The Chinese Tire Market is anticipated to project robust growth in the forecast period

DUBLIN, June 9, 2022 /PRNewswire/ -- The "China Tire Market, By Vehicle Type (Passenger Cars, Two-Wheeler, M&HCV, LCV, Three-Wheeler and OTR), By Demand Category (Replacement, OEM), By Tire Construction Type (Radial, Bias), By Region, Competition Forecast & Opportunities, 2017- 2027" report has been added to ResearchAndMarkets.com's offering.

The Chinese Tire Market is anticipated to project robust growth in the forecast period, 2023-2027, with a CAGR of 10.98% to reach USD82,463.17 million by 2027.

Increasing sales of automobiles and surging demand for replacement tires are bolstering the production of tires in China. Also, the adoption of advanced technologies in the manufacturing process and the use of high-quality material for tire production are the driving factors behind the growth of the Chinese Tire Market through the forecast period.

The high demand for automobiles is fueling tire production in China. China is the leading exporter of automobiles all over the world and is home to major automotive manufacturers of the world. Chinese tires witness massive demand around the globe as they are affordable and are made up of high-quality material. With the massive vehicle and tire production and growing demand for quality products worldwide, the Chinese Tire Market is expected to grow at a significant rate in the next five years.

Electric and hybrid vehicle sales are accelerating rapidly due to the implementation of stringent emission norms and increased consumer awareness about the adverse effects of greenhouses emissions on the environment. The high demand for electric and hybrid vehicles is expected to create lucrative growth opportunities for the Chinese Tire Market in the forecast period.

The Chinese Tire Market is segmented into vehicle type, demand category, tire construction type, regional distribution, and competitive landscape. Based on vehicle type, the market is divided into passenger car, light commercial vehicles (LCV), M&HCV, OTR, two-wheeler, and three-wheeler.

Passenger cars led the market in 2021 with a share of 46.36% and are projected to maintain their dominance throughout the forecast period. High sales and production of passenger cars in the country to meet domestic as well as overseas demand is driving the demand for passenger car tires in the forecast period.