MarkNtel Advisors offers a comprehensive research analysis on the China Tire Market, which is set to register a CAGR of around 6.5% during 2022-2027. This study incorporates an extensive assessment of the assorted aspects affecting the industry dynamics, such as growth drivers, prospects, restraints, challenges, key trends, recent developments, among others.
Our domain-specific experts dedicated analysts plan to advise stakeholders about the constant oscillations in the China Tire Market and what to expect from the industry in the upcoming timeline, allowing them to make strategic stirs to yield significant profits in the coming years.
Every information proposed in the report is accurate reliable and based on the following parameters:
- Historical Period: 2017-20
- Base Year: 2021
- Forecast Period: 2022-27
- Unit Denominations: USD Million/Billion
Key Impetus for the Market at Glance
This extract of the report comprises detailed information on the fundamental factors influencing the China Tire market dynamics through different segments geographies. It also shows the competitive analysis, Covid-19 impact analysis, ongoing trends, latest developments, and various strategies embraced by industry players for higher revenue generation.
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Latest Trend in the China Tire Market: Escalating Demand for High-Performance Tires
The mounting inclination of people toward sports vehicles, coupled with the rising popularity of driving on challenging terrains, are instigating automakers to manufacture high-capacity vehicles like crossovers, compact SUVs, etc. It, in turn, is generating growth opportunities for the leading players in the tire industry to manufacture high-performance tires, principally for delivering robust grips, minimal rolling resistance, reduced tread wear improved traction, among others.
In addition, several OEMs (Original Equipment Manufacturers) are also seeking it as a lucrative to expand their foothold visibility throughout China by offering these high-performance tires for vehicle owners. Besides, the swiftly improving living standards purchasing power of the Chinese are other prominent aspects promoting the adoption of high-performance tires in the country.
Competitive Landscape
In this section of the report, the study provides a comprehensive analysis of the leading players, monitoring their market share, developments, and revenue generation strategies, along with their acquisitions, mergers collaborations, among other prominent aspects. To enlighten the investors, our analysts use the following parameters into consideration while profiling different companies very closely:
- Key Performance Indicators
- Latest Trends Developments
- Product/Service Offerings
- Risk Analysis
- SWOT Analysis
The top companies in the China Tire Market include:
- - Kumho
- - Hangzhou Zongche
- - Prinx
- - Double Coin
- - Cheng Shin
- - Hankook
- - Triangle
- - Sailun Jinyu
- - Giti Tire
- - Aelous Tyre Co. Ltd.
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Impact of Covid-19
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.
Market Segmentation Regional Analysis
The China Tire Market is highly fragmented, and the following are its key segments:
- By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
- By Demand Category (OEM and Replacement)
- By Type of Tires (Radial and Bias)
- By Sales Channel (Dealer/Exclusive Outlets, Online and Others)
- By Season (all season, winter and Summer)
- By Price Category (Low (Up to USD90), Medium (USD91-USD140, High (Above USD140))
- By Rim Diameter (Upto 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”)
On the Geographical front, the China Tire Market expands across:
- North East East
- North North West
- South West South Central
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Insights in the Report
The detail-driven accurate in sight upon research report "China Tire Market Analysis, 2022" are into the following parameters of the industry:
- Business strategies shares
- Demand upsurge falls
- Gross margins
- Investment revenue generation opportunities
- Leading companies and their profiling, mergers, acquisitions
- High-growth segments geographies
- Trends developments, among others
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Note: All insights cited in this report are based on both primary secondary research carefully conducted by our dedicated analysts with industry experts. MarkNtel Advisors also offers customized report services that incorporate unbiased reliable information on the market dynamics in a particular segment, geographic location tailored for our clients their specific requirements.
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