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
The China tire market is anticipated to project robust growth in the forecast period, 2023-2027, with a CAGR of 10.98% to reach USD82,463.17 million by 2027. Increasing sales of automobiles and surging demand for replacement tires are bolstering the production of tires in China. Also, the adoption of advanced technologies in the manufacturing process and the use of high-quality materials for tire production are the driving factors behind the growth of China tire market through the forecast period. The high demand for automobiles is fueling tire production in China.China is the leading exporter of automobiles all over the world and is home to major automotive manufacturers of the world.
Chinese tires witness massive demand around the globe as they are affordable and are made up of high-quality material. With massive vehicle and tire production and growing demand for quality products worldwide, the China tire market is expected to grow at a significant rate in the next five years. Electric and hybrid vehicle sales are accelerating rapidly due to the implementation of stringent emission norms and increased consumer awareness about the adverse effects of greenhouse emissions on the environment. The high demand for electric and hybrid vehicles is expected to create lucrative growth opportunities for the China tire market in the forecast period. The China tire market is segmented into vehicle type, demand category, tire construction type, regional distribution, and competitive landscape.Based on vehicle type, the market is divided into passenger cars, light commercial vehicles (LCV), M&HCV, OTR, two-wheeler, and three-wheeler.
Passenger cars led the market in 2021 with a share of 46.36% and are projected to maintain their dominance throughout the forecast period. High sales and production of passenger cars in the country to meet domestic as well as overseas demand is driving the demand for passenger car tires in the forecast period. 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 are among the major market players in the China tire market.
• To analyze the historical growth in the market size of the China tire market from 2017 to 2021. • To estimate and forecast the market size of China tire market from 2022E to 2027F and growth rate until 2027F. • To classify and forecast the China tire market based on vehicle type, demand category, tire construction type, regional distribution, and competitive landscape. • To identify the dominant region or segment in the China tire market. • To identify drivers and challenges for the China tire market. • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the China tire market. • To identify and analyze the profiles of leading players operating in China tire market. • To identify key sustainable strategies adopted by market players in the China tire market. The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of manufacturers across the country.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst examined the manufacturers, distribution channels and presence of all major players across the country. The analyst calculated the market size of the China tire market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Tire manufacturers/ distributors • Market research and consulting firms • Government bodies such as regulating authorities and policy makers • Organizations, forums, and alliances related to China tire market The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, China tire market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: • China Tire Market, By Vehicle Type: o Passenger Car o Two-Wheeler o M&HCV o LCV o Three-Wheeler o OTR • China Tire Market, By Demand Category: o Replacement o OEM • China Tire Market, By Tire Construction Type o Radial o Bias • China Tire Market, By Region: o East China o South-Central China o North China o South-West China o North-East China o North-West China
Company Profiles: Detailed analysis of the major companies present in China tire market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
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