(PRWEB) October 01, 2013
Australia’s tyre market is forecasted to grow at the CAGR of around 3% in the next five years, according to the recently published report by TechSci Research ‘Australia Tyre Market Forecast and Opportunities, 2018’. The tyre market holds promising future as new tyres, manufactured by the use of latest technologies are projected to be launched in the next two to three years.
‘Australia Tyre Market Forecast & Opportunities, 2018’ report has evaluated the future growth potential of Australia’s tyre market and provides statistics and information on market structure and consumer behavior trends.
According to the TechSci Research report, the regions of New South Wales, Queensland, Victoria and Western Australia account for nearly 90% of the total number of vehicles registered in Australia. Bridgestone, Goodyear, Yokohama and Kumho tyres are the leading players in the Australian tyre market and collectively account for nearly 70% of the total tyre market revenues. The report reveals that the highest growth region in the Australian tyre market is Western Australia and the biggest player in the tyre market of Australia is Bridgestone Corporation.
“World class infrastructure, increasing passenger car population and supporting allied industries are driving the growth of tyre market in Australia. The country has emerged as one of the most competitive tyre markets across the globe due to low entry barriers and ease of operations for foreign players. The tax break policy introduced by the Australian government for automotive industry in July 2012 has proved to be an accelerator for the automobile component industry, including tyre market,” said Mr. Karan Chechi, Research Director, TechSci Research.
The ‘Australia Tyre Market Forecast & Opportunities, 2018’report includes tyre market projections and demand forecasting. 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 the emerging trends along with essential drivers, challenges and opportunities available in the tyre market in Australia.