China Tyre Market Anticipated to Grow at over 11% CAGR through 2020
Increasing automobile sales, expanding vehicle fleet coupled with ongoing development in road infrastructure to drive tyre sales in China through 2020
According to a recently released TechSci Research report, “China Tyre Market Forecast and Opportunities, 2020’’, tyre market in China is forecast to grow at a CAGR of 11% during 2015-20. The market is expected to witness tremendous growth on account of rising automobile sales, increasing tyre production and exports, and ongoing development in road infrastructure. Being a major developing economy, China has been emerging as a leading market for automotive tyres. In 2014, passenger car tyres formed the most dominating market segment in China.
Region wise, majority of the tyre sales are concentrated in East China and South Central China region, comprising provinces like Shanghai, Shandong, Hong Kong, Macau, etc. Hangzhou Zhongce Rubber Co. Ltd., a major Chinese tyre manufacturing player, emerged as the leading player in tyre market with the largest market share amongst all the Chinese players operating in the country, while Bridgestone Corporation emerged as the leading foreign player in the tyre market in China.
Due to rising environmental concerns, electric vehicles have been gaining significant momentum in China for the last few years. The government has also introduced incentives and subsidies on electric vehicles to increase consumer awareness and redirect their attention towards environmental impact by gas-driven automobiles. Growing demand for high-quality tyres has also led to substantial investments in R&D activities by tyre companies.
“Passenger car tyre segment is expected to continue its dominance in the Chinese market in the coming years. Improvement in radialization and evolution of green tyres are expected to drive future growth in tyre market in China”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“China Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of China tyre market and provides statistics and information on market structure, exports, imports and future growth of China tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in China tyre market.