Taiwan Tyre Market to Grow at Over 4% during 2015-20
Due to high vehicle ownership and sluggish growth in new vehicle sales, the tyre market in Taiwan is expected to witness muted growth over the next five years
According to recently released TechSci Research report “Taiwan Tyre Market Forecast and Opportunities, 2020’’, the tyre market in Taiwan is forecast to grow at a CAGR of more than 4% during 2015-20. Major factors resulting in this modest anticipated growth include high vehicle ownership and the resulting sluggish new vehicle sales expected until 2020. In volume terms, the motorcycle tyre segment is the most dominating tyre segment in Taiwan, followed by passenger car tyre segment. This trend is expected to continue with the motorcycle tyre segment expected to dominate Taiwan’s tyre market during the forecast period 2015-20, followed by passenger car tyre and commercial vehicle tyre segments.
Being the political, cultural and industrial hub of the country, the Northern region comprising Taipei city, New Taipei city, Taoyuan county, etc.currently account for more than 40% of Taiwan’s tyre market. Growing consumer preference for superior quality tyres is expected to affect the demand for local tyre brands and boost the sales of high quality branded tyre during 2015-20. Taiwanese government has been giving increasing emphasis on proper management and effective disposal of rubber waste generated by scrap tyres. Various government policies like implementation of VPC (Voluntary Product Certification) have led to the growth of retreading tyres in the country.
“Motorcycle tyre segment will continue to dominate the market in the coming years. Large vehicle fleet size, anticipated stagnancy in growth rate of new vehicle sales are expected to hugely influence the future growth of Taiwanese tyre market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Taiwan Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Taiwan tyre market, and provides statistics and information on market structure and consumer behavior trends. 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 the Taiwanese tyre market.