Market is a dynamic and integral
component of the country's automotive industry. It is characterized by steady
growth, technological innovation, and a mix of domestic and international tire
manufacturers. This market overview offers valuable insights into the current
state of the Taiwan Tire Market, encompassing its size, key players, primary
segments, growth drivers, and challenges.
In terms of size and growth, the Taiwan Tire Market
has witnessed consistent expansion, propelled by a thriving automotive sector,
an increasing rate of vehicle ownership, and evolving consumer preferences. The
robust economic performance in Taiwan has led to rising disposable incomes,
thereby enhancing consumer purchasing power. Consequently, there has been a
growing demand for various types of vehicles, including passenger cars,
motorcycles, and electric vehicles. This heightened interest in personal
transportation directly translates into an increased need for replacement
tires, ultimately driving the market's growth. The continuous development of
the automotive sector, coupled with investments in infrastructure and road
networks, further amplifies the potential of the Taiwan Tire Market.
Within the Taiwan Tire Market, both domestic and
international tire manufacturers and suppliers contribute to a competitive
landscape. Global tire industry giants such as Bridgestone, Michelin, Goodyear,
and Continental coexist with well-established local players such as Cheng Shin
Rubber Industry Co., Ltd. (Maxxis) and Kenda Rubber Industrial Co., Ltd. This
amalgamation of local and international tire manufacturers ensures that
consumers have access to a wide spectrum of tire options, ranging from
budget-friendly choices to premium segments. The competitive environment
encourages tire manufacturers to innovate their products, enhance quality, and
offer competitive pricing, ultimately benefiting consumers and reinforcing the
market's competitiveness.
The Taiwan Tire Market encompasses several primary
segments that cater to a wide array of consumer needs and industrial
requirements. Among these segments, passenger car tires hold a substantial
share. As the number of individuals opting for personal vehicles continues to rise,
the demand for passenger car tires remains steady. Consumers in Taiwan seek a
diverse range of tire options, considering factors such as tire type, size, and
performance characteristics to align with their specific preferences and
driving conditions. Consequently, the market offers a wide selection of
passenger car tires, ensuring they meet the various demands of Taiwanese
consumers.
In conclusion, the Taiwan Tire Market is a dynamic and
evolving sector within the country's automotive industry. Its growth is
propelled by factors such as a thriving automotive sector, increasing vehicle
ownership rates, and evolving consumer preferences. The competitive landscape,
featuring both domestic and international tire manufacturers, ensures a diverse
range of tire options for consumers. The primary segments, particularly
passenger car tires, cater to the diverse needs of Taiwanese consumers,
reflecting the market's adaptability and responsiveness. Overall, the Taiwan
Tire Market remains a crucial and vibrant component of the nation's automotive
landscape.
Major companies operating in Taiwan Tire Market are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber
Company
- Sumitomo Rubber Industries
Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
- Kumho Tire Co. Inc.
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“Several key drivers are propelling the Taiwan Tire
Market forward. Firstly, the rise in vehicle ownership is increasing the demand
for tires. Alongside this, advancements in tire technology aimed at improving
fuel efficiency, longevity, and sustainability are attracting consumers.
Additionally, the expansion of online retail platforms is making tire purchases
more convenient and cost-effective, thus driving market growth. Finally,
government regulations promoting the use of eco-friendly and fuel-efficient
tires are also playing a significant role in shaping the market.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Taiwan Tire Market – Taiwan
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias),
By Demand Category Type (OEM, Replacement), By Region,
Competition”, has evaluated the future growth potential of Taiwan Tire Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Taiwan Tire Market.
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