Market Insights
As per recent research by MarkNtel Advisors, The China Tire Market is projected to grow at a CAGR of around 6.5% during the forecast period, i.e., 2022-27.
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Key Driver: Low Production Cost of Tires & a Substantial Export Business
Since China has a low production cost for tires & continuous sales of passenger vehicles, the demand for tires is extensive in the country & attracting several prominent tire manufacturers to enter the tire industry. Additionally, the upliftment of foreign investments in manufacturing passenger vehicles and the massive export business of China also drive the China Tire Market.
Market Segmentation and Consumer Behavior:
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses & Trucks
- Medium & Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
By Demand Category
- OEM
- Replacement
By Type of Tire
- Radial
- Bias
By Sales Channel
- Dealer/Exclusive Outlets
- Online
- Others
By Season
- All season
- Winter
By Price Category
- Low (Up to USD90)
- Medium (USD91-USD140
- High (Above USD140)
By Rim Diameter
- Up to 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
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China Tire Market Geographical Analysis:
By Region:
- North East & East
- North & North West
- South West & South Central
Key Players and Competitive Strategies in the China Tire Market
Several prominent players dominate the China Tire Market, including:
- Kumho
- Hangzhou Zongche
- Prinx
- Double Coin
- Cheng Shin
- Hankook
- Triangle
- Sailun Jinyu
- Giti Tire
- Aelous Tyre Co. Ltd.
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Questions Addressed in this Study
1.What factors are driving the China Tire Market growth?
2.How is the China Tire Market expected to grow over the next five years?
3.What are the key insights into the current trends in the China Tire Market?
4.What is the current size of the China Tire Market, and how is it projected to change in the future?
5.What is the future outlook for the China Tire Market in terms of technological advancements and market expansion?
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