Australia is largely an import-driven market and majorly imports from countries such as China, Japan, USA, Thailand, Spain, Korea, Indonesia, and Germany, etc. The Australia Tire market is anticipated to grow at an astronomical rate owing to the increasing penetration of the online sales channel, escalating number of Chinese manufacturers in the country, and radicalization of tires. Moreover, with the booming disposable income of individuals, the motorization rate is high in the country which is currently around 764 vehicles per 1000 inhabitants which is driving the growth of the market in the forecast period.
According to the MarkNtel Advisors’ research report titled “Australia Tire Market Analysis, 2020”, the CAGR of the market is expected to be around 4% in terms of units sold during 2020-25. Based on the region, the Australian capital territory and New South wales region are the major leading markets for the tires due to the presence of large number of dealers and millennials.
“Australia Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and growth opportunities and challenges available for Australia Tire market providers across the country. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
Passenger Cars Segment Remained at Forefront
Australia does not have a production facility, due to the imposition of high import duties passenger cars OEMs such as Ford, Toyota, and Hyundai shut down their production facilities in the country. However, the sales of passenger cars declined due to microeconomic and structural changes in the auto industry.
Moreover, the demand for OTR tire replacement is mushrooming in the country when the government in 2016 launched its long-term plan to fill the infrastructural gaps improve roads, rails connectivity as well as ports connectivity. Along with these, due to the rising growth of the logistics and construction sector, the demand for OTR tire and MHCV tire replacement is expected to increase during 2020-25.
Based on the rim size, the OEMs prefer larger rim sizes for the new cars and vehicles, thus the tire market in the country is going through a paradigm shift. The manufacturers such as BMW, Mercedes Benz, Hyundai, Porsche, Audi, and Nissan demand for 16” to 18” rim sizes for improving the aesthetics of the vehicles and give their cars a sporty look, as stated in the MarkNtel Advisors’ in their research report, “Australia Tire Market Analysis, 2020”.
According to the MarkNtel Advisors, the major leading players are Bridgestone, Goodyear and Dunlop Tyres, Continental, Yokohama, Michelin, Pirelli, Kumho, Hankook, Toyo, and Federal Tyres, among others.
Key questions answered in the study: