MarkNtel Advisors recently published a detailed industry analysis of the China Tire Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
China Tire Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2027
The China Tire Market is projected to grow at a CAGR of around 6.5% during the forecast period, i.e., 2022-27.
What are the major Driver the China Tire industry?
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.
Impact of Covid-19 on the China Tire Market
China, the epicenter of the Covid-19 pandemic, witnessed disastrous effects on the tire industry. With the imposition of stringent movement restrictions & lockdown to curb the virus spread, the tire industry observed several unprecedented challenges like supply chain disruptions, shut down of production facilities, restricted offline sales of tires, delivery delays & cancelations, etc., in the initial stage of the pandemic. It resulted in a steep decline in the China Tire Market’s output & revenue.
Additionally, the government had to postpone the implementation of the China Six Emission Standard to January 2021, providing fiscal & taxation support, speeding up the elimination of obsolete diesel trucks, and optimizing secondhand vehicle trading channels to back automobile purchases in the country.
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What segments define the China Tire Market from 2022 to 2027? How do these segments contribute to market dynamics and growth?
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses & Trucks
- Medium & Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
According to report, Of them all, Passenger Cars dominated the China Tire Market with the largest share in recent years.
By Demand Category
- OEM
- Replacement
According to report, Amongst both demand categories, Replacement acquired the largest share of the China Tire Market, and the same trend is likely to be followed in the coming years. It owes principally to the constantly increasing vehicle sales in the country stimulating the replacement demand for tires & other vehicle components, coupled with the mounting awareness & concerns over vehicle maintenance, i.e., encouraging people to replace tires timely.
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”
- 12.1” to 15”
- 15.1.” to 18”
- 18.1” to 20”
- 20.1” to 22.5”
- 22.6” to 26”
- 26.1” to 35”
- 35.1” to 47”
- Above 47”
Geographical Analysis: China Tire Market
By Region
- North East & East
- North & North West
- South West & South Central
Explore the Complete China Tire Market Analysis Report – https://www.marknteladvisors.com/research-library/china-tire-market.html
China Tire Market Share & Competitive Landscape:
The China Tire Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the China Tire Market are:
- Kumho
- Hangzhou Zongche
- Prinx
- Double Coin
- Cheng Shin
- Hankook
- Triangle
- Sailun Jinyu
- Giti Tire
- Aelous Tyre Co. Ltd.
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?
6.What is the future outlook for the China Tire Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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