New Zealand Tire Market

New Zealand Tire Market, By Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Off-The-Road (OTR) Vehicles, Two Wheelers); By Demand Category (OEM, Replacement); By Type of Tires (Radial, Bias); By Sales Channel (Dealer/Exclusive Outlets, Online); By Tube Type (Tube, Tubeless), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: November 2023
  • Report ID: BWC23937
  • Available Format: PDF
  • Page: 240

Report Overview

Increasing vehicle ownership, rising consumer awareness about tire safety and performance, government regulations promoting tire sustainability, thriving tourism sector leading to higher demand for vehicles and replacement tires, are expected to contribute to the growth of the New Zealand Tire Market during the forecast period between 2023 and 2029.

New Zealand Tire Market - Industry Trends & Forecast Report, 2029

New Zealand tire market size was estimated at USD 746.41 million in 2022. During the forecast period between 2023 and 2029, the size of New Zealand tire market is projected 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.

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.

New Zealand Tire Market

Growth Drivers

Sustainable Mobility Initiatives

One significant growth driver for the New Zealand tire market is the increasing focus on sustainable mobility initiatives. As New Zealand strives to reduce its carbon footprint and promote eco-friendly transportation options, the demand for tires that are energy-efficient, durable, and environmentally responsible has surged. Consumers are increasingly inclined towards eco-friendly vehicle options such as electric cars and hybrids, which require specialized tires for optimal performance. This shift towards sustainability has led to a growing market for eco-conscious tire manufacturers, offering innovative solutions that align with New Zealand's commitment to a greener future, thus propelling the growth of the tire market in the country.

Restraints

Limited Variety of Tire Brands

One significant restraint in the New Zealand tire market is the limited variety of tire brands available to consumers. The market is predominantly dominated by a few major international tire manufacturers, resulting in a lack of diverse options for customers. This limitation restricts consumer choice, making it challenging to find tires that cater to specific vehicle types, weather conditions, or performance preferences. Further, it can lead to price competition being less robust, potentially causing higher tire prices for consumers due to reduced competitive pressure. Expanding the range of tire brands in the New Zealand market could enhance consumer options and foster healthy competition.

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

Segmental Coverage

New Zealand Tire Market - By Vehicle Type

By vehicle type, New Zealand tire market is divided into Passenger Cars, Light Commercial Vehicles (LCVs), Medium and Heavy Commercial Vehicles (M&HCVs), Off The Road (OTR) Vehicles, and Two Wheelers segments. The passenger cars segment is the largest, which represents a significant portion of the New Zealand tire market. New Zealand's growing urbanization and the increasing popularity of personal vehicles have contributed to the prominence of this segment. However, it's worth noting that the LCVs and two-wheelers segments also play substantial roles in the overall tire market, driven by business logistics and rising demand for motorcycles and scooters for commuting purposes.

New Zealand Tire Market - By Demand Category

On basis of the demand category, New Zealand tire market is split into OEM and Replacement segments. The replacement segment is a larger demand category in the market. It 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.

New Zealand Tire Market Size

New Zealand Tire Market - By Type of Tire

Based on type of tire, New Zealand tire market is divided into Radial and Bias segments. Radial tires are known for their advanced construction, with cords running perpendicular to the tire's direction of travel, offering improved stability, fuel efficiency, and longer lifespan. On the other hand, bias tires have cords that crisscross diagonally, making them durable and suitable for heavy-duty applications. These segments cater to distinct consumer preferences and specific automotive needs, reflecting the diverse demands within the New Zealand tire market. Understanding these segments is crucial for both consumers and manufacturers in making informed tire choices and product offerings.

New Zealand Tire Market – By Sales Channel

On basis of the sales channel, New Zealand tire market is divided into Dealer/Exclusive Outlets and Online segments. The dealer/exclusive outlets segment comprises brick-and-mortar stores and exclusive tire dealerships, offering a wide range of tire brands and services. On the other hand, the online segment represents the digital landscape of tire sales, encompassing e-commerce platforms and websites where consumers can purchase tires online, often with the convenience of doorstep delivery. As consumers increasingly turn to online shopping for tires, this segment has witnessed significant growth and is poised to continue evolving as technology and e-commerce platforms advance, reshaping the tire market in New Zealand.

New Zealand Tire Market – By Tube Type

On basis of the tube type, New Zealand tire market is split into Tube and Tubeless segments. These segments represent the fundamental distinction in tire design and functionality. Tube tires feature an inner tube, which holds the air pressure and supports the tire structure, while tubeless tires rely on a specialized design and sealant to maintain air pressure without an inner tube. Both segments have their advantages and applications, with tubeless tires generally offering improved safety due to their ability to maintain pressure even when punctured. The market's largest segment may vary over time due to changing consumer preferences and technological advancements.

