New Zealand Tire Market Size Expands at Steady CAGR of 4.1% to Touch USD 988.86 Million by 2029

Published | 17 November 2023

New Zealand tire market is flourishing due to greater awareness about tire safety, increasing vehicle sales, and the need for replacement tires due to wear and tear.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the New Zealand tire market size at USD 746.41 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the New Zealand tire market size to grow at a CAGR of 4.1% reaching a value of USD 988.86 million by 2029. The growth of the New Zealand tire market is primarily driven by several key factors. Firstly, increasing vehicle ownership and a growing automotive industry contribute to rising tire demand. Secondly, a focus on road safety and the need for high-quality tire boost replacements and upgrades. Thirdly, New Zealand's expanding tourism sector and outdoor recreational activities drive demand for specialized tires, such as those for campervans and off-road vehicles. Lastly, environmental concerns are pushing consumers towards eco-friendly and fuel-efficient tire options, fostering innovation and sustainability in the market. These factors collectively fuel the growth of the New Zealand tire market.

Tire – Overview

A tire is a crucial component of vehicles, serving as the point of contact between the vehicle and the road. It consists of a rubber outer layer, known as the tread, which provides traction and grip. Inside, it has layers of fabric and steel belts for structure and support. Tires come in various sizes and types, tailored for different vehicles and purposes, such as passenger cars, trucks, bicycles, and even aircraft. Proper tire maintenance, including inflation, rotation, and alignment, is essential for safety and optimal performance. Tires play a vital role in vehicle stability, handling, and overall road safety.

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Impact of COVID-19 on New Zealand Tire Market

The COVID-19 pandemic significantly impacted the New Zealand tire market. During lockdowns and restrictions, the demand for tires decreased as people drove less, affecting both the replacement and new tire segments. Import disruptions and supply chain challenges also led to fluctuations in tire availability and pricing. However, as restrictions eased, there was a surge in domestic travel, boosting the need for tires for recreational vehicles and cars. Online tire sales witnessed growth due to changing consumer preferences. Overall, the New Zealand tire market faced initial challenges but displayed resilience and adaptability as the country navigated through the pandemic's evolving conditions.

New Zealand Tire Market - By Demand Category

On basis of the demand category, New Zealand tire market is divided into OEM and Replacement segments. Replacement is a larger demand category in the New Zealand tire market. This is indicative of the significant demand for tires among vehicle owners looking to replace worn-out or damaged tires. The replacement segment encompasses a wide range of vehicles, including cars, trucks, and motorcycles, and caters to the ongoing maintenance needs of New Zealand's diverse vehicle fleet. Factors such as road conditions, weather variations, and regular wear and tear contribute to the sustained growth and dominance of the replacement tire market within New Zealand.

Competitive Landscape

New Zealand tire market is fiercely competitive. Major companies in the market include Tyres Direct, Caltex, Z Energy, JK Tyres, Tyrepower, Les Schwab, Bridgestone, Michelin, Goodyear, and Dunlop. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in New Zealand tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of New Zealand Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in New Zealand Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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