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Increasing inclination toward SUVs due to the rise in disposable income and continuous improvements in road infrastructure are anticipated to positively impact the Tire market in Australia. Moreover, the government's focus on road safety is pushing the manufacturers to introduce better quality tires, simultaneously, the government also issues advisories to its citizens to timely replace tires to avoid road accidents.
According to the MarkNtel Advisors’ research report titled “Australia Tire Market Analysis, 2020”, the CAGR of the country's Tire market is set to grow at around 4% in terms of units sold during 2020-25. With the booming disposable income of individuals, the motorization rate is rising continuously in the country, which is currently around 764 vehicles per 1000 inhabitants.
The Dominance of Radial Tires Over Bias Tires
The automotive tire industry is undergoing radialization. Radial tires have been gradually outperforming sales of bias tires. The demand for radial tires is more in the passenger car segment however, bias tires still hold a larger share in the OTR and medium-heavy commercial vehicle segment.
With no manifestation of OEMs, the country has a vast network of dealers and distributors. Additionally, the extensive presence of companies such as Bridgestone, Pirelli, Michelin, Goodyear, and Hankook, etc., with their strong distribution channel would magnify the demand for tire replacement in the country. These companies have their exclusive showroom through which they supply tires.
Moreover, Australia’s automobile industry is import-driven with no manufacturing of its own. The country imports passenger cars, light commercial vehicles, and heavy commercial vehicles. Total imports of passenger cars in Australia in 2018 were about USD 2.1 billion as compared to 1.9 billion in 2017. The imports declined to around USD 1.8 billion in 2019 owing to a global slowdown. Therefore, replacement demand overhauls the entire market.
Based on the season type, all-season tires acquired the largest market share in 2019. Moreover, due to the climatic conditions in the country with temperatures between 20 to 45 °C, the country experiences a hot and humid climate; thus, all-season tires are used in the country. However, summer tires have made the inroads in Australia.
According to the MarkNtel Advisors, the leading players are Bridgestone, Goodyear and Dunlop Tyres, Continental, Yokohama, Michelin, Pirelli, Kumho, Hankook, Toyo, and Federal tyres Australia among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Australia Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Australia Tire Market during 2020-25?
A. The market size of Australia Tire Market during 2020-25 is forecast to be around 6%.
Q. Who are the key competitors or players operating in Australia Tire Market?
A. Bridgestone, Goodyear and Dunlop Tyres, Continental, Yokohama, Michelin, Pirelli, Kumho, Hankook, Toyo, Federal tyres Australia and few others are the leading players in the Australia Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Australia Tire Market?
A. Passenger car and light commercial vehicle segment captured a considerable market share in the Australia Tire Market.
Q. Which Tire type segment would emerge as an opportunity area for players in Australia Tire Market?
A. On the basis of tyre type, Radial tires have been gradually outperforming sales of bias tires. The demand for radial tires is more in the passenger car segment however, bias tires still hold a larger share in the OTR and medium-heavy commercial vehicle segment. The automotive tire industry is undergoing radialization.
Q. Which season wise segment would emerge as an opportunity area for players in Australia Tire Market?
A. All-season tires grabbed the largest market share in 2019. Moreover, due to the climatic conditions in the country with temperatures between 20 to 45 °C, the country experiences a hot and humid climate thus, all-season tires are used in the country. However, summer tires have made the inroads in Australia.
