China’s tire market is expected to witness a significant growth at a CAGR of 3.9% during the forecast period. The country is the largest automotive market by volume all across the globe. As per OICA, in 2019, 25.77 million vehicles were sold in China whereas 25.7 million vehicles were manufactured in the country, making it the largest market for the OEM globally. Moreover, as per China’s the Ministry of Public Security, China’s vehicle population has reached around 360 million by June 2020. It offers a wide market to the replacement tire market in the country.
Moreover, due to lower manufacturing cost, the country exports have increased significantly in the last decade all across the globe. COVID-19 was emerged from China, however by the mid of 2020, the cases of the COVID-19 were very low in the country, and the economic activities have begun again in the country. As per the latest international Monitory Fund estimates, China GDP will grow by 1.9% YoY in 2020, the only major economy to show positive growth in 2020. Automotive market is also recovering in the country, which is positive sign for the tire market.
However, fluctuating raw material prices, economies tension with other countries including the US, Japan, India among other, cohesive government regulation are some of the challenging factor for the tier industry in the country. Due to stricter pollution norms for the companies, increasing labour cost and other factors, around 35 tiremakers had been closed and declared bankruptcy in China in the period of 2017 and August 2018 in the Shandong Province of China.
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China Tire Market Segmentation
By Vehicle Type
- Passenger Cars
- Light &Medium Commercial Vehicle
- Heavy Commercial Vehicle
- Two-Wheeler
- Other (Construction, Agricultural, Customized Sports)
By Road Application
- All-Season Tire
- Summer Tire
- Winter Tire
- Other (All-Terrain Tire)
By Construction
- Radial Tire
- Bias PlyTire
By Tire Type
- Tubeless Tire
- Tubbed Tire
By Sales Channel
- OEM (Original Equipment Manufacturer)
- Aftermarket (Replacement)
A full Report of China Tire Market is Available @ https://www.omrglobal.com/industry-reports/china-tire-market
Company Profiles
- Aeolus Tyre Co. Ltd.
- Bridgestone Corp.
- Continental AG
- Cooper Tire & Rubber Co.
- Double Coin (CMA LLC)
- Giti Tire Pte Ltd.
- Goodyear Tire and Rubber Co.
- Hankook Tire Co. Ltd.
- Kumho Tire Co. Inc.
- Michelin Group
- Nexan Tire Corp.
- Pirelli & C. S.p.A.
- Sailun Group Co. Ltd.
- Shandong Linglong Tire Co., Ltd.
- Sumitomo Rubber Industries Ltd.
- The Yokohama Rubber Co, Ltd.
- Toyo Tire Corp.
- Triangle Group
- Zhongce Rubber Group Co. Ltd.
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