A report has forecasted that the Taiwanese tyre market is set to increase at a Compound Annual Growth Rate (CAGR) of more than 4% from this year to 2020.
The report titled “Taiwan Tyre Market Forecast and Opportunities, 2020” by UK-based research firm Research and Markets chalks the growth to high vehicle ownership, increasing demand for better quality tyres and introduction of electric vehicles.
Taiwan poses a lucrative market for automotive manufactures. It has seen booming domestic sales and exports in the past decade. There are 676 motorcycles for every thousand persons and 324 cars per thousand people. This in turn propels the demand for tyres, where motorcycle tyres and replacement tyres take the lead.