Fast Market Research announces the availability of the new TechNavio report, "Passenger Car Tire Market in Australia 2015-2019", on their comprehensive research portal
Boston, MA -- (SBWIRE) -- 08/31/2015 -- In 2014, Australia was the eighth largest passenger car market in APAC. The country had about 13.59 million passenger cars in use the same year, a growth of 17.97% from 11.51 million cars in 2007. In 2011, Australia had 482 passenger cars per 1,000 people, which depicts the commercial viability of the automotive industry in the country. The country's GNI per capita (PPP) increased from $31,360 in 2005 to $42,110 in 2013, an increase of 34.28%. In 2013, the country was globally ranked 19th in terms of GNI per capita (PPP). The commercial viability of the industry also translated into growth of associated markets such as the tire market.
Get More Details on this Report and a Full Table of Contents at Passenger Car Tire Market in Australia 2015-2019
The market has prominent tire manufacturers such as Michelin, Bridgestone, Toyo Tire, Yokohama, Goodyear, and Continental Tires, and also has established automobile vendors such as Ford, General Motors, Honda, Mercedes-Benz, and Toyota. Though passenger car sales witnessed a decline in 2013 and 2014, the tire market in general has witnessed consistent growth over the past decade. Passenger car sales are expected to decline during the forecast period. However, the passenger car tire market is expected to continue to grow due to the growing number of passenger cars in use.
Technavio's analysts forecast the passenger car tire market in Australia to grow at a CAGR of 2.11% over the period 2014-2019.
Commenting on the report, an analyst from Technavio's team said: "The self-sealing tires that eliminate the need for a spare tire or tire-changing equipment on board a car are expected to be a major trend in the market, especially in regions where punctures are more common."
According to the report, profit margins of the tire vendors have surged since 2011, the year when the prices started dipping. However, tire vendors are expected to pass the savings to consumers. The initiation would be with an aim to gain market share.
Further, the report states that increase in retreading of tires is affecting the replacement tire market which in turn is affecting the market growth.
The key players in the Passenger Car Tire Market in Australia are Alliance Tire Group, Apollo Tyres, Bridgestone Australia, Continental, Cooper Tire and Rubber, Federal Tyres Australia, Goodyear & Dunlop Tyres Australia, GT Radial, Hankook Tyre, Kumho Tyre, Maxxis International, Michelin Australia, Nokian Tyres, Pirelli, Sumitomo Rubber Industries, Toyo Tyre and Rubber and Yokohama Rubber
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