Taiwan Tire Market is Projected to Witness 5.07% CAGR by 2025
Increasing
sale of automobiles and growing demand for tires from replacement tire segment are
expected to aid the growth of Taiwan tire market in coming years.
According to TechSci Research report, “Taiwan
Tire Market By Vehicle Type (Passenger
Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM
Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities,
2025”, Taiwan tire market is poised to undergo a
CAGR of around 5.07% by 2025 on account of increasing production and sale of
automobiles coupled with rising demand for tires from replacement segment. Presence
of favourable tax policies introduced by the Taiwanese government is also
acting as a major booster for the growth of tire industry in the country.
Over the last few years, major automobile manufacturers
in Taiwan have also been increasing their focus on exports of automobiles to
other countries. Among them, Northern region is the highest demand generating
region for tires in the country due to presence of prominent cities like Taipei
City, New Taipei City, Yilan County, Taoyuan County, Hsinchu County, Miaoli
County, Keelung City and Hsinchu City in the region.
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Taiwan tire market is segmented based on vehicle type,
demand category, radial vs bias and region. Based on vehicle type, the market
is categorized into Passenger Car, LCV, M&HCV, OTR, two-wheeler and three
-wheeler. Among them, the tire market was dominated by two-wheeler tire segment
in 2019, and this segment is further expected to continue its dominance in the
coming years as well owing to expanding two-wheeler fleet size and rising sale
of two-wheelers in Taiwan.
Based on demand category, the Taiwan tire market can be
categorized into OEMs vs replacement. Among the two, the replacement segment dominated
the Taiwan tire market in 2019 with a market share of 81.87%. The segment is
further expected to continue its dominant position during the forecast period
and hold dominant share until 2025.
Leading market players in Taiwan tire market are Cheng-Shin
Rubber Ind. Co. Ltd., Kenda Industrial Co. Ltd., Nankang Rubber Tire Corp.,
Ltd., Federal Corporation, Bridgestone Taiwan Co., Ltd., Michelin Tire Taiwan
Co., Ltd., Goodyear Taiwan Limited, Kumho Tire Co., Inc, Pirelli & C.
S.p.A. and Continental AG Ltd., among others. Bridgestone Taiwan Co., Ltd. which
was founded in 1982, holds a leading position in Taiwan tire market followed by
Cheng-Shin Rubber and Kenda Industrial.
“Taiwan is undergoing major infrastructure transformation
with number of construction projects in pipeline, owing to growing
developmental activities being undertaken in energy, communication, transport,
water, health and housing sectors across the country. In addition to that,
rising number of automobile exports to neighbouring countries, coupled with
growing customer inclination towards purchasing two-wheelers are expected to
drive Taiwan tire market during the forecast period,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“Taiwan Tire Market By Vehicle Type (Passenger Car, LCV,
M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs.
Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025” has analyzed the potential
of Taiwan tire market, and provides information and statistics on market
structure, size and trends. The report is designed to provide the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. The report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by Taiwan tire market.
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