China Commercial Vehicle Tire Market Segmented By Vehicle (Truck, Bus/Van), By Demand Category (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition, Forecast & Opportunities, 2026

  • Industry : Automotive
  • Pages : 90
  • Published Date : January, 2022
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Summary

Report Description

China commercial vehicle tire stood around USD25.59 billion in terms of value in 2020 and is estimated to reach USD54.40 billion in 2026, advancing with a CAGR of 13.21%. Development in transport infrastructure and rise in public transportation driving the growth of the China commercial vehicle tire market in the forecast years.

Due to the declaration of lockdown to curb the spread of the pandemic, almost all the automotive factories, showrooms and workshops were closed, resulting in a massive production and sales decline during the first quarter of 2020. However, the market witnessed steady growth starting the second quarter of 2020. According to the International Organization of Automobile Manufacturers, LCV production increased by 7.4% in China and M&HCV production increased by 34.2%; however, Buses & Coaches production declined by 26.5% in the year 2020 as compared to 2019. The total sales for commercial vehicles in the year 2020 increased by 18.7% as compared to 2019. China reported a significant recovery in production and sales to post lockdown as tire manufacturing operations restarted in full scale in the second half of the year 2020. The automotive sector geared up and the production of the vehicles increased after the COVID-19 impact as China exported a large number of vehicles in the middle east and in most of the African countries. To meet this demand, a large number of vehicles have been manufactured in China post the COVID-19 impact, which is generating demand for tires from the OEM segment in China.

Expanding Infrastructure Growth

In China, the infrastructure and construction sector is poised to witness robust growth during the forecast period. The Chinese government announced the investment of USD456 billion last year starting 2021-22 in transport infrastructure across China. Such infrastructural development in the transportation sector is projected to boost market growth in the forecast period. Moreover, demand for vehicles in the logistics sector and construction sector is expected to increase during the forecast period. China transport authorities have also intensified the research on technical standards to accommodate the construction of new roads to the development of driverless vehicles. This is further anticipated to boost the demand for M&HCV tires in the country.

Increase in Per Capita Income and Growing Fleet Size

An increase in the fleet size of commercial vehicles in China is boosting the aftermarket demand for commercial vehicles tires in the country. Consistent increase in production and sales of commercial vehicles is resulting in its fleet expansion, which is boosting demand for tires in the country’s replacement commercial vehicle tire segment. Moreover, the growing disposable income level of the middle-class population in the country has significantly augmented the demand for commercial vehicles over the years, resulting in expansion of fleet size, leading to growth in demand for replacement tires in China.

Rise in Competiton

China has a huge international market of commercial vehicle tires worldwide. Due to this, more local players are emerging and creating competition in the domestic market by providing products at cheaper prices and offers. Moreover, already established domestic and international brands are also expanding their manufacturing units in the country. Such high-level competition is a major challenge for the new entrants in the China commercial vehicle tire market, hampering the overall growth of the market.

Technological Innovations

For the better quality of tires, there is a rapid increase in research and development in the field of composite material and incorporation of alloys and carbon fiber in tire production, which tends to positively influence the commercial vehicle tire market. Many tires manufacturing companies are coming up with new technologies for the manufacturing of tires due to rising market competition, and they are trying to offer the best that they can. Also, tire manufacturers are engaging in developing and adding new technological advancements in their high-tech tire offerings. Tire manufacturers in China are increasingly focusing on providing such advanced product offerings to meet the evolving consumer requirement with respect to better ride quality, better traction, safety, better fuel efficiency and durability. Some of the companies like Goodyear Tire & Rubber Company are working on a new technology that is a drive-over-reader device that will automatically inspect tire pressure and tread depth. As a result, it will boost the China commercial vehicle tire market growth.

Growing Investments by Tire Manufacturers

 For the expansion of business in China, many tire manufacturing companies are investing and expanding their existence across the country. Shandong Linglong Tire Co., Ltd, a Chinese tire manufacturing company, ranked among the Global Top 20 tire enterprises in Oct 2021. The company announced to expand its tire manufacturing space by another 2.2 million square feet. Also, the company announced that this space expansion would add up to 1.2 million units of new radial truck/bus tire capacity at their factory. Goodyear is aiming to cater to the strong and growing market demand of premium, large-rim-diameter tires (above 17 inches) in China. Therefore, in 2020, Goodyear announced to increase its plant’s capacity to about 5 million tires a year with an additional investment of USD485 million for its factory in Dalian, China.


Market Segmentation

The China commercial vehicle tire is segmented by vehicle type, by demand category, by tire construction type, by price segment. On the basis of vehicle type, the market is bifurcated into truck and bus/van. On the basis of demand category, the market is segmented into OEM and replacement. On the basis of tire construction type, the market is segmented into radial and bias. On the basis of price segment, the market is segmented into budget, ultra budget, premium. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among East China, South-Central China, North China, South-West China, North-East China, North-West China.

