Australia Tyre Market Estimated to Reach US$ 2.8 Billion in 2015, Says TechSci Research

Aug 27, 2015, 10:30 ET from TechSci Research

BURNABY, Canada, August 27, 2015 /PRNewswire/ --

Rising automobile sales, expansion of automobile fleet and favourable government policies to increase tyre sales in Australia 

According to TechSci Research report, "Australia Tyre Market Forecast & Opportunities, 2020", tyre market in Australia is forecast to reach around US$ 2.8 billion in 2015. Increase in industrialization, increasing automobile fleet, development of online sales channels as mainstream distribution channel, and shortening replacement period of tyres are few of the major factors driving sales of tyres in Australia. In 2014, passenger car tyre segment dominated the Australia tyre market, followed by light commercial vehicle tyre and medium & heavy commercial vehicle tyre segments. Two-wheeler and OTR tyre segments cumulatively accounted for only a small share in the Australia tyre market. With high concentration of vehicles in New South Wales, Victoria and Queensland, these three regions account for more than three-fourths of tyre sales in the country.

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Bridgestone, Goodyear & Dunlop Tyres, and Yokohoma are few of the leading players operating in Australia tyre market. However, with no tyre manufacturing facility in Australia, the country is completely dependent on imports to meet its domestic tyre demand. Companies such as Michelin, Kumho, Toyo, Hankook, Continental and various Chinese tyre brands are expected to offer stiff competition to established players during the forecast period. However, Bridgestone, Goodyear & Dunlop and Yokohoma are forecast to continue their dominance in the country's tyre market through 2020, due to high consumer preference for tyres from these companies.

"With introduction of the National Tyre Stewardship Scheme by Federal Government of Australia in 2014, demand for retreaded tyres in Australia is projected to increase during 2015-20. The scheme was implemented in association with tyre companies, in order to find solutions for end-of-life tyres and increase awareness regarding safe and effective disposal of old tyres." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Australia Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Australia tyre market and provides statistics and information on market structure, imports and trends of Australia tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Australia tyre market.

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