Australia Tire Market Set to Surpass AUD 5.2 billion by 2021

2026-08-15 09:58:46 Business

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Expanding vehicle fleet, increasing industrialization and rising urbanization to drive Australia tire market during 2016-2021

According to TechSci Research report, ?Australia Tire Market Forecast & Opportunities, 2021??, tire market in Australia is forecast to reach US$ 3.9 billion (AUD 5.2 Bn) by 2021, on account of expanding vehicle fleet size, rising urbanization, rapid industrialization and robust pace of infrastructure developments. In February 2016, government launched its first long term infrastructure plan, with major focus on filling infrastructure gaps and improving road, rail as well as port connectivity. This is projected to fuel demand for tires from commercial and OTR vehicle segments in the coming years. Due to imposition of high import duties, passenger car OEMs such as Ford, Toyota and Holden have announced closure of their manufacturing facilities in the country, and consequently, demand from replacement segment is anticipated to dominate the country?s tire market through 2021.

Browse 24 market data Tables and 52 Figures spread through 159 Pages and an in-depth TOC on "Australia Tire Market"

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Vehicle sales in Australia grew at a CAGR of more than 3% during 2011-2015, with unit sales increasing from 1.12 million units in 2011 to 1.26 million units in 2015. The automobile vehicle fleet size in Australia also increased from 15.19 million units in 2011 to 18.01 million units in 2015. Expanding fleet size boosted replacement demand for tires in the country during the same period. Further, Australia tire market is dominated by passenger car tire segment, followed by light commercial vehicle tire segment, and this trend is expected to continue during the forecast period. Booming construction and logistics sectors are projected to drive robust growth in demand for medium and heavy commercial vehicles and related tire products in the country, over the next five years. Australian Capital Territory and New South Wales are the leading regional markets for tires in Australia, due to high population density, large vehicle fleet size and high concentration of industries and businesses in the region.

?Of late, people in Australia are demonstrating increasing inclination towards SUVs, on account of rising disposable income levels of consumers and continuing improvements in road infrastructure. This is projected to augment demand for SUV tires in the country during the forecast period. Growing consumer demand for enhanced tire performance and safety is also projected to increase adoption of technologies such as Tire Pressure Monitoring System in the coming years. TPMS technology aids in monitoring tire inflation pressure on real time basis, with the help of sensors and alerts the driver in case of an emergency.?, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

?Australia Tire Market Forecast & Opportunities, 2021? has evaluated the future growth potential of Australia tire market and provides statistics and information on market structure, imports and future growth of Australia tire market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Australia tire market.

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