Company Profiles

Hangzhou Zhongce Rubber Co. Ltd., Giti Tire (China) Investment Company Ltd., Sailun Group Co., Ltd., Kumho Tire China Co., Inc., Triangle Tire Co. Ltd., Hankook Tire China Co. Ltd., Double Coin Holdings Ltd, Aelous Tyre Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Prinx Chengshan (Shandong) Tire Company Ltd. These are the key players developing advanced technologies to stay competitive and enhance their product portfolio in the regions to increase their customer outreach.

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Attribute

Details

Market Size Value in 2020

USD25.59 Billion

Revenue Forecast in 2026

USD54.40 Billion

Growth Rate

13.21%

Base Year

2020

Historical Years

2016 – 2019

Estimated Year

2021

Forecast Period

2022 – 2026

Quantitative Units

Revenue in USD Billion, Volume in Units, and CAGR for 2016-2020 and 2021-2026

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Vehicle Type

·         Demand Category

·         Tire Construction Type

·         Price Segment

·         Region

Regional Scope

East China, South-Central China, North China, South-West China, North-East China, North-West China

Key Companies Profiled

Hangzhou Zhongce Rubber Co. Ltd., Giti Tire (China) Investment Company Ltd., Sailun Group Co., Ltd., Kumho Tire China Co., Inc., Triangle Tire Co. Ltd., Hankook Tire China Co. Ltd., Double Coin Holdings Ltd, Aelous Tyre Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Prinx Chengshan (Shandong) Tire Company Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, China commercial vehicle tire has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • China Commercial Vehicle Tire, By Vehicle Type:
    • Truck
    • Bus/Van
  • China Commercial Vehicle Tire, By Demand:
    • Replacement
    • OEM
  • China Commercial Vehicle Tire, By Tire Construction:
    • Radial
    • Bias
  • China Commercial Vehicle Tire, By Price Segment:
    • Budget
    • Ultra Budget
    • Premium
  • China Commercial Vehicle Tire, By Region:
    • East China
    • South-Central China
    • North China
    • South-West China
    • North-East China
    • North-West China

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in China commercial vehicle tire market

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Table of content

1.     Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Voice of Customer

4.1.  Aided and Unaided Brand Recall

4.2.  Factors Influencing Purchase Decision

4.3.  Brand Satisfaction Level

4.4.  Brand Switching Willingness

5.    China Commercial Vehicle Tire Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Volume & Value

5.2.  Market Share & Forecast

5.2.1.     By Vehicle Type (Truck, Bus/Van)

5.2.2.     By Demand Category (OEM, Replacement)

5.2.3.     By Tire Construction Type (Radial, Bias)

5.2.4.     By Price Segment (Budget, Ultra Budget, Premium)

5.2.5.     By Region (East China, South-Central China, North China, South-West China, North-East China, North-West China)

5.2.6.     By Company (2020)

5.3.  Market Map (By Vehicle Type, By Demand Category, By Tire Construction Type, By Price Segment, By Region)

6.    China Truck Tire Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.1.2.     By Volume

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type (Light Duty Truck, Medium Duty Truck and Heavy-Duty Truck)

6.2.2.     By Demand Category

6.2.3.     By Tire Construction Type

6.2.4.     By Price Segment

6.2.5.     By Rim Size (Up to 16'', 17"- 20'', Above 20'')

6.3.  Prominent Tire Sizes (2020)

6.4.  Pricing Analysis

7.    China Bus/Van Tire Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.1.2.     By Volume

7.2.  Market Share & Forecast

7.2.1.     By Vehicle Type (Light Duty Truck, Medium Duty Truck and Heavy-Duty Truck)

7.2.2.     By Demand Category

7.2.3.     By Tire Construction Type

7.2.4.     By Price Segment

7.2.5.     By Rim Size (Up to 16'', 17"- 20'', Above 20'')

7.3.  Prominent Tire Sizes (2020)

7.4.  Pricing Analysis

8.    Export and Import Analysis

9.    Market Dynamics

9.1.  Drivers

9.2.  Challenges

10.  Market Trends and Developments

11.  Impact of COVID-19 on China Commercial Vehicle Tire Market

12.  Supply Chain Analysis

13.  Policy & Regulatory Landscape

14.  List of Prominent Dealers & Distributors

15.  China Economic Profile

16.  Competitive Landscape

16.1.    Hangzhou Zhongce Rubber Co. Ltd.

16.2.    Giti Tire (China) Investment Company Ltd.

16.3.    Sailun Group Co., Ltd.

16.4.    Kumho Tire China Co., Inc.

16.5.    Triangle Tire Co. Ltd.

16.6.    Hankook Tire China Co. Ltd.

16.7.    Double Coin Holdings Ltd.

16.8.    Aelous Tyre Co. Ltd.

16.9.    Prinx Chengshan (Shandong) Tire Company Ltd.

17.  Strategic Recommendations

Figures and Tables

Figure 1:               China Commercial Vehicle Tire Market Size, By Volume (Million Units), By Value (USD Billion), 2016-2026F

