Tire Market in Australia Set to Surpass AUD 5.2 billion by 2021
Expanding
vehicle fleet, increasing industrialization and rising urbanization to drive
Australia tire market during 2016-2021
According to TechSci Research
report, “Australia Tire Market Forecast &
Opportunities, 2021’’,
tire market in Australia is forecast to reach US$ 3.9 billion (AUD 5.2 Bn) by
2021, on account of expanding vehicle fleet size, rising urbanization, rapid
industrialization and robust pace of infrastructure developments. In February
2016, government launched its first long term infrastructure plan, with major
focus on filling infrastructure gaps and improving road, rail as well as port
connectivity. This is projected to fuel demand for tires from commercial and
OTR vehicle segments in the coming years. Due to imposition of high import
duties, passenger car OEMs such as Ford, Toyota and Holden have announced
closure of their manufacturing facilities in the country, and consequently, demand
from replacement segment is anticipated to dominate the country’s tire market through
2021.
Vehicle sales in Australia grew
at a CAGR of more than 3% during 2011-2015, with unit sales increasing from 1.12
million units in 2011 to 1.26 million units in 2015. The automobile vehicle
fleet size in Australia also increased from 15.19 million units in 2011 to 18.01
million units in 2015. Expanding fleet size boosted replacement demand for
tires in the country during the same period. Further, Australia tire market is dominated
by passenger car tire segment, followed by light commercial vehicle tire
segment, and this trend is expected to continue during the forecast period. Booming
construction and logistics sectors are projected to drive robust growth in
demand for medium and heavy commercial vehicles and related tire products in
the country, over the next five years. Australian Capital Territory and New
South Wales are the leading regional markets for tires in Australia, due to
high population density, large vehicle fleet size and high concentration of
industries and businesses in the region.
Customers can
also request for 10% free customization on this report.
“Of late, people in Australia
are demonstrating increasing inclination towards SUVs, on account of rising
disposable income levels of consumers and continuing improvements in road
infrastructure. This is projected to augment demand for SUV tires in the
country during the forecast period. Growing consumer demand for enhanced tire
performance and safety is also projected to increase adoption of technologies
such as Tire Pressure Monitoring System in the coming years. TPMS technology aids in monitoring tire
inflation pressure on real time basis, with the help of sensors and alerts the
driver in case of an emergency.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Australia
Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of Australia tire market and provides statistics and information on
market structure, imports and future growth of Australia tire market. The
report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Australia tire market.
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