Australia Tire Market to Undergo 7.73% CAGR During The Forecast Period
Expanding
vehicle fleet and increasing industrialization are some key factors which are
likely to drive Australia tire market through 2025.
According to TechSci Research report, “Australia
Tire Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles,
Medium & Heavy Commercial Vehicles, Two-Wheelers & Off-the-Road
Vehicles), By Radial vs. Bias, By Rim Size, By Region, Forecast &
Opportunities, 2025”, tire market in
Australia is forecast to grow at 7.73% CAGR by 2025 on account of expanding vehicle
fleet, and increasing infrastructure
growth. The tire market in Australia is dependent on imports primarily from
China, Thailand, Japan and other Asian countries. Moreover, growing sale of
tires through the online medium, rising tire radialization and burgeoning
demand for Tire Pressure Monitoring System (TPMS) are some of the other factors
that would positively influence the tire market during the forecast period.
Additionally, rising number of registered motor
vehicles in the country is also supporting the growth of Australia tire market.
As automobile manufacturers are pulling out from Australia owing to high
operational costs in the country, the tire market is expected to be majorly dependent
on replacement tires. Furthermore, various major passenger car manufacturers
such as Ford, Toyota and Holden shut down their vehicle production in the
country in 2017, owing to high operational costs. This also contributed to the
high demand for replacement tires in Australia.
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Australia tire
market is segmented based on vehicle type, demand category, radial vs bias, rim
size and region. Based on vehicle type, the tire market can be segmented into
passenger car, LCV (Light Commercial Vehicle), M&HCV (Medium & Heavy
Commercial Vehicle), OTR (Off-The-Road Vehicles), two-wheeler and three
-wheeler. The passenger car tire
segment dominated Australia tire market in 2019 with 59.15% market share. The
segment is further expected to continue its dominance during the forecast
period and is projected to hold a market share of around 60.58% by 2025. This
is due to the high demand for new passenger vehicles and increased replacement
demand for the segment.
Leading market players in Australia tire market are Bridgestone
Australia Ltd., Goodyear & Dunlop Tyres (Australia) Pty Ltd., Yokohama Tyre
Australia Pty. Ltd., Michelin Australia Pty Ltd., Kumho Tyre Australia Pty Ltd,
Hankook Tyre Australia Pty. Ltd., Continental Tyres of Australia Pty Ltd,
Pirelli Tyres Australia Pty Ltd, Toyo Tires & Rubber Australia Limited and
Federal Tyres Australia, among others. According to our survey, Bridgestone,
Goodyear-Dunlop and Yokohama are few of the leading tire companies operating in
Australia. These companies are anticipated to continue dominating the market through
the forecast period on account of brand acceptance among consumer and strong
dealership network of these companies. Key growth strategies
adopted by these leading companies are product innovation, mergers &
acquisitions, partnerships and joint ventures.
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“Backed by technologically advanced
manufacturing processes and increasing consumer confidence in purchasing
retread tires for commercial and OTR vehicles, the retread tire segment is
growing at a healthy pace in Australia. Additionally, growing presence of various companies such as Bridgestone, Pirelli, Goodyear &
Dunlop, Kumho, Hankook, Michelin, etc., through their strong dealer and distribution networks,
is expected to further intensify market competition in Australia tire market
during the next five years”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Australia Tire Market By Vehicle Type
(Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial
Vehicles, Two-Wheelers & Off-the-Road Vehicles), By Radial vs. Bias, By Rim
Size, By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of tire
market in Australia and provides statistics and information on market size,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
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