China Tire Market – Rolling Towards Growth
Mar 7,2022 | Automobile
Due to increasing market competition, tire manufacturers are trying to offer the best that they can. Tire manufacturers are engaging in developing and integrating new technological advancements in their high-tech tire offerings. This is exactly what the Tire manufacturing industry in China are increasingly focusing on, by providing advanced product offerings to meet the evolving consumer requirement with respect to better ride quality, better traction, safety, better fuel efficiency and durability.
China is a leading exporter of automobiles to most of the regions across the globe, with the country being the largest exporter of automobiles to Middle East. High and rising vehicle production in China is expected to continue boosting demand for tires in the OEM tire segment. China Tire Market was valued around US$ 49 Billion in 2020 and is projected to grow at impressive CAGR to reach US$ 90 Billion by 2026 owing to increasing sales of automobile and growing replacement tire demand in the country. Rising demand for automobiles in most of the countries is leading to higher production in China.
China Tire market is segmented based on vehicle type, demand category, radial versus bias, rim size and region. Based on vehicle type, the market can be categorized into passenger car, LCV (Light Commercial Vehicle), M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road Vehicles), two-wheeler and three-wheeler. Among these, passenger car dominated the market with share of 53.45% in 2020. The growth of the segment can be attributed to surge in demand for personal transportation for daily commuting amid COVID-19, rise in sales of used and new passenger car, thereby, driving the demand for passenger car tire through 2026.
Major companies operating in China tire market are Hangzhou Zhongce Rubber Co. Ltd., GITI Tire (China) Investment Company Ltd., Sailun Jinyu Group Co. Ltd., Kumho Tire Co. Ltd., Triangle Tire Co. Ltd., Hankook Tire China Co. Ltd., Double Coin Holdings Ltd., Cheng Shin Rubber (China) Co. Ltd., Aelous Tyre Co. Ltd, and Prinx Chengshan (Shandong) Tire Company.
Regarded as one of the best website for market analysis reports, Bharatbook offers the latest study on the China tire market, which is useful in providing answers to several critical questions that are important for industry stakeholders such as tire manufacturers, distributors and dealers, customers and policy makers. The evaluation would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion. Furthermore the report includes product offerings, distribution channels and regional presence of all major tire suppliers across the country. It also calculated the market size for China tire market using a bottom-up technique, wherein manufacturers’ volume sales data for different applications were recorded as well as forecast for the future years.
For more details, we recommend to visit China Tire Market.
