China Tire Market Size Is Booming Worldwide With | Wanli Tire, Aeolus Tyre Co. Limited, Prinx Chengshan Tire Company

China Tire Market is Growing Steadily Despite the Pandemic: Projected to Grow at a CAGR of 6.4% during 2022-2028

The China tire market is growing at a high CAGR because of the expanding automobile manufacturing in the country. Additionally, the increasing disposable income and purchasing power of Chinese people is also influencing the domestic sales of automobiles, especially passenger cars

A recent study conducted by the strategic consulting and market research firm, Report Ocean, revealed that the China tire market was worth USD 29.0 billion in the year 2021. The market is estimated to grow at a CAGR of 6.4%, earning revenue of around USD 44.8 billion by the end of 2028. Chinas tire market is flourishing at a high rate owing to the growing automobile production activities. China is the major automobile manufacturer in the world in terms of annual production. China is expected to produce 35 million automobiles by 2025, which will fuel the market demand for tires during the forecast period. Further, rising vehicle ownership for both private and commercial purposes is expected to drive the growth of China tire market during the forecast period. However, increasing penetration of counterfeit and second-hand tires in the market may act as a huge restraining factor for market growth.

Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR243

Increasing Vehicle Ownership in China Projected to Drive the China Tire Market

In China, vehicle ownership is increasing rapidly due to the rising disposable income and the availability of low-priced vehicles due to lower production costs. According to the Ministry of Public Security, over 16 million passenger cars were registered during the first quarter of 2021. The national motor vehicle ownership also spiked to 390 million units by September 2021, including 297 million cars. With the increasing demand for vehicles, the demand for tires is also projected to surge in China during the forecast period.

Expanding Online Sales Channels Boosting the Growth Of the China Tire Market

The China tire market is quickly shifting towards online sales channels, especially after the COVID-19 pandemic outbreak. The restrictions on distribution channels due to lockdown prompted the tire sellers and buyers to shift and browse through online channels. Furthermore, most popular websites such as Alibaba, etc., offer a wide range of products, along with a lot of information about tires, which helps the buyers to make their final decision, based on their needs and budgets. Moreover, the Chinese tire market is expected to benefit from the flourishing online sales channels during the forecast period.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR243

China Tire Market - By End-User

Based on end-users, the China tire market is grouped into Original Equipment Manufacturer (OEM) and replacements segment. The OEM segment accounts for the largest market share owing to the presence of leading automobile manufacturers in China. Tires are in high demand in China, since the country is home to many automakers, including FAW, SAIC Motor, Dongfeng, BYD, etc. Further, many global carmakers, such as Audi, manufacture their vehicles in China due to lower labor costs, which is boosting demand for tires and propelling market growth.

Impact of COVID-19 on China Tire Market

The COVID-19 pandemic outbreak negatively affected China's tire market. The surging COVID-19 infection cases put an immense burden on the Chinese healthcare system, due to which the government had to impose strict lockdown. Throughout China, the nationwide lockdown resulted in restrictions on automobile and tire manufacturing and production activities, which caused tire producers to suffer enormous losses. Market growth was also held back by restrictions on distribution channels. However, tire brands quickly shifted to online sales channels, which is expected to restore the market slump during the forecast period.

China Tire Market- Competitive Landscape

The leading players in the China tire market are Tongli Tyre Co., Limited, Shanghai Huayi Group Corporation Limited, Triangle Tyre Co., Limited, ONYX Tyres, Zhongce Rubber Group Co., Limited, Wanli Tire, Aeolus Tyre Co. Limited, Prinx Chengshan Tire Company, Sailun Jinyu Group Co. Limited, Cheng Shin Rubber Co. Limited., and other prominent players.

Market Segment:

By Design (Radial, Bias)
By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium, And Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, Off-The-Road (OTR))
By End-User (OEM, Replacements)
By Distribution Channel (Online Distributors, Offline Distributors)

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR243

China tire market is highly fragmented due to the presence of numerous multinational and regional players. However, the market is dominated by certain global players. The market players offer and launch a wide range of tires for different types of vehicles to grab a larger share in the market. They also focus on improving their distribution channels by offering their products through specialty stores as well as online sales channels. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Reasons to Buy this Report:

Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
This allows you to expect market adjustments to continue to be in advance of your competitors
You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
Provides perception into the market via Value Chain
Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR243

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

Get in Touch with Us:
Report Ocean:
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website: https://www.reportocean.com

This release was published on openPR.