Press Release

China Tire Market to be Valued USD 36.82 Billion 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”, China tire market was valued USD 28.19 Billion in 2019 and is projected to grow at CAGR of over 6% during the forecast period to reach USD 36.82 Billion by 2025. Key factors propelling the growth of China tire market include increasing focus of manufactures towards high-end products, brand reputation and move towards green manufacturing. The removal of antidumping and countervailing duties on Chinese tires by United States in May 2019 is also likely to fuel the market growth in coming years.

However, the maturity of the Chines tire market and dominant position of few tire manufactures leaves small space for new market players to grow. The market is also prone to some other challenges. 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, which can negatively impact the tire market of China.

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 2019, 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 is another 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 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. On account of cheap prices and advanced technology, Chinese tire brands are gaining market shared in various regions across the globe. People are showing interest in Chinese tire brands because of good technology on offer at low prices compared to other international tire brands. This factor is going to drive the Chinese tire market in other regions of world.

Browse 63 Figures and 3 Tables spread through 117 Pages and an in-depth TOC on "China Tire Market"

https://www.techsciresearch.com/report/china-tire-market/2443.html

“Majority of tire demand is generated by the replacement segment. In 2019, replacement category held 61.27% of share by volume. Retail outlets increase effectiveness of after-sales services for tires and provide technical support pertaining to the tires. This helps tire companies to increase their brand awareness and satisfaction among customers.,” 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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