China Commercial Vehicle Tire Market 2026

2016 – 2026 CHINA COMMERCIAL VEHICLE TIRE MARKET FORECAST AND OPPORTUNITIES

Published: November 2021 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

Table of Contents

S. No.

Contents

1.

Product Overview

2.

Research Methodology

3.

Executive Summary

4.

Voice of Customer

5.

4.1.

Aided and Unaided Brand Recall

4.2.

Factors Influencing Purchase Decision

4.3.

Brand Satisfaction Level

4.4.

Brand Switching Willingness

China Commercial Vehicle Tire Market Outlook 5.1.

Market Size & Forecast 5.1.1.

5.2.

5.3.

6.

By Volume & Value

Market Share & Forecast 5.2.1.

By Vehicle Type (Truck, Bus/Van)

5.2.2.

By Demand Category (OEM, Replacement)

5.2.3.

By Tire Construction Type (Radial, Bias)

5.2.4.

By Price Segment (Budget, Ultra Budget, Premium)

5.2.5.

By Region (East China, South-Central China, North China, South-West China, North-East China, North-West China)

5.2.6.

By Company (2020)

Market Map (By Vehicle Type, By Demand Category, By Tire Construction Type, By Price Segment, By Region)

China Truck Tire Market Outlook

Automotive

© TechSci Research

22

Table of Contents

Ta b l e o f C o n t e n t s

S. No.

Contents 6.1.

6.2.

7.

Market Size & Forecast 6.1.1.

By Value

6.1.2.

By Volume

Market Share & Forecast 6.2.1.

By Vehicle Type (Light Duty Truck, Medium Duty Truck and Heavy-Duty Truck)

6.2.2.

By Demand Category

6.2.3.

By Tire Construction Type

6.2.4.

By Price Segment

6.2.5.

By Rim Size (Up to 16'', 17"- 20'', Above 20'')

6.3.

Prominent Tire Sizes (2020)

6.4.

Pricing Analysis

China Bus/Van Tire Market Outlook 7.1.

7.2.

Automotive

Market Size & Forecast 7.1.1.

By Value

7.1.2.

By Volume

Market Share & Forecast 7.2.1.

By Vehicle Type (Bus, Van)

7.2.2.

By Demand Category

7.2.3.

By Tire Construction Type

7.2.4.

By Price Segment © TechSci Research

33

Table of Contents

Ta b l e o f C o n t e n t s

S. No.

Contents 7.2.5.

By Rim Size (Up to 16'', 17"- 20'', Above 20'')

7.3.

Prominent Tire Sizes (2020)

7.4.

Pricing Analysis

8.

Export and Import Analysis

9.

Market Dynamics 9.1.

Drivers

9.2.

Challenges

10.

Market Trends and Developments

11.

Impact of COVID-19 on China Commercial Vehicle Tire Market

11.

Supply Chain Analysis

12.

Policy and Regulatory Landscape

13.

List of Prominent Dealers and Distributors

14.

China Economic Profile

15.

Competitive Landscape

Automotive

15.1.

Hangzhou Zhongce Rubber Co. Ltd.

15.2.

Giti Tire (China) Investment Company Ltd.

15.3.

Sailun Group Co., Ltd.

15.4.

Kumho Tire China Co., Inc.

15.5.

Triangle Tire Co. Ltd.

15.6.

Hankook Tire China Co. Ltd.

15.7.

Double Coin Holdings Ltd.

15.8.

Aelous Tyre Co. Ltd. © TechSci Research

44

Table of Contents

Ta b l e o f C o n t e n t s

S. No.

Contents 15.9.

15.10.

Cheng Shin Rubber Ind. Co. Ltd. Prinx Chengshan (Shandong) Tire Company Ltd.

16.

Strategic Recommendations

17.

About Us & Disclaimer

Automotive

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55

List of Figures Figure No.

Title

Figure 1:

China Commercial Vehicle Tire Market Size, By Volume (Million Units), By Value (USD Billion), 2016-2026F

Figure 2:

China Commercial Vehicle Tire Market Share, By Vehicle Type, By Volume, 2016-2026F

Figure 3:

China Commercial Vehicle Tire Market Share, By Demand Category, By Volume, 2016-2026F

Figure 4:

China Commercial Vehicle Tire Market Share, By Tire Construction Type, By Volume, 2016-2026F

Figure 5:

China Commercial Vehicle Tire Market Share, By Price Segment, By Volume, 2016-2026F

Figure 6:

China Commercial Vehicle Tire Market Share, By Region, By Volume, 2016-2026F

Figure 7:

