Press Release

China Tire Market Set to Grow at CAGR of 5.25% in Next Five Years

Demand for high-end tires and focus of manufactures towards green manufacturing are likely to drive China tire market through 2025

According to TechSci Research report, “China Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast & Opportunities, 2025”, the country’s tire market is anticipated to grow at a CAGR of around 5.25% during the forecast period owing to the maturity of the tire market and dominant position of few leading tire manufactures which leaves small space for new market players to grow. Moreover, China made around 648 million tires in 2018 which marked the first negative growth in a decade at a pace of -0.8%. The reasons behind this can be attributed to the China-US trade war as well as the "anti-dumping and anti-subsidy" duties levied on Chinese truck tires by European Commission and the U.S. Department of Commerce. However, in May 2019, United States removed its antidumping and countervailing duties on Chinese tires which is expected to positively impact the China tire market growth in coming years. Apart from this, the country’s tire market is now focusing on high-end products, maintaining brand reputation and is moving towards green manufacturing to achieve sustainable development goals.

Based on vehicle type, China tire market can be segmented into passenger car, LCV (Light Commercial Vehicle), M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road Vehicles), two-wheeler and three -wheeler. In 2017, passenger car tire segment dominated China tire market, followed by two-wheeler tire, and medium & heavy commercial vehicle tire segments. Passenger car tire segment is anticipated to continue its dominance in China tire market through the forecast period as well, on account of increasing sales of passenger cars across the country. Moreover, the increasing replacement demand from passenger cars which covers over 80% tires is also a major factor behind the high demand for passenger car tires in the country.

As per the World Bank, China’s Gross National Income (GNI) per capita increased from USD 6,800 in 2013 to USD 8,370 in 2017, which, in turn, has positively impacted the purchasing power of consumers in the country.  The country’s East and South-Central region accounted for the largest share in the tire market, followed by North, South-West, North-East and North-West regions of China. The dominance of East and South-Central region is backed by the presence of important trade centers and high population density.

Leading market players in China tire market are Beijing Capital Tire Co. Ltd., 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, among others. In a consumer survey conducted by TechSci Research, Hangzhou Zhongce Rubber and Giti grabbed the highest satisfaction level among customers in terms of product quality, product availability and performance in China tire market. Also, Hangzhou Zhongce Rubber, Triangle Tire and Linglong Tire together constitute around 80 per cent of the total profit in the country. However, According to China Rubber Association, rise in price of raw materials has led to high production cost of tires. As per 2019, more than a dozen tire manufactures announced a 2%-5% price hike.

Browse 86 Figures and 5 Tables spread through 155 Pages and an in-depth TOC on "China Tire Market"  

“China tire market is increasingly concentrated which means strong players tend to be getting stronger and small & medium players are finding themselves struggling to survive. In 2017, Hangzhou Zhongce Rubber accounted for the largest market share in China tire market, followed by Giti, Sailun Jinyu Group, and Kumho. Hangzhou Zhongce Rubber is expected to continue leading the market through 2025 as well, owing to the continuing collaborations with various leading OEMs coupled with the company’s strong sales network spread across the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“China Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs, Bias, By Rim Size, By Price Segment (Ultra-Budget/Budget/Premium), By Region, Forecast & Opportunities, 2025” has analyzed the potential of China tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by China tire market.

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