Increasing urbanization, rising automobile sales coupled with expanding vehicle fleet to drive China tire market through 2023

According to TechSci Research report, “China Tire Market By Vehicle Type, By Demand Category, By Radial Vs, Bias, By Rim Size, By Price Segment, Competition Forecast and Opportunities, 2013-2023”, the country’s tire market is projected to grow at a CAGR of over 10% during 2018-2023, on account of increasing automobile sales and expanding automobile fleet in the country. In 2017, passenger car tire segment dominated China tire market, followed by two-wheeler tire, and medium & heavy commercial vehicle tire segments. Passenger car tire segment is anticipated to continue its dominance in China tire market through the forecast period as well, on account of increasing sales of passenger cars across the country and the country’s huge prevailing passenger car fleet to cater to.

As per the World Bank, China’s Gross National Income (GNI) per capita increased from USD 6,800 in 2013 to USD 8,370 in 2017, which, in turn, has positively impacted the purchasing power of consumers in the country. Moreover, with the rate of urbanization and vehicle ownership also witnessing a consistent uptrend, China tire market is forecast to grow at a robust pace over the span of next five years. The country’s East and South-Central region accounted for the largest share in the tire market, followed by North, South-West, North-East and North-West regions of China. The dominance of East and South-Central region is backed by the presence of important trade centers and high population density.

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In a consumer survey conducted by TechSci Research, Hangzhou Zhongce Rubber and Giti grabbed the highest satisfaction level among customers in terms of product quality, product availability and performance in China tire market. “In 2017, Hangzhou Zhongce Rubber accounted for the largest market share in China tire market, followed by Giti, Sailun Jinyu Group, and Kumho. Hangzhou Zhongce Rubber is expected to continue leading the market during the forecast period as well, owing to continuing collaborations with various leading OEMs coupled with the company’s strong sales network spread across the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“China Tire Market By Vehicle Type, By Demand Category, By Radial Vs, Bias, By Rim Size, By Price Segment, Competition Forecast and Opportunities, 2013-2023” has analyzed the potential of China tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by China tire market.

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