(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 19, 2021, 01:56 /Comserve / -- China Tire Market China is among the top 5 producers of natural rubber. The tire industry consumes more than 70% of the total rubber consumption. China has transformed into the manufacturing and export hub for all sectors.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

China Tire Market China is among the top 5 producers of natural rubber. The tire industry consumes more than 70% of the total rubber consumption. China has transformed into the manufacturing and export hub for all sectors. According to World Bank, China's Gross National Income (GNI) per capita grew from USD 6800 in 2013 to USD 8370 in 2017; which in turn, increased the purchasing power of the consumers in the country. Moreover, with an aim for the expansion of the ongoing road development in urban and rural areas of the country, the demand for automobiles is soaring, thereby, escalating the demand for tires. According to the MarkNtel Advisors' research report titled "China Tire Market Analysis, 2020", the CAGR of China Tire market is expected to be around 6.5% in terms of units sold during 2020-25.

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The Final Report will cover the impact analysis of COVID-19 on this industry: China Tire Market Analysis, Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast 2020

Demand for OTR Vehicles Would Escalate the Demand for OTR Tires
The passenger cars produced in China are gradually surging with the rising demand for cars in the country; however, there was a slight slump in the production in 2018. The production in 2017 was around 24 806,687 and in 2018 was around 23,529,423 units. Total sales of passenger vehicles were around 1.928 million units, reflecting 0.2% month over month and 5.8% year-on-year declines. According to the Ministry's Traffic Management Bureau, the country has a registered vehicle fleet size of around 310 million with 30 million registrations exceeding in both 2017 and 2018. Moreover, with rising construction activities in the country, the demand for OTR vehicles has been intensified thereby, with the proliferation in the demand for OTR tires.

The rim size of 16” and 17” are preferred by the OEMs and are gaining traction by some companies such as Ford, BMW, Nissan, Hyundai, and MAN, etc. The tire OEMs are now shifting toward larger rim sizes as compared to old conventional small rim diameters.
Moreover, based on the season type, all-season tires captured a larger market share as compared to winter and summer tires. Thus, the prevalence of winter tires is very less in the country but the demand for winter tires is gaining pace and witnessing an upsurge in recent years.

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The Final Report will cover the impact analysis of COVID-19 on this industry: China Tire Market Analysis, Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast 2020

According to the MarkNtel Advisors, the leading players are Kumho, Hangzhou Zongche, Prinx, Double Coin, Cheng Shin, Hankook, Traingle, Sailun Jinyu, Giti Tire, and Aelous Tyre Co. Ltd among others.
In 2018, Hangzhou Zhongce Rubber company acquired the largest market share followed by Kumho, Giti and Sailun. The tire brands of Hangzhou Zhongce were Westlake, Chaoyang, Arison, Goodride, Trazano as in 2018.

Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Forecast Numbers, Market Segmentation, Market Shares) of China Tire Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the China Tire Market?
4. Who are the key competitors or market players and how they perform in China Tire market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of China Tire Market study?

TABLE OF CONTENT

1. Introduction
1.1. Product and Services Definition
1.2. Market Segmentation
1.3. Research Process
1.4. Assumptions
2. Executive Summary
3. Experts Verbatim-What our experts say?
4. China Tire Market Voice of Customer
4.1. Brand Awareness
4.2. End User Expectations

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