China's tire market is expected to witness a significant growth at a CAGR of 3.9% during the forecast period (2020-2026). The country is the largest automotive market by volume all across the globe. As per OICA, in 2019, 25.77 million vehicles were sold in China whereas 25.7 million vehicles were manufactured in the country, making it the largest market for the OEM globally. Moreover, as per China's the Ministry of Public Security, China’s vehicle population has reached around 360 million by June 2020. It offers a wide market to the replacement tire market in the country. 

Moreover, due to lower manufacturing cost, the country exports have increased significantly in the last decade all across the globe. COVID-19 was emerged from China, however by the mid of 2020, the cases of the COVID-19 were very low in the country, and the economic activities have begun again in the country. As per the latest international Monitory Fund estimates, China GDP will grow by 1.9% YoY in 2020, the only major economy to show positive growth in 2020. Automotive market is also recovering in the country, which is positive sign for the tire market. 

However, fluctuating raw material prices, economies tension with other countries including the US, Japan, India among other, cohesive government regulation are some of the challenging factor for the tier industry in the country. Due to stricter pollution norms for the companies, increasing labor cost and other factors, around 35 tiremakers had been closed and declared bankruptcy in China in the period of 2017 and August 2018 in the Shandong Province of China. 

Some of the key players of the China tire market include Zhongce Rubber Group Co. Ltd., Giti Tire Pte Ltd., Shandong Linglong Tire Co., Ltd., Sailun Group Co. Ltd. among others. The market players are significantly contributing to the market growth by adopting various strategies including mergers, & acquisitions, collaborations, new product launch, and geographical expansion, to stay competitive in the market. 

Research Methodology

The market study of the China tire market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts as to bring more authenticity to the reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for tire manufacturers & distributors, automakers, auto-ancillary companies, start-ups, venture capitalists, seed funders, research organizations, and other related organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size, products offered by the companies, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation

1. China Tire Market Research and Analysis by Vehicle Type
2. China Tire Market Research and Analysis by Road Application 
3. China Tire Market Research and Analysis by Construction
4. China Tire Market Research and Analysis by Tire Type
5. China Tire Market Research and Analysis by Sales Channel

The Report Covers

• Comprehensive research methodology of the China Tire market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the China Tire industry.
• Insights about market determinants which are stimulating the China Tire market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.