China Tyre Market Forecast and Opportunities, 2020
During the last decade, China emerged as one of the leading economies worldwide in terms of GDP growth. The country has grown manifold and emerged as the leading manufacturing hub across the globe. With a population of over 1.35 billion, China witnessed multifaceted development within various industries for the past few years. The automotive industry, in particular, has grown at a tremendous pace owing to diverse factors such as increasing disposable income, rising standard of living and automobile export demand. This, in turn, has catalyzed the development of tyre market in China in terms of both production as well as sales. China’s vehicle fleet size witnessed a radical increase during the past decade, which has further driven tyre demand in the country. Ongoing development in both urban as well as rural pockets and significant improvement in road infrastructure have been driving the expansion of automobile and tyre market. However, rising environmental concerns have posed a threat to the industry’s growth over the coming years.
According to “China Tyre Market Forecast & Opportunities, 2020”, tyre market in China is forecast to increase at over 11% CAGR during 2015-20. Increasing automobile sales, continuously expanding motor vehicle fleet, increasing exports, ongoing developments in road infrastructure coupled with innovations in tyre technology are the major factors driving growth in tyre market. Segment wise, passenger car tyres remain the most dominant market segment followed by two-wheeler tyre and commercial vehicle tyre segment in that order. In 2014, replacement and OEM segment held almost equal share in China tyre market. However, the replacement tyre market is anticipated to attain higher market share by the end of forecast period. “China Tyre Market Forecast and Opportunities, 2020” discusses the following aspects:
To gain in-depth understanding of tyre market in China
To identify the on-going trends and segment wise anticipated growth in the coming years
To help industry consultants, tyre manufacturers and other stakeholders to align their market-centric strategies
To gain in-depth understanding of market dynamics, import-export statistics, recent trends and opportunities in China
To obtain research based business decision and add weight to presentations and marketing materials
To gain competitive knowledge of leading players
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The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tyre manufacturers, distributors, retailers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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