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Burnaby, British Columbia, Canada, 2013/09/30 - Increasing sales of automotive vehicles, growing demand for fuel-efficient tyres and hybrid cars in Australia all set to contribute towards the growth of tyre market - TechSciResearch.com.
Australia’s tyre market is forecasted to grow at the CAGR of around 3% in the next five years, according to the recently published report by TechSci Research ‘Australia Tyre Market Forecast and Opportunities, 2018’. The country holds promising future as modern technology tyres are projected to be launched in Australia tyre market in the next two to three years, for instance, run-flat tyres, self inflating tyres, etc.
‘Australia Tyre Market Forecast & Opportunities, 2018’ report has evaluated the future growth potential of Australia’s tyre market and provides statistics and information on market structure, consumer behavior trends.
“World class infrastructure, increasing passenger car population and supporting allied industries are driving the growth of tyre market in Australia. The country has emerged as one of the most competitive tyre markets across globe due to low entry barriers and ease of operations for foreign players. The tax break policy introduced by the Australian government for automotive industry in July 2012 has proved to be an accelerator for the automobile component industry, including tyre market,” said Mr. Karan Chechi, Research Director, TechSci Research.
Australian tyre market sales were disturbed by the natural catastrophe in 2011, as the country was hit by the flood and earthquake, which impacted the sales of automotive sector. But the industry made a remarkable recovery from the disaster and the aftermath did not continue for long. During the same year, the OEM sales of the tyre industry were impacted and the growth rate declined.
According to the TechSci Research report, New South Wales, Queensland, Victoria and Western Australia are the key regions in the country and account for nearly 90% of the total number of vehicles registered in Australia. Bridgestone, Goodyear, Yokohama and Kumho tyres are the key players in Australian tyre market and collectively account for nearly 70% of the total tyre market revenues. The highest growing region in the Australian tyre market is Western Australia and the biggest player in the tyre market of Australia is Bridgestone Corporation.
The TechSci Research report includes tyre market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in tyre market in Australia.