Australia Tire Market to Reach USD 2.70 Billion by 2026

Increasing sales of vehicles and growing vehicle fleet size to drive the Australia tire market through 2026.

According to TechSci Research report, “Australia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR and Two-Wheeler), By Tire Construction Type (Radial and Bias), By Sales Channel (Offline and Online), By Price Segment (Ultra Budget, Budget and Premium), By Region, Competition, Forecast & Opportunities, 2026”, Australia tire market is anticipated to reach USD2.70 billion at a CAGR of 4.19% by 2026 because of escalating fleet size of the vehicles, which is uplifting the aftermarket demand for tires in Australia. The increase in per capita income has out-turned an increase in the purchasing power as well as rising quality of living. This is resulting in the growth of vehicle sales as well as an extension of fleet size, leading the way towards growth in the replacement demand for tires in Australia. Owing to a rapid increase of new models of cars are being launched due to high interest and fondness among the Australian citizens, numerous passenger car producers are emphasizing the insertion of new models with upgraded safety features. The demand for passenger cars is going to remain high in the upcoming years, which is supposed to further boost the demand for tires in Australia through 2026. However, during the COVID-19 pandemic, which led to an economic crunch in 2020, the country's automotive sales dipped considerably. After the long and hugely adverse impact of COVID-19 lockdown, the tire market has again gained some boost in Australia. Following a compelling cutback in production and sales in recent months, vehicle production has resumed, with sales also arising up, concluding in increased demand of tires sales via e-commerce websites are also benefiting the tires market to cope up after the COVID-19.

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Australia Tire market can be segmented based on vehicle type, tire construction type, sales channel, price segment and region. On the basis of price segment, the ultra-budget vehicles are dominating the overall Australia tire market with more than 2/5th of total market share. However, the budget segment is projected to witness the fastest growth in the forecast period in the market. On the basis of vehicle type, passenger car tires are leading the Australia tire market with more than half of the total market followed by LCV, M&HCV, two-wheeler and OTR. The people in Australia are preferring sports utility vehicle (SUVs) in passenger car segment, therefore, it is expected that passenger car tires will be in in demand as compared to any other tires, therefore it will increase at a higher CAGR in comparison to other vehicle types. On the basis of tire construction type, radial tires are dominating in Australia tire market over bias tire with almost 3/4th of the total share. This is mainly due to high demand in passenger cars and because of increasing fleet of passenger cars it is expected that it will dominate the market in upcoming years also.

Bridgestone Australia LTD, Goodyear & Dunlop Tires (Aust) Pty Ltd, Yokohama Tire Australia Pty Ltd, Michelin Australia Pty. Ltd, Kumho Tyre Australia Pty Ltd. are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions, new product developments and also increase their marketing activities and enriching product portfolio across the country to increase their customer outreach.

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“In 2020, passenger car tires accounted for the largest share of around 69% in Australia tire market and it is expected to dominate in the forecast period also. In the forecast period also, it is expected that passenger car tires will dominate because of increasing sales and growing fleet size of passenger cars in Australia.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Australia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR and Two-Wheeler), By Tire Construction Type (Radial and Bias), By Sales Channel (Offline and Online), By Price Segment (Ultra Budget, Budget and Premium), By Region, (Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Australia tire Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and helps decision makers take sound investment decisions. Besides, the report also identifies and analyzes the market along with essential drivers, challenges, and opportunities in the Australia tire market.

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