According to MarkNtel Advisors, the China Tire Market is expecting around 6.5% CAGR during 2022-27. It owes to the rapidly increasing sales of passenger vehicles and the vast tire export business across China, i.e., facilitating automakers & tire manufacturers to increase their production capacities to meet the burgeoning consumer requirements.
This high vehicle production capacity of automakers in the country would positively influence the overall growth of the tire industry. With an exponentially rising population, improving living standards, growing purchase power, and increasing need for vehicle ownership, the sales of passenger cars are mounting swiftly, making the country the largest market for vehicles and, in turn, driving the tire market.
Moreover, substantial investments by the government of China in the research & development of tire production are also lucrative opportunities for the leading players in the tire market to manufacture technologically advanced tires like next-generation high-performance tires, high quality & fuel-efficient tires, etc., in line with curbing carbon emissions. It is another prominent aspect projected to augment the market growth through 2027, further states the research report, “China Tire Market Analysis, 2022.”
Mounting Demand for Replacement Tires to Drive the Market through 2027
The rapidly growing sales of vehicles entwined with an increasing number of aging cars are bringing a constant demand for replacement tires and boosting the market. Additionally, the government of China is actively participating in the tire market by spreading awareness through various policies, including the final notice on the establishment & implementation of the 'Vehicle Emission Inspection & Maintenance (I/M) Program.' It is helping consumers opt for timely maintenance of their vehicles from aftermarkets, thereby stimulating the demand for replacement tires and fueling the market growth.
Growing Popularity of High-Performance Tires to Contribute Significantly to the Market Growth
With the surging inclination of people, especially the younger generation, toward sports vehicles for racing & traveling on different terrains, high-performance tires are gaining immense popularity across China. It, in turn, is instigating tire manufacturers to boost tire production, which would drive the tire market through 2027. Additionally, since China actively exports high-performance goods to different countries, several OEMs are increasingly demanding these tires & taking it as an opportunity to increase their visibility within the country, reveals MarkNtel Advisors in their research report, "China Tire Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the China Tire Market are Kumho, Hangzhou Zongche, Prinx, Double Coin, Cheng Shin, Hankook, Triangle, Sailun Jinyu, Giti Tire, Aelous Tyre Co. Ltd.
Key Questions Answered in the Study