China Tire Market to be Valued USD 36.82 Billion in Next Five Years
Demand
for high-end tires and focus of manufactures towards green manufacturing are
likely to drive China tire market through 2025
According to TechSci Research report, “China
Tire Market By Vehicle Type (Passenger Car, LCV,
M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs.
Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast &
Opportunities, 2025”, China tire market was valued USD 28.19
Billion in 2019 and is projected to grow at CAGR of over 6% during the forecast
period to reach USD 36.82 Billion by 2025. Key factors propelling the growth of
China tire market include increasing focus of manufactures towards high-end
products, brand reputation and move towards green manufacturing. The removal of
antidumping and countervailing duties on Chinese tires by United States in May
2019 is also likely to fuel the market growth in coming years.
However, the maturity of the Chines tire market and dominant position of
few tire manufactures leaves small space for new market players to grow. The
market is also prone to some other challenges. According to China Rubber
Association, rise in price of raw materials has led to high production cost of
tires. As per 2019, more than a dozen tire manufactures announced a 2%-5% price
hike, which can negatively impact the tire market of China.
Based on vehicle type, China tire market can be segmented into passenger
car, LCV (Light Commercial Vehicle), M&HCV (Medium & Heavy Commercial
Vehicle), OTR (Off-The-Road Vehicles), two-wheeler and three-wheeler. In 2019,
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. Moreover, the increasing replacement demand from passenger
cars is another major factor behind the high demand for passenger car tires in
the country.
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. 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.
Leading market players in China tire market are 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. On account of cheap prices
and advanced technology, Chinese tire brands are gaining market shared in
various regions across the globe. People are showing interest in Chinese tire
brands because of good technology on offer at low prices compared to other
international tire brands. This factor is going to drive the Chinese tire
market in other regions of world.
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“Majority of tire demand is generated by the replacement segment. In
2019, replacement category held 61.27% of share by volume. Retail outlets
increase effectiveness of after-sales services for tires and provide technical
support pertaining to the tires. This helps tire companies to increase their
brand awareness and satisfaction among customers.,” 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 (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler
and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs,
Bias, By Rim Size, By Price Segment (Ultra-Budget/Budget/Premium), By Region,
Forecast & Opportunities, 2025”
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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