TAIPEI: According to TechSci Research report, “Taiwan Tire Market Forecast and Opportunities, 2011 – 2021”, tire market in Taiwan is forecast to surpass $1.2 Billion by 2021, owing growing automobile production to cater domestic as well as foreign market, coupled with favourable tax policies, and expanding automobile fleet size in the country.
Presence of major automobile manufacturers like Toyota, Honda, Nissan, China Motor Corporation, Ford, etc., in the country are also fueling demand for automobiles in the country. Automobile sales in Taiwan exhibited a CAGR of 0.13% during 2011-2015, as sales of automobiles increased from 925 thousand units in 2011 to 930 thousand units in 2015. Moreover, these automobile manufacturers cater to domestic market as well as international market, which is further expected to further drive demand for tires in Taiwan in the coming years.
In Taiwan tire market two-wheeler tire segment accounted for highest market share in 2015, and the segment by over the past few years, and the segment is further expected to continueit’s dominance in the market in the coming years as well, owing to expanding two-wheeler fleet size and rising sale of two-wheelers in Taiwan. Moreover, two-wheeler sales increased from 639 thousand units in 2011 to 667 thousand units in 2015.
Furthermore, northern region was the highest demand generating region for tires within the country, and the regions dominance is further anticipated to continue in the coming years, on account of presence of prominent cities like Taipei City, New Taipei City, Yilan County, Taoyuan County, Hsinchu County, Miaoli County, Keelung City and Hsinchu City in the region.
