China Tire Market to Grow with a CAGR of 10.98% Through 2029
According to TechSci Research report, “China Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029F”
" The China Tire market was valued at USD 54.81 Billion in 2023 and is
expected to reach USD 102.40 Billion by 2029 with a CAGR of 10.98% during the
forecast period. The rapid growth of China's domestic automobile market,
coupled with increasing urbanization and infrastructure development, is driving
tire demand. Government policies promoting green transportation and electric
vehicle (EV) adoption are creating a shift towards specialized tires. Economic
expansion in emerging cities, along with rising disposable incomes, is further
fueling tire consumption. These factors are driving the market in the forecast
period 2025-2029.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on the "China Tire Market"
China's tire industry is
experiencing substantial growth, driven by the country’s expanding automotive
exports, government initiatives supporting the automotive sector, and an
increasing focus on technological advancements in manufacturing. As China becomes
a dominant player in the global automotive market, the demand for high-quality,
competitively priced tires continues to rise. The Chinese government’s
investment in the automotive and manufacturing industries has fostered a
conducive environment for tire production, enabling domestic companies to cater
to both local and international markets.
The tire market in China is
also being shaped by shifting consumer preferences towards more durable,
cost-effective, and performance-driven tire options. As consumers become more
educated about tire safety and performance, there is a growing demand for high-performance
tires that deliver better fuel efficiency, longer tread life, and enhanced
safety features. This demand is particularly prominent in urban centers, where
vehicle owners are looking for premium products that align with their
performance and safety expectations. The tire market is also seeing a rise in
demand for all-season tires, as consumers look for versatile products suitable
for varying weather conditions, without the need for seasonal tire changes.
Despite these
opportunities, the tire industry faces significant challenges, such as intense
competition from both domestic and international players, which puts pressure
on prices and margins. Furthermore, fluctuations in the price of raw materials,
such as rubber and steel, continue to impact production costs. Manufacturers
are increasingly investing in automation and digital technologies to streamline
operations and improve efficiency. As the market becomes more
technology-driven, tire producers must focus on continuous innovation to meet
the changing demands of both domestic consumers and global markets.
The China Tire Market is
segmented into Vehicle Type, Demand Category, Tire Construction Type, and Region.
The tire market in China is
segmented by vehicle type, which includes passenger cars, commercial vehicles,
and two-wheelers. The passenger car segment accounts for a significant share of
tire demand due to the growing middle class, urbanization, and increased
vehicle ownership in the country. Consumers are becoming more focused on
performance, safety, and fuel efficiency, which is driving demand for tires
that offer better handling, durability, and fuel economy. The commercial
vehicle segment, which includes trucks, buses, and delivery vehicles, also
contributes significantly to the tire market. As China continues to expand its
logistics and transportation infrastructure, the demand for durable and
long-lasting tires for commercial vehicles remains strong. Tires for this
segment need to withstand heavy loads and long distances, with an emphasis on
durability and cost-effectiveness. The two-wheeler segment, including
motorcycles and electric scooters, is another important market segment. With
the rise of shared mobility and the popularity of motorcycles and scooters in
both urban and rural areas, the demand for tires in this segment continues to
grow. Tires for two-wheelers require features like flexibility, grip, and
affordability, as well as the ability to handle the diverse road conditions
found throughout China.
In 2023, the South-Central
region emerged as the fastest-growing region in China's tire market. This
region, which includes provinces like Hunan, Jiangxi, and Guangxi, has seen an
uptick in both automotive production and vehicle ownership. A combination of
economic growth, expanding infrastructure, and rising disposable income has
increased demand for both passenger and commercial vehicle tires. The growing
middle class in this region has contributed to the rise in passenger vehicle
purchases, while increasing industrial activity has boosted the demand for
commercial vehicle tires. As the region continues to develop, the demand for
tires in South Central China is expected to grow steadily.
Major market players
operating in the China Tire market are:
- Hangzhou Zhongce Rubber Co. Ltd.
- GITI Tire (China) Investment Company Ltd.
- Sailun Group Co., Ltd
- Kumho Tire Co., Inc
- Triangle Tire Co. Ltd.
- Double Coin Tire Group Ltd
- Cheng Shin Rubber (Xiamen) Ind., Ltd.
- Aeolus Tyres
- Prinx Chengshan (Shandong) Tire Company
- Hankook Tire & Technology Co., Ltd.
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"As China’s car market keeps growing, we’re definitely seeing more
demand for quality tires. With more cars and commercial vehicles on the road,
especially in big cities, there’s a clear need for tires that can handle
different road conditions. The government is also helping by supporting local
tire production, and with global companies investing in the market, China is
becoming even more appealing for tire manufacturers. All these factors are
creating a great environment for the tire industry to thrive, and we expect
this trend to keep growing in the years to come," said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management
consulting firm.
The report titled “China Tire Market By Vehicle Type (Passenger Vehicle,
Commercial Vehicle, Two-Wheeler), By Demand Category (OEM, Replacement), By
Tire Construction Type (Radial, Bias), By Region, By Competition, 2019- 2029F”, evaluates the future
growth potential of China 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 make sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the China
Tire market.
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