Figure 2:               China Commercial Vehicle Tire Market Share, By Vehicle Type, By Volume, 2016-2026F

Figure 3:               China Commercial Vehicle Tire Market Share, By Demand Category, By Volume, 2016-2026F

Figure 4:               China Commercial Vehicle Tire Market Share, By Tire Construction Type, By Volume, 2016-2026F

Figure 5:               China Commercial Vehicle Tire Market Share, By Price Segment, By Volume, 2016-2026F

Figure 6:               China Commercial Vehicle Tire Market Share, By Region, By Volume, 2016-2026F

Figure 7:               China Commercial Vehicle Tire Market Share, By Company, By Volume, 2020

Figure 8:               China Commercial Vehicle Tire Market Map, By Vehicle Type, Market Size (Million Units) & Growth Rate (%)

Figure 9:               China Commercial Vehicle Tire Market Map, By Demand Category, Market Size (Million Units) & Growth Rate (%)

Figure 10:              China Commercial Vehicle Tire Market Map, By Tire Construction Type, Market Size (Million Units) & Growth Rate (%)

Figure 11:              China Commercial Vehicle Tire Market Map, By Price Segment, Market Size (Million Units) & Growth Rate (%)

Figure 12:              China Commercial Vehicle Tire Market Map, By Region, Market Size (Million Units) & Growth Rate (%)

Figure 13:              China Truck Tire Market Size, By Value (USD Billion), 2016-2026F

Figure 14:              China Truck Tire Market Size, By Volume (Million Units), 2016-2026F

Figure 15:              China Truck Tire Market Share, By Vehicle Type, By Volume, 2016-2026F

Figure 16:              China Truck Tire Market Share, By Demand Category, By Volume, 2016-2026F

Figure 17:              China Truck Tire Market Share, By Tire Construction Type, By Volume, 2016-2026F

Figure 18:              China Truck Tire Market Share, By Price Segment, By Volume, 2016-2026F

, 2016-2026F

Figure 19:              China Truck Tire Market Share, By Rim Size, By Volume, 2016-2026F

Figure 20:              China Truck Tire Pricing Analysis, 2016-2026F

Figure 21:              China Bus/Van Tire Market Size, By Value (USD Billion), 2016-2026F

Figure 22:              China Bus/Van Tire Market Size, By Volume (Million Units), 2016-2026F

Figure 23:              China Bus/Van Tire Market Share, By Vehicle Type, By Volume, 2016-2026F

Figure 24:              China Bus/Van Tire Market Share, By Demand Category, By Volume, 2016-2026F

Figure 25:              China Bus/Van Tire Market Share, By Tire Construction Type, By Volume, 2016-2026F

Figure 26:              China Bus/Van Tire Market Share, By Price Segment, By Volume, 2016-2026F

Figure 27:              China Bus/Van Tire Market Share, By Rim Size, By Volume, 2016-2026F

Figure 28:              China Bus/Van Tire Pricing Analysis, 2016-2026F

 

List Of Tables

Table 1:                China Prominent Truck Tire Sizes, 2020

Table 2:                China Prominent Bus/Van Tire Sizes, 2020

Table 3:                China Commercial Vehicle Tire Exports, By Volume, 2016-2020 (Thousand Units)

Table 4:                China Commercial Vehicle Tire Imports, By Volume, 2016-2020 (Thousand Units)

Table 5:                List of Prominent Commercial Vehicle Tire Dealers in China, 2021

Frequently asked questions

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East China has major share in the China commercial vehicle tire market which is around 34% which is due to better transportation development and is creating major growth opportunities for the market players in the China commercial vehicle tire market,

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Commercial vehicles tire market is expected to grow at 13.21% CAGR during the assessment period. The growth can be attributed to expansion of commercial vehicle fleet size, low raw material prices, and growing investments by tire manufacturers.

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As the China stands among the top 5 of rubber producing countries additionally it has abundance of rubber production which leads to the lessen the cost of tire manufacturing in China. Therefore, it acts as a major driver in the China commercial vehicle tire market.

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The top 10 players in the China commercial vehicle tire are Hangzhou Zhongce Rubber Co. Ltd., Giti Tire (China) Investment Company Ltd., Sailun Group Co., Ltd., Kumho Tire China Co., Inc., Triangle Tire Co. Ltd., Hankook Tire China Co. Ltd., Double Coin Holdings Ltd, Aelous Tyre Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Prinx Chengshan (Shandong) Tire Company Ltd.

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China Commercial Vehicle Tire Market to Surpass USD54 Billion by 2026

Jan, 2022

Increasing automobile sales and increase in exports to drive the demand for China commercial vehicle tire market for the forecast period.

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