Tyre market in China predicted to grow at a CAGR of over 10% by 2023

Tyre-marketAccording to a report titled “China Tire Market By Vehicle Type, By Demand Category, By Radial Vs, Bias, By Rim Size, By Price Segment, Competition Forecast and Opportunities, 2013-2023”, the tyre market is projected to grow at a CAGR of over 10% by 2023 in China.

Rising automobile sales and increasing per capita income are the major factors boosting demand for tyres across the country.

China’s vehicle fleet size witnessed a radical increase during the past decade, which has been driving tyre demand in the country.Moreover, ongoing development in both urban as well as rural areas and significant improvement in road infrastructure have been driving the expansion of automobile as well as the country’s tyre market over the years.

Some of the major players operating in China tyre industry are: Hangzhou Zhongce Rubber Co. Ltd., GITI Tire (China) Investment Company Ltd., Sailun Jinyu Group Co. Ltd., Kumho Tire Co. Ltd., Triangle Tire Co. Ltd., Hankook Tire China Co. Ltd., Double Coin Holdings Ltd., Cheng Shin Rubber (China) Co. Ltd., Aelous Tyre Co. Ltd, and Prinx Chengshan (Shandong) Tire Company, among others.