BURNABY, British Columbia—Australia's tire market is forecast to grow at a compound annual growth rate of around 3 percent in the next five years, according to a report by TechSci Research, "Australia Tire Market Forecast and Opportunities, 2018."
TechSci said it sees promise as tires embodying modern technology (for instance, run-flat, self inflating) tires are projected to be launched in Australia over the next two to three years.
"World class infrastructure, a rising passenger car population and supporting allied industries are driving the growth of the tire market in Australia," said Karan Chechi, research director for TechSci Research.
"The country has emerged as one of the most competitive tire markets globally due to low entry barriers and ease of operation 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 tires."