Growing automobile fleet, increasing online tire sales and rapid industrialization to drive Australia tire market through 2024
According to TechSci Research report, “Australia Tire Market By Vehicle Type, By Radial vs. Bias, Competition Forecast & Opportunities, 2014 – 2024”, tire market in Australia is forecast to reach over $ 4.4 billion by 2024 on account of expanding vehicle fleet, rising infrastructure growth and increasing penetration of Chinese players. Growing sales 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 market during the forecast period. As automobile manufacturers are pulling out from Australia owing to high operational costs in the country, the tire market is expected to be solely dependent on replacement tire demand from 2018 onwards.
Over the last few years, vehicle fleet in the country has been growing at a brisk pace. Passenger car tire segment dominated Australia tire market in 2018 and the segment is expected to continue its market dominance in the coming years as well, owing to expanding passenger car fleet. With rising industrialization and expanding logistics sector, demand for medium & heavy commercial vehicles (M&HCVs) is likely to grow at a robust pace, which in turn would drive the country’s tire market over the next five years.
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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, By Radial vs. Bias, Competition Forecast & Opportunities, 2014 – 2024” 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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