Driven by growing automobile sales, rising automobile fleet size, and favorable government policies in the country, the tire market in Australia is estimated to reach $3.6 billion in 2014, according to TechSci Research.
With the highest number of vehicles in New South Wales, Victoria, and Queensland, these three regions account for majority of the overall tire demand in Australia, the research firm stated in its report “Australia Tyre Market Forecast and Opportunities, 2019.”
Bridgestone, Goodyear/Dunlop, and Yokohoma are the leading players in the Australian tire market, and are expected to continue to be the top three tire brands in Australia until 2019, according to the report. However, other companies such as Michelin, Kumo, Toyo, Hankook, Continental, and various Chinese tire brands are expected to offer increasing competition to the established players during the forecast period.
Tire retreading will also see an increase during the forecast period as well for a number of reasons.
"Major reasons for the growth of retreaded tire market are low tire cost and the new ‘tire stewardship scheme’ implemented by the federal government of Australia,” said Karan Chechi, TechSchi research director. “Favorable government policies are expected to boost the retreaded tire market in the country, with the segment projected to witness double digit growth over the next five years."