BURNABY, Canada, October 30, 2014 /PRNewswire/ --
High Vehicle Motorization Rate and Increasing Automobile Sales to Drive Tyre Market in Australia During 2014-19
According to a recently released TechSci Research report, "Australia Tyre Market Forecast & Opportunities, 2019'', the tyre market in Australia is estimated to reach USD3.6 billion in 2014. Major factors driving the market include growing automobile sales, rising automobile fleet size and favorable government policies in the country. Passenger car tyre segment is the most dominating tyre segment in Australia, followed by light commercial vehicle tyre and heavy commercial vehicle tyre segment. Two-wheeler and OTR tyre segments cumulatively account for less than 10% of the country's tyre market. With highest number of vehicles in New South Wales, Victoria and Queensland, these three regions account for majority of the overall tyre demand in the country.
Bridgestone, Goodyear/Dunlop and Yokohoma are the leading players in Australian tyre market. However, other companies such as Michelin, Kumo, Toyo, Hankook, Continental and various Chinese tyre brands are expected to offer increasing competition to the established players during the forecast period. Nevertheless, Bridgestone, Goodyear/Dunlop and Yokohoma would continue to be the top three tyre brands in Australia until 2019.
"Tyre retreading business is expected to increase during the forecast period. Major reasons for the growth of retreaded tyre market are low tyre cost and new "tyre stewardship scheme" implemented by Federal government of Australia. Favorable government policies are expected to boost the retreaded tyre market in the country, with the segment projected to witness double digit growth over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Australia Tyre Market Forecast and Opportunities, 2019" has evaluated the future growth potential of Australia's tyre industry and provides statistics and information on market structure, imports, exports and future growth of the country's tyre industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the tyre industry in Australia.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research