Passenger Car Segment to Continue Dominating New Zealand Tire Market through 2024
Rising disposable income, rapid
industrialization and expanding fleet size to drive New Zealand tire market
through 2024.
According
to TechSci Research report, “New
Zealand Tire Market By Vehicle Type, By Radial Vs Bias, By Demand Category,
By Offline Vs Online, Competition, Forecast & Opportunities, 2013 - 2024”, New Zealand tire market is projected to surpass sales of 6
million units by 2024, owing to increasing sales of automobiles and rising
average running lifetime of vehicles across the country. Moreover, factors such
as surging online sales, rising inclination towards tire recycling and
introduction of eco-friendly tires are further promoting the growth in New
Zealand tire market. Additionally, infrastructural projects by National Land Transport Programme (NLTP) under 2018-2021 plan in Auckland and
Wellington is further anticipated to positively influence New Zealand Tire
Market in the coming years.
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market data Figures and Table spread through 113 Pages and an in-depth TOC
on "New Zealand Tire
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Among vehicle types, passenger car segment dominated
the market with over two-third volume share in 2018. The segment is expected to
continue its dominance through 2024 as well on account of high sales of used
& new cars and increase in average lifetime of passenger cars. However,
light commercial vehicle segment is likely to witness the highest growth during
forecast period. Radial tires registered highest growth in 2018 owing to their
various advantages like flexible sidewalls and reduced fuel consumption due to
less resistance and less vibration.
Prominent automotive tire giants such as Compagnie Générale des Établissements
Michelin (CGEM), Goodyear Dunlop Tyres (NZ) Limited, Bridgestone Corporation,
Hankook Tire Co., Ltd., Continental Pty. Ltd., The Yokohama Rubber Co., Ltd., etc.,
are continuously enhancing and expanding their product offerings to attract large
number of customers. In New Zealand, tires are imported from Korea, Australia, China,
etc., and consequently, companies are expanding their distribution network in the
country.
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“Increasing
population, rising replacement tire demand and surging vehicles demand are
anticipated to continue fueling growth in New Zealand tire market. Moreover,
favorable government policies and surging foreign investments in automotive
sector are further anticipated to positively influence New Zealand tire market
in the coming years. Additionally, several rapid transport projects such as Waitemata
Harbour Crossing and Puhoi Wellsford would further positively influence the
market during forecast period.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“New
Zealand Tire Market By Vehicle Type, By Radial Vs Bias, By Demand Category,
By Offline Vs Online, Competition, Forecast & Opportunities, 2013 - 2024” has evaluated the future growth potential of New
Zealand 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 decision. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in New Zealand tire market.
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