Competitive Landscape

New Zealand tire market is fiercely competitive, with leading players including Tyres Direct, Caltex, Z Energy, JK Tyres, Tyrepower, Les Schwab, Bridgestone, Michelin, Goodyear, and Dunlop. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

  • In 2021 - Goodyear introduced a new ElectricDrive all-season tire along with two new sizes of the ultra-high-performance (UHP) ElectricDrive GT tire. The product primarily targets crossover utility vehicles & commuter touring sedans, fundamentally equipped with a load index exhibiting higher potential in enduring the heavier weight associated with EVs. Also, the tire demonstrates excellent handling capabilities in different weather scenarios owing to its asymmetric tread pattern. In 2022, the brand also announced its plans to further expand its product portfolio with the initial release of the Goodyear ElectricDrive GT, available in size 255/45R19 104W XL.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

New Zealand

Product/ Service Segmentation

Vehicle Type, Demand Category, Types of Tires, Sales Channel, Tube Type

Key Players

Tyres Direct, Caltex, Z Energy, JK Tyres, Tyrepower, Les Schwab, Bridgestone, Michelin, Goodyear, Dunlop

 

By Vehicle Type

  • Passenger Cars

  • Light Commercial Vehicles (LCVs)

  • Medium & Heavy Commercial Vehicles (M&HCVs)

  • Off The Road (OTR) Vehicles

  • Two Wheelers

By Demand Category

  • OEM

  • Replacement

By Type of Tires

  • Radial

  • Bias

By Sales Channel

  • Dealer/Exclusive Outlets

  • Online

By Tube Type

  • Tube

  • Tubeless

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. New Zealand Tire Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Drivers
        1. Increasing urbanization
        2. Rising disposable incomes
        3. Changing consumer preferences
      2. Restraints
        1. High prices
        2. Lack of awareness about tire safety
      3. Opportunities
        1. Growth of the e-commerce sector
        2. Development of new tire technologies
      4. Challenges
        1. Import duties and taxes
        2. High cost of production
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. New Zealand Tire Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Vehicle Type
        1. Passenger Cars
        2. Light Commercial Vehicles (LCVs)
        3. Medium and Heavy Commercial Vehicles (M&HCVs)
        4. Off-the-Road (OTR) Vehicles
        5. Two Wheelers
      2. By Demand Category
        1. OEM
        2. Replacement
      3. By Type of Tires
        1. Radial
        2. Bias
      4. By Sales Channel
        1. Dealer/Exclusive Outlets
        2. Online
        3. Others
      5. By Tube Type
        1. Tube
        2. Tubeless
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. New Zealand Tire Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of COVID–19 on New Zealand Tire Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Tyres Direct
    2. Caltex
    3. Z Energy
    4. JK Tyres
    5. Tyrepower
    6. Les Schwab
    7. Bridgestone
    8. Michelin
    9. Goodyear
    10. Dunlop
    11. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

 

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

 

List of Figures

 

Figure 1       New Zealand Tire Segmentation                  

Figure 2       New Zealand Tire Market Value Chain Analysis                          

Figure 3       Company Market Share Analysis, 2022                  

Figure 4       New Zealand Tire Market Size, By Value (USD Million), 2019–2029                         

Figure 5       New Zealand Tire Market Share, By Vehicle Type, By Value, 2019–2029                           

Figure 6       New Zealand Tire Market Share, By Demand Category, By Value, 2019–2029                                                

Figure 7       New Zealand Tire Market Share, By Type of Tires, By Value, 2019–2029

Figure 8       New Zealand Tire Market Share, By Sales Channel, By Value, 2019–2029

Figure 9       New Zealand Tire Market Share, By Tube Type, By Value, 2019–2029

 

List of Tables

 

Table 1        New Zealand Tire Market Size, By Value (USD Million), 2019–2029

Table 2        New Zealand Tire Market Share, By Vehicle Type, By Value, 2019–2029                           

Table 3        New Zealand Tire Market Share, By Demand Category, By Value, 2019–2029                                                

Table 4        New Zealand Tire Market Share, By Type of Tires, By Value, 2019–2029

Table 5        New Zealand Tire Market Share, By Sales Channel, By Value, 2019–2029

Table 6        New Zealand Tire Market Share, By Tube Type, By Value, 2019–2029

Table 7        Tyres Direct Company Overview

Table 8        Tyres Direct Financial Overview

Table 9        Caltex Company Overview

Table 10      Caltex Financial Overview

Table 11      Z Energy Company Overview

Table 12      Z Energy Financial Overview

Table 13      JK Tyres Company Overview

Table 14      JK Tyres Financial Overview

Table 15      Tyrepower Company Overview

Table 16      Tyrepower Financial Overview

Table 17      Les Schwab Company Overview

Table 18      Les Schwab Financial Overview

Table 19      Bridgestone Company Overview

Table 20      Bridgestone Financial Overview

Table 21      Michelin Company Overview

Table 22      Michelin Financial Overview

Table 23      Goodyear Company Overview

Table 24      Goodyear Financial Overview

Table 25      Dunlop Company Overview

Table 26      Dunlop Financial Overview

Table 27      Other Prominent Players Company Overview

Table 28      Other Prominent Players Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: New Zealand Tire Market size was estimated at USD 746.41 million in 2022.
Ans: New Zealand Tire Market size is expected to grow at a CAGR of 4.1% during forecast period between 2023 and 2029.
Ans: New Zealand Tire Market size is forecast to reach a value of USD 988.86 million by 2029.
Ans: Major factors driving the growth of New Zealand Tire Market include increasing vehicle ownership, a growing automotive industry, rising consumer awareness about tire safety and performance, government regulations promoting tire sustainability, and a surge in tourism, leading to higher demand for vehicles and replacement tires.
Ans: Key players in New Zealand Tire Market include Tyres Direct, Caltex, Z Energy, JK Tyres, Tyrepower, Les Schwab, Bridgestone, Michelin, Goodyear, and Dunlop.
Ans: The passenger cars segment accounts for the highest market share in the New Zealand Tire Market by vehicle type.
Ans: The replacement segment holds a higher market share in the New Zealand Tire Market by demand category.
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