LONDON--(BUSINESS WIRE)--Technavio, a tech-focused research firm, has published a new report on the passenger car tire market in Australia, which is expected to grow at a CAGR of more than 2% from 2015-2019.
According to the latest report by Technavio, the need for replacement of old and damaged tires is having a positive impact on domestic tire market. In 2014, Australia, being an advanced economy, had sales of 532 thousand passenger cars, which would now be the new customers for the replacement tire market.
“It is projected that the passenger car market in Australia will experience a decline at a CAGR of almost 0.35% during the forecast period. However, the on-road passenger cars are expected to grow at a CAGR of over 2%, which would thus support the growth of the replacement tire segment,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also emphasizes self-sealing tires or run-flat tires, developed by Continental Tires, which are designed to fix punctures instantly and permanently.
“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 and drive market growth in the forecast period,” adds Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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