In 2023, the import value of new pneumatic tires of rubber for bicycles to Australia stood at 1.62 million. The forecasted data shows an annual increase, with values rising to 1.6674 million in 2024, 1.7181 million in 2025, 1.7677 million in 2026, 1.8164 million in 2027, and 1.8641 million in 2028. Examining the year-on-year variations:
- 2024: 2.93% increase from 2023
- 2025: 3.04% increase from 2024
- 2026: 2.89% increase from 2025
- 2027: 2.75% increase from 2026
- 2028: 2.62% increase from 2027
Over the last two years (2022-2023 and 2023-2024), the market showed steady growth, averaging around 2.93% annually. The compound annual growth rate (CAGR) from 2024 to 2028 is approximately 2.85%.
Future trends to watch for include:
- Increased popularity of electric bicycles, potentially boosting demand for high-performance tires.
- Economic factors impacting consumer spending and import volumes.
- Advances in tire technology leading to product innovation and enhanced durability.
