The Australia Tire Market is expecting around 4% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. It attributes principally to the rapidly improving economic conditions and increasing vehicle ownership, resulting in surging sales of vehicles, especially passenger cars, i.e., directly influencing the demand for tires across Australia.
In addition, growing customer preference toward sports utility vehicles is also propelling the demand for robust tires with a firm grip on changing terrains & climatic conditions. Besides, the advent of the Covid-19 projected severe decline for the automotive & tire industries. However, tire manufacturers are increasing their production capabilities to meet the burgeoning consumer demand across the country.
Moreover, the growing focus of the Australian government on reducing road accidents is leading to the imposition of stringent road safety regulations and propelling the demand for tire replacements & maintenance. As a result, the market is expected to witness an upswing in the coming years, further states the research report, “Australia Tire Market Analysis, 2022.”
Increasing Passenger Vehicle Sales to Contribute Significantly to the Market Growth through 2027
Passenger cars acquired the largest share in the Australia Tire Market, and the same trend is likely during the forecast period. It owes principally to the swiftly rising purchase power of people & their increasing preference for private transportation modes.
It, in turn, is escalating the sales of passenger cars & generating growth opportunities for tire manufacturers to increase their production capacities & meet the mounting consumer demand. Besides, constant infrastructural developments and improving road connectivity are other crucial aspects augmenting the sales of these cars & promoting the growth of the tire market across Australia.
Mounting Focus on Infrastructural Developments to Drive the Market through 2027
Since the Australian government is actively working on improving the road connectivity & overall infrastructure of the country, with several upcoming construction projects, the demand for different types of vehicles is rising swiftly across the country.
The escalating need for several heavy & light commercial vehicles for construction activities and the burgeoning demand for passenger cars, two-wheelers, & three-wheelers among the general public is leading to the increasing tire production to suffice the mounting consumer requirements.
In addition, such developments in Australia are further generating growth opportunities for automakers & tire manufacturers to introduce new tires & vehicles and expand their presence in the country over the forecast years. Hence, the tire market in Australia is expected to witness significant growth opportunities during the forecast period, reveals MarkNtel Advisors in their research report, "Australia Tire Market Analysis, 2022."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Australia Tire Market are Bridgestone, Goodyear & Dunlop Tyres, Continental, Yokohama, Michelin, Pirelli, Kumho, Hankook, Toyota, & Federal Tyres Australia.
Key Questions Answered in the Study