Rising disposable income, rapid industrialization and expanding fleet size to drive New Zealand tire market through 2025
According to TechSci Research report, “New Zealand Tire Market By Vehicle Type, By Radial Vs Bias, By Demand Category, By Offline Vs Online, Competition, Forecast & Opportunities, 2015 – 2025”, New Zealand tire market is projected to surpass sales of 6 million units by 2025, owing to increasing sales of automobiles and rising average running lifetime of vehicles across the country. Moreover, factors such as surging online sales, rising inclination towards tire recycling and introduction of eco-friendly tires are further promoting the growth in New Zealand tire market. Additionally, infrastructural projects by National Land Transport Programme (NLTP) under 2018-2021 plan in Auckland and Wellington is further anticipated to positively influence New Zealand Tire Market in the coming years.
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Among vehicle types, passenger car segment dominated the market with over two-third volume share in 2018. The segment is expected to continue its dominance through 2025 as well on account of high sales of used & new cars and increase in average lifetime of passenger cars. However, light commercial vehicle segment is likely to witness the highest growth during forecast period. Radial tires registered highest growth in 2018 owing to their various advantages like flexible sidewalls and reduced fuel consumption due to less resistance and less vibration.
Prominent automotive tire giants such as Compagnie Générale des Établissements Michelin (CGEM), Goodyear Dunlop Tyres (NZ) Limited, Bridgestone Corporation, Hankook Tire Co., Ltd., Continental Pty. Ltd., The Yokohama Rubber Co., Ltd., etc., are continuously enhancing and expanding their product offerings to attract large number of customers. In New Zealand, tires are imported from Korea, Australia, China, etc., and consequently, companies are expanding their distribution network in the country.
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“Increasing population, rising replacement tire demand and surging vehicles demand are anticipated to continue fueling growth in New Zealand tire market. Moreover, favorable government policies and surging foreign investments in automotive sector are further anticipated to positively influence New Zealand tire market in the coming years. Additionally, several rapid transport projects such as Waitemata Harbour Crossing and Puhoi Wellsford would further positively influence the market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“New Zealand Tire Market By Vehicle Type, By Radial Vs Bias, By Demand Category, By Offline Vs Online, Competition, Forecast & Opportunities, 2015 – 2025” has evaluated the future growth potential of New Zealand tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in New Zealand tire market.
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