China Commercial Vehicle Tire Market to Surpass USD54 Billion by 2026
Increasing automobile sales and
increase in exports to drive the demand for China commercial vehicle tire market
for the forecast period.
According to TechSci Research report, “China
Commercial Vehicle Tire Market - By Country, By Company Forecast &
Opportunities, 2026”, China commercial vehicle tire market was valued at
over USD25 billion in 2020 and is forecast to grow at a CAGR of 13.21% to reach
USD54 billion by 2026. China is the home to the world’s largest commercial
vehicle fleet size in the world. Consistent increase in vehicle sales and high
tire replacement demand is contributing to the growth of the commercial vehicle
tire market. A key factor aiding the growth of the commercial vehicle fleet in
the country is the growth in industrial and construction projects. In 2019, the
Chinese government approved 26 infrastructure projects with a total expected
investment of USD142 billion (981.7 billion yuan) spread over forthcoming
years, according to the National Development and Reform Commission (NDRC).
China is the leading manufacturer of commercial
vehicles in the world. According to the data published by OICA, in the year
2020, the number of commercial vehicles produced in the country stood at 5.23
million units which grew significantly compared to 4.36 million units in 2019,
in spite of lockdown imposed in certain parts of the country in Q1, 2020. In
China, there are about 200 registered automotive companies, making it the
largest number of automotive manufacturers in the world. Due to the high number
of vehicle production, the demand for tires from OEMs is also high in the
country. Coupled with the largest fleet size for commercial vehicles, China is
a prominent commercial vehicle tire-producing country due to high replacement
demand. In addition, the number of manufacturing plants for tires is
significantly higher than the rest of the world, owing to the lower production
costs for tires in China compared to other countries due to lower labor costs
and ease of raw material availability both domestically and nearby countries.
These factors are aiding the rise in demand for commercial vehicle tires in the
country.
Browse 28 market Figures and 5 table spread through 90
Pages and an in-depth TOC on "China Commercial Vehicle Tire Market”.
https://www.techsciresearch.com/report/china-commercial-vehicle-tire-market/8181.html
China
is one of the countries with the largest production volume of natural rubber
worldwide. Moreover, raw materials like synthetic rubber, carbon black, accelerators,
oil, etc. to manufacture tires can be found in abundant quantity at in China as
compared to any other country. Due to this, the tire manufacturing costs are
much lower in the country. On account of low tire prices with advanced
technology, Chinese commercial vehicle tire brands are gaining market share in
various regions across the globe. People are showing interest in Chinese tire
brands owing to improving technology at lower prices compared to other
international commercial vehicle tire brands. This factor is going to drive the
Chinese commercial vehicle tire market in other regions of the world.
China
commercial vehicle tire market is segmented into vehicle type, demand category,
tire construction type, price segment, and company. On the basis of vehicle
type the market is bifurcated into truck and bus/van. Among all
the Bus/Van tires sold in China, van tires held the largest share of 65.28% in
2020. The segment is expected to grow at a robust pace and reach 14.98 million
units in 2026.
With
the increasing population of daily commuters, the market penetration of
buses/vans is increasing. Moreover, the demand for electric vans is increasing
rapidly as well.
Leading
players operating in China Commercial Vehicle Tire market include:
·
Hangzhou
Zhongce Rubber Co. Ltd.
·
Giti
Tire (China) Investment Company Ltd.
·
Sailun
Group Co., Ltd.
·
Kumho
Tire China Co., Inc.
·
Triangle
Tire Co. Ltd.
·
Hankook
Tire China Co. Ltd.
·
Double
Coin Holdings Ltd.
·
Aelous
Tyre Co. Ltd.
·
Prinx
Chengshan (Shandong) Tire Company Ltd.
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“In
China, the significant majority of commercial vehicle tire demand is generated
by the replacement segment. In 2020, the replacement category held 71.58% of
the share in terms of volume. Retail outlets increase the 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. New players are advised to invest
in tire sales via tire service centers. This is emerging as the latest market
diversification strategy adopted by renowned commercial vehicle tire
manufacturers.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“China Commercial
Vehicle Tire Market Segmented By Vehicle (Truck, Bus/Van), By Demand Category (OEM,
Replacement), By Tire Construction Type (Radial, Bias), By Price
Segment (Budget, Ultra Budget, Premium), By Region, Competition, Forecast &
Opportunities, 2026” has evaluated
the future growth potential of China commercial vehicle tire market and provided
statistics & information on market size, shares, 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 the of China commercial vehicle tire market.
Contact
Mr. Ken Mathews
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New York – 10017
Tel: +1-646-360-1656
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