According to a recent research report by MarkNtel Advisors, the New Zealand Tire Market is expected to register around 3% CAGR during 2022-27. Massive tire imports to meet the burgeoning consumer requirements, coupled with the increasing private vehicle ownership, are the prime aspects driving the tire industry of New Zealand. Besides, the easy availability & affordability of Chinese tires and the extensive scalability of aftermarkets are other prominent aspects promoting the tire market expansion across the country.
Moreover, since New Zealand relies on tire imports and procures them from countries like China, Thailand, & the US, the government is laying out favorable policies to attract foreign investments for establishing tire manufacturing facilities in the country & strengthening the overall industry.
Furthermore, the growing adoption of EVs (Electric Vehicles) to curb carbon emissions, i.e., encouraging the leading players to introduce electric vehicle tires in the country, further projects remunerative prospects for the overall market growth through 2027, states the research report, “New Zealand Tire Market Analysis, 2022.”
Increasing Government Encouragement for EV-Pickup Trucks to Boost the Tire Market
Light commercial vehicles are projected to play a prominent role in the expansion of the New Zealand Tire Market during 2022-27. It owes to the growing requirements for pickup trucks across the country, coupled with the mounting popularity of Ford Rangers, i.e., stimulating the demand for robust tires to enhance the overall vehicle performance on different terrains.
Besides, growing government support in the form of incentives for the adoption of EVs, including pickup trucks, i.e., demonstrating an escalating vehicle fleet, is surging the demand for EV tires and, in turn, generating lucrative opportunities for the tire market through 2027.
The leading companies in the New Zealand Tire Market are Bridgestone, Goodyear & Dunlop Tyres, Continental, Yokohama, Michelin, Pirelli, Kumho, Hankook, Toyo, and Balkrishna Industries.
Key Questions Answered in the Research Report