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, owing to increasing sales of automobile and growing replacement tire demand in the country.
Rising demand for automobiles in most of the countries is leading to higher production in China. China is a leading exporter of automobiles to most of the regions across the globe, with the country being the largest exporter of automobiles to Middle East.
High and rising vehicle production in China is expected to continue boosting demand for tires in the OEM tire segment.
China tire market is segmented based on vehicle type, demand category, radial vs bias, rim size and region.Based on vehicle type, the market can be categorized into passenger car, LCV (Light Commercial Vehicle), M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road Vehicles), two-wheeler and three-wheeler.
Among these, passenger car dominated the market with share of 53.45% in 2019. The growth of the segment can be attributed to surge in demand for personal transportation for daily commuting amid COVID-19, rise in sales of used and new passenger car, thereby, driving the demand for passenger car tire through 2025.
Major companies operating 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.
Due to increasing market competition, tire manufacturers are trying to offer the best that they can. Tire manufacturers are engaging in developing and integrating new technological advancements in their high-tech tire offerings.
Tire manufacturers in China are increasingly focusing on providing such advanced product offerings to meet the evolving consumer requirement with respect to better ride quality, better traction, safety, better fuel efficiency and durability.
