Passenger Car Segment to Continue Dominating New Zealand Tire Market through 2025
Rising disposable income, rapid
industrialization and expanding fleet size to drive New Zealand tire market
through 2025
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, 2015 - 2025”, New Zealand tire market is
projected to surpass sales of 6 million units by 2025, 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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and an in-depth TOC on "New Zealand Tire Market"
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 2025 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, 2015 - 2025” 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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