China Tire Market Set to Grow at CAGR 10% till 2023
Increasing
urbanization, rising automobile sales coupled with expanding vehicle fleet to
drive China tire market through 2023
According to TechSci Research report, “China
Tire Market By Vehicle Type, By Demand Category, By Radial Vs, Bias, By Rim
Size, By Price Segment, Competition Forecast and Opportunities, 2013-2023”, the country’s tire market is projected to grow at a CAGR of over 10% during
2018-2023, on account of increasing automobile sales and expanding automobile
fleet in the country. In 2017, passenger car tire segment dominated China tire
market, followed by two-wheeler tire, and medium & heavy commercial vehicle
tire segments. Passenger car tire segment is anticipated to continue its
dominance in China tire market through the forecast period as well, on account
of increasing sales of passenger cars across the country and the country’s huge
prevailing passenger car fleet to cater to.
As per the World Bank, China’s Gross National Income
(GNI) per capita increased from USD 6,800 in 2013 to USD 8,370 in 2017, which,
in turn, has positively impacted the purchasing power of consumers in the
country. Moreover, with the rate of
urbanization and vehicle ownership also witnessing a consistent uptrend, China
tire market is forecast to grow at a robust pace over the span of next five
years. The country’s East and South-Central region accounted for the largest
share in the tire market, followed by North, South-West, North-East and
North-West regions of China. The dominance of East and South-Central region is
backed by the presence of important trade centers and high population density.
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In a consumer survey conducted by TechSci Research, Hangzhou
Zhongce Rubber and Giti grabbed the highest satisfaction level among customers
in terms of product quality, product availability and performance in China tire
market. “In 2017, Hangzhou Zhongce
Rubber accounted for the largest market share in China tire market, followed by
Giti, Sailun Jinyu Group, and Kumho. Hangzhou Zhongce Rubber is expected to continue
leading the market during the forecast period as well, owing to continuing
collaborations with various leading OEMs coupled with the company’s strong
sales network spread across the country.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
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“China Tire Market By Vehicle Type, By Demand Category, By
Radial Vs, Bias, By Rim Size, By Price Segment, Competition Forecast and
Opportunities, 2013-2023”
has analyzed the potential of China tire market, and provides information and
statistics on market structure, size and trends. The report is designed to provide
the intending clients with cutting-edge market intelligence and help them in
taking sound investment decisions. The report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by China
tire market.
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