Press Release

China Tire Market to Grow at 10.98% CAGR by 2027

Increasing demand for radial tires coupled with growing fleet size is to drive the China tire market through 2027.

According to TechSci Research report China Tire Market By Vehicle Type (Passenger Cars, Two-Wheeler, M&HCV, LCV, Three-Wheeler and OTR), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Region, Competition Forecast & Opportunities, 2017- 2027,” China tire market stood at USD44,500.15 million in 2021 and is estimated to reach USD82,463.17 million in 2027 growing with a CAGR of 10.98% in the forecast years. China tire market is driven by the growing vehicle usage across the country, lined with the increasing research and development to produce more efficient tires that adhere to standards and regulations. Major tire manufacturers are investing heavily in the production of state-of-the-art tires by integrating smart technologies such as shape memory alloy radial technology (SMART), tires equipped with pressure sensors technology, etc., for optimum functioning of tires providing drivers a superior driving experience. Mika Penttilä, Head of Digital Technology of Nokian Tyres stated that “If a car does not have an active driver to ensure that the tires are safe to use, safety needs to be measured in another way”. The other ways to measure safety are the sensors and smart technology tires developed lately.   The increasing penetration of electric vehicles across the country is escalating the country's automobile fleet, consequently driving the sales of tires in the country, airing the China tire market growth. Tires are critical components of an automobile and need to be replaced when needed. The inappropriate condition of a tire can lead to slipping, which can result in life-threatening accidents. As a result, China tire market is getting a fair share from the replacement market. The replacement ratio of the tire will get reduced by the development in innovative technologies, and by this China tire aftermarket growth is anticipated to get hamper.


Browse more than 32 market data Figures and spread through 70 Pages and an in-depth TOC on “China Tire Market"

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

 

China tire market can be segmented based on Vehicle Type, Demand Category, Tire Construction Type, Region and Company.

In terms of vehicle type, China tire market is segmented into passenger car, LCV (Light Commercial Vehicles), M&HCV (Medium and Heavy Commercial Vehicles), OTR (Off the Road Vehicles), Two-Wheeler and Three-Wheeler. Owing to China’s enormous fleet of passenger cars, based on vehicle type, China tire market is majorly dominated by passenger car tires. The segment accounted for 46.36% market share in 2021 and is anticipated to maintain its dominance by 2027 to reach 45.33% market share. By the increase in the commercial activities, the M&HCV is anticipated to be the fastest growing segment in the forecast years advancing with a CAGR of 12.05%.

In terms of demand category, China tire market is segmented into Original Equipment Manufacturers (OEM) and Replacement. The OEM tires segment of China tire market is comprised of the tires that are being sold to the automotive manufacturers, while the replacement tire segment of the market is comprised of the tires that are being replaced by the fleet owners after the purchase of the vehicle. Owing to enormous fleet of automobiles and increasing vehicle usage the replacement China tire market is dominating based on demand category. The replacement segment accounted for 69.18% market share in 2021. Other than significant fleet size of automobiles, the high replacement ratio of M&HCV tires is driving the sales of replacement tires in China Tire Market.

In terms of tire construction type, China tire market is segmented into Radial and Bias. The radial tires are mainly equipped in passenger cars, light commercial vehicles, medium and heavy commercial vehicles, while most of radial tires are equipped in two-wheelers. The radial tire segment is dominating with 60.19% market share in 2021. Furthermore, owing to performance benefits like better vehicle handling, better grip, fuel efficiency, the radial tires segment is anticipated to advance with a CAGR of 8.62% in the forecast years 2027.

In 2020, tires sales declined in China compared to 2019 as the country underwent strict lockdown in the second and third quarters of 2020 to counter the spread of the COVID-19 pandemic. Many industries, including the tire manufacturing industry, have faced a consequential decrease in the production of tires due to full or partial lockdown restrictions imposed by the national government to reduce the spreading of coronavirus. Owing to lockdown declarations to curtail the spread of the COVID-19, almost all the automotive factories halted their vehicle production, consequently hampering the sales of OEM tires. Moreover, due to lockdown restrictions and increasing work from home activities, the replacement tire market hit in 2020. Owing to the increasing adoption of electric vehicles in the country and technological developments, China tire market is anticipated to recover in around two years.


Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=2443

Customers can also request for 10% free customization on this report.

Some of the major players 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) etc. Apart from these companies, local unorganized manufacturers are also increasing their marketing activities and enriching their product portfolio across China to increase their customer outreach.

“In 2021, East China accounted for the largest share i.e., 34.15% in China tire market. The region is expected to maintain its dominance over the next five years as well, with East China being one of the leading tire markets globally. However, South-Central China is giving neck to neck competition. Moreover, increasing fleet size of automobiles is boosting demand for tires in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

China Tire Market By Vehicle Type (Passenger Car, Two-Wheeler, M&HCV, LCV, Three-Wheeler and OTR), By Demand Category (Replacement Vs OEM), By Tire Construction Type (Radial Vs Bias), By Region, Competition, Forecast & Opportunities, 2017- 2027,” has evaluated the future growth potential of China tire market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in China tire market.


Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

 

Email: [email protected]

Web:  https://www.techsciresearch.com

Relevant Reports

China Tire Market By Vehicle Type (Passenger Cars, Two-Wheeler, M&HCV, LCV, Three-Wheeler and OTR), By Demand Category (Replacement, OEM), By Tire Construction Type (Radial, Bias), By Region, Competition Forecast & Opportunities, 2017- 2027

Automotive | Apr, 2022

The growth in automobile export is increasing the production of vehicles in the country, thereby driving the demand for China tire market in the forecast period, 2017-2027.

Relevant News