Tire Market in New Zealand to Surpass $ 0.7 Billion by 2022
Growing automobile sales, replacement driven
tire market and rising infrastructure developments to drive New Zealand tire
market through 2022
According to TechSci Research report, “New Zealand Tire Market By Vehicle Type, Competition Forecast & Opportunities, 2012 – 2022”, the
market for tires in New Zealand is projected to cross $ 0.7 billion by 2022, on
the back of surging disposable income coupled with high purchasing power of vehicle
owners to afford premium tires and augmenting online tire sales. In addition, booming demand for SUVs and consistently
expanding fleet size and growing industrialization are some of the other factors likely to augment demand for tires across
the country over the next five years. The thirty year New Zealand
Infrastructure Plan 2015, which is the country’s first long-term infrastructure
development plan, aims at filling infrastructure gaps and meeting future
infrastructure needs of the country as a result of rising population of the
country, which stood at 4.6 million in 2016 and is estimated to reach 5.1
million by 2022. Various initiatives that are planned to be taken under the
country’s long-term infrastructure plan are expected to positively impact the
automotive industry as well as tire demand in New Zealand in the coming years.
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In 2016, the passenger car tire segment garnered the largest share in
the country’s tire market on the back of proliferating sales
of passenger cars and high standard of living. The segment is expected to lead
the market through 2022 with continuously rising demand for sedans and SUVs
being witnessed in the country. The second largest share was captured by medium
& heavy commercial vehicle tire segment, followed by light commercial
vehicle, two-wheeler vehicle and OTR vehicle tire segments in the same year. Northern
Island dominates the market owing to the presence of the
capital city as well as the region being the hub of various commercial and cultural activities. The region is
likely to command the market during the forecast period as well, however, the
region’s share is anticipated to observe a decline on account of increasing
share of Southern Island in the country’s tire market as a result of surging
population, growing tourism and rising vehicle fleet size. Few of the prominent players operating in the market include
Bridgestone, Goodyear & Dunlop, Michelin, Hankook and Continental.
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“Increasing population, rising replacement tire
demand and augmenting demand for vehicles in logistics sector are anticipated
to push New Zealand tire market during 2017-2022. Moreover, rising preference for
two-wheelers among the youth population of the country is expected to further fuel
the market in the coming years. Besides that, favorable government policies and
surging foreign investments in automotive sector are anticipated to positively
impact the country’s tire market in the coming years.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“New
Zealand Tire Market By Vehicle Type, Competition Forecast & Opportunities, 2012 – 2022” has evaluated
the future growth potential of New Zealand tire market and provides statistics and
information on market structure, size, share and future growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes
emerging trends along with essential drivers, challenges and opportunities
present in New Zealand tire market.
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