Advanced Tire Market to Grow with a CAGR of 6.23% in China through to 2028
The major drivers for the China Advanced
Tire Market include the growing demand for high-performance and fuel-efficient
vehicles, increasing awareness of tire safety and sustainability, and
advancements in tire technology and materials.
According to TechSci Research report, “China
Advanced Tire Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the China Advanced Tire Market stood at USD 524
Million in 2022 and is anticipated to grow with a CAGR of 6.23% in the forecast
period, 2024-2028. The China Advanced Tire Market is experiencing substantial
growth, driven by several key factors. Firstly, the increasing demand for
fuel-efficient and low emission vehicles is a significant driving force. As
consumers become more environmentally conscious, they are seeking sustainable
transportation options. This shift in consumer behavior has led to a surge in
vehicle production to meet the rising demand for eco-friendly vehicles.
Furthermore, tire technology has witnessed rapid
advancements in recent years. Manufacturers are constantly innovating to
improve tire performance and durability. These innovations include the
development of new materials, tread patterns, and tire construction techniques.
The primary goal is to enhance safety, comfort, and overall driving experience
for consumers.
Additionally, government regulations play a crucial
role in promoting the use of energy-efficient tires. Governments are
implementing policies and incentives to encourage the adoption of tires that
reduce fuel consumption and greenhouse gas emissions. This not only aligns with
environmental goals but also helps consumers save on fuel costs in the long
run. The support from government initiatives is further boosting the growth of
the China Advanced Tire Market.
Moreover, the preference for high-performance vehicles
is on the rise in China. As disposable incomes rise and lifestyles evolve,
there is a growing desire for vehicles that offer superior performance,
handling, and comfort. This trend is driving the demand for advanced tires that
can complement and enhance the capabilities of high-performance vehicles,
providing an opportunity for tire manufacturers to cater to this specific
market segment.
Overall, these various factors - including the demand
for eco-friendly vehicles, tire technology advancements, government
regulations, and the preference for high-performance vehicles - are
contributing to the significant growth of the China Advanced Tire Market. With
ample opportunities for both manufacturers and consumers, it is a dynamic and
promising industry in China.
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The China Advanced Tire Market has evolved
significantly in recent years, driven by factors such as increasing automobile
ownership, consumer demand for high-performance tires, regulatory changes, and
technological advancements. This market overview provides insights into the
current state of the advanced tire market in China.
The Chinese advanced tire market, renowned for its
size and rapid growth, stands as one of the largest in the world. Fueled by the
booming automotive industry and the ever-expanding middle-class population, the
demand for advanced and premium tires has reached unprecedented levels. This
surge in demand has propelled the market to witness steady growth, and analysts
project this trend to persist as consumers increasingly prioritize safety,
performance, and environmental sustainability in their tire choices. The future
of the Chinese advanced tire market remains promising, with continuous
advancements expected to cater to the evolving needs of the discerning
consumers.
The market is characterized by the presence of both
domestic and international tire manufacturers. Leading global tire companies,
such as Michelin, Bridgestone, Goodyear, and Continental, have a significant
presence in China. Additionally, Chinese tire manufacturers, including
Michelin's joint venture with Double Coin Group, are prominent players in the
domestic market.
Chinese consumers are increasingly opting for advanced
tires that offer superior performance and safety. There is a growing preference
for high-performance and eco-friendly tires that enhance vehicle handling,
reduce fuel consumption, and minimize environmental impact. As a result, tire
manufacturers are tailoring their product offerings to meet these evolving
consumer preferences.
The Chinese government has implemented stringent
regulations and standards related to tire safety, labeling, and performance.
These regulations aim to improve road safety and reduce environmental impact.
Tire manufacturers must comply with these standards, which has led to the
adoption of advanced tire technologies and materials to meet regulatory
requirements.
Advancements in tire technology and materials have
been a key driver of the market. Manufacturers are investing in research and
development to create tires with innovative tread patterns, low rolling
resistance, and improved grip on various road surfaces. Smart tire technology,
including sensors for monitoring tire pressure and temperature, is also gaining
prominence in the Chinese market.
Environmental sustainability is a significant focus in
China, and this extends to the tire industry. Manufacturers are developing
eco-friendly tires with reduced rolling resistance to improve fuel efficiency
and lower carbon emissions. Additionally, efforts are being made to use
sustainable materials and production processes, aligning with China's
environmental goals.
The distribution landscape for advanced tires in China
is evolving. While traditional brick-and-mortar tire dealerships remain a
prominent sales channel, there is a growing trend toward online sales and
e-commerce platforms. Consumers are increasingly turning to online retailers to
purchase tires, benefiting from the convenience of browsing and ordering from a
wide range of options.
In conclusion, the China Advanced Tire Market is
witnessing robust growth driven by factors such as increasing automobile
ownership, consumer preferences for performance and sustainability, stringent
regulations, technological advancements, and evolving distribution channels. As
China continues to be a major player in the global automotive industry, the
advanced tire market in the country is poised for continued expansion and
innovation.
Major companies operating in China Advanced Tire
Market are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber
Company
- Sumitomo Rubber Industries
Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
- Kumho Tire Co. Inc.
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“The major drivers for the China Advanced Tire Market
include the growing demand for fuel-efficient and low emission vehicles,
increasing vehicle production, and the rapid advancement in tire technology.
Additionally, government regulations promoting the use of energy-efficient
tires and the growing consumer preference for high-performance vehicles are
also significantly contributing to the growth of the market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“China Advanced Tire Market – China
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type
(On-Highway Vehicle and Off-Highway Vehicle), By Technology (On-Highway Vehicle
Technology and Off-Highway Vehicle Technology), By Tire Type (Run-Flat, Airless
and Pneumatic), By Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers
and Others), By Region, Competition”, has evaluated
the future growth potential of China Advanced 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 Advanced Tire Market.
Contact
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Techsci Research LLC
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