China’s Tyre Market Garners Impressive Growth, Rising To $20.2B

DOUGLAS, Scotland - May 27, 2015 - PRLog -- China’s tyre market showed steady growth, rising from 5.3 billion USD in 2007 to 20.2 billion USD in 2013, with a CAGR of 25%. In physical terms, it expanded with a CAGR of 14%, reaching 534 million units in 2013.

Tyre production showed similar dynamics over the last few years. From 2007 to 2013, it expanded to 965 million units, reaching 35.4 billion USD.

China’s growth in tyre production is expected to slow to 9% (currently +25%), amidst sluggish global demand. At present, multiple economies experience major slowdowns or even slip into recession. Nevertheless, general urbanization will drive the tyre market to a solid increase.

In 2014, the USA (25%), the UK (4%), Mexico (4%), the UAE (3%) and Australia (3%) were the leading destinations of China’s tyre exports, together making up 39%. While the share of the USA dropped dramatically, the shares of the other countries remained relatively stable throughout the analyzed period.

In 2014, Japan and Thailand were the main suppliers of tyres into China with a combined share of 42.6% of total imports. However, the fastest growing suppliers from 2007 to 2014 were Romania (+94.8% per year) and Thailand (+38.2% per year).

Source: http://www.indexbox.co.uk/store/china-tyres-market-report-analysis-and-forecast-to-2020/