Australia Tire Market Set to Experience a Massive more than 4% CAGR During 2022-2027
Market Insights
As per recent research by MarkNtel Advisors, The Australia Tire Market is projected to grow at a CAGR of around 4% during the forecast period, i.e., 2022-27.
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Key Driver: Increasing Construction Activities
Since the government of Australia is increasingly focusing on the development of the country’s infrastructure, the number of construction projects for roads, highways, complexes, residential & commercial buildings, educational institutions, healthcare facilities, among others, is escalating swiftly. It, in turn, is propelling the demand for robust vehicles & construction equipment like bulldozers, cranes, excavators, and others.
As a result, this mounting demand for heavy vehicles is directly impacting the requirement for robust tires to deliver improved grips, stability on different terrains, and low rolling resistance & traction, among other capabilities. Therefore, automakers & tire manufacturers are seeking different opportunities to introduce new vehicles & tires and expand their production capacities to suffice the burgeoning tire requirement and boost the market in the coming years.
Market Segmentation and Consumer Behavior:
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses and Trucks
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
By Demand Category
- OEM
- Replacement
By Type of Tire
- Radial
- Bias
By Sales Channel
- Dealer/Exclusive Outlets
- Online
- Direct Sales
By Season
- All season
- Summer
By Price Category
- Budget (Up to USD90)
- Economy (USD91-USD140)
- Premium (Above USD140)
By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
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Australia Tire Market Geographical Analysis:
By Region:
- West
- North
- South
- Queensland
- New South Wales
- Victoria
Key Players and Competitive Strategies in the Australia Tire Market
Several prominent players dominate the Australia Tire Market, including:
- Bridgestone
- Goodyear and Dunlop Tyres
- Continental
- Yokohama
- Michelin
- Pirelli
- Kumho
- Hankook
- Toyo
- Federal tyres Australia
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Questions Addressed in this Study
1.What factors are driving the Australia Tire Market growth?
2.How is the Australia Tire Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Australia Tire Market?
4.What is the current size of the Australia Tire Market, and how is it projected to change in the future?
5.What is the future outlook for the Australia Tire Market in terms of technological advancements and market expansion?
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