China Commercial Vehicle Tire Market Share, By Company, By Value, 2020

Figure 8:

China Commercial Vehicle Tire Market Map, By Vehicle Type, Market Size (Million Units) & Growth Rate (%)

Figure 9: Figure 10:

China Commercial Vehicle Tire Market Map, By Demand Category, Market Size (Million Units) & Growth Rate (%) China Commercial Vehicle Tire Market Map, By Tire Construction Type, Market Size (Million Units) & Growth Rate (%)

Figure 11:

China Commercial Vehicle Tire Market Map, By Price Segment, Market Size (Million Units) & Growth Rate (%)

Figure 12:

China Commercial Vehicle Tire Market Map, By Region, Market Size (Million Units) & Growth Rate (%)

Figure 13:

China Truck Tire Market Size, By Value (USD Billion), 2016-2026F

Figure 14:

China Truck Tire Market Size, By Volume (Million Units), 2016-2026F

Figure 15:

China Truck Tire Market Share, By Vehicle Type, By Volume, 2016-2026F

Figure 16:

China Truck Tire Market Share, By Demand Category, By Volume, 2016-2026F

Figure 17:

China Truck Tire Market Share, By Tire Construction Type, By Volume, 2016-2026F

Figure 18:

China Truck Tire Market Share, By Price Segment, By Volume, 2016-2026F

Automotive

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66

List of Figures and Tables Figure No.

Title

Figure 19:

China Truck Tire Market Share, By Rim Size, By Volume, 2016-2026F

Figure 20:

China Truck Tire Pricing Analysis, 2016-2026F

Figure 21:

China Bus/Van Tire Market Size, By Value (USD Billion), 2016-2026F

Figure 22:

China Bus/Van Tire Market Size, By Volume (Million Units), 2016-2026F

Figure 23:

China Bus/Van Tire Market Share, By Vehicle Type, By Volume, 2016-2026F

Figure 24:

China Bus/Van Tire Market Share, By Demand Category, By Volume, 2016-2026F

Figure 25:

China Bus/Van Tire Market Share, By Tire Construction Type, By Volume, 2016-2026F

Figure 26:

China Bus/Van Tire Market Share, By Price Segment, By Volume, 2016-2026F

Figure 27:

China Bus/Van Tire Market Share, By Rim Size, By Volume, 2016-2026F

Figure 28:

China Bus/Van Tire Pricing Analysis, 2016-2026F

Table No.

Title

Table 1:

China Prominent Truck Tire Sizes, 2020

Table 2:

China Prominent Bus/Van Tire Sizes, 2020

Table 3:

China Commercial Vehicle Tire Exports, By Volume, 2016-2020 (Thousand Units)

Table 4:

China Commercial Vehicle Tire Imports, By Volume, 2016-2020 (Thousand Units)

Table 5:

List of Prominent Commercial Vehicle Tire Dealers in China, 2021

Automotive

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PRODUCT OVERVIEW

Scope of Report Product of Interest (POI): Commercial Vehicle Tire

A tire is a ring-like component that encircles the vehicle’s rim and meets the ground. Tires are filled with compressed air to provide a gripping surface for traction on the surface over which the vehicle travels. Most vehicles are equipped with pneumatic tires where the air is held under pressure inside the tire. Since tire production began, natural rubber has been extensively used in the fabrication of tires. However, modern tires make use of materials like synthetic rubber, fabric, steel wires, carbon black, etc., adding advanced characteristics to the tires.

Market Segmentation REGION

VEHICLE TYPE •

•

Truck

•

East

Bus/Van

•

North

•

Northeast

•

South Central

•

Southwest

•

Northwest

DEMAND CATEGORY

Automotive

•

OEM

•

Replacement

Year Range Review Period

2016 – 2019 Base Year

2020 PRICE SEGMENT •

Budget

TIRE CONSTRUCTION TYPE

•

Ultra-Budget

•

Radial

•

Premium

•

Bias

Estimated Year

2021 Forecast Period

2022 – 2026

© TechSci Research

99

RESEARCH METHODOLOGY

Research Methodology

Market Profiling •In-depth secondary research was conducted to

determine top players in the China commercial vehicle tire market, overall market size and segmental market size.

Data Collection

Research & Intelligence

Data Filter & Analysis

Actionable Insights

Business Solution

Formulating Questionnaire •In order to conduct industry experts' interviews,

TechSci formulated a detailed questionnaire.

Developing List of Respondents • List of industry players and industry specialists

❑

Identifying Key Opinion Leaders

❑ ❑

Questionnaire Design In-depth Interviews

was developed.

A

conducted interviews with industry experts and industry players for data collection and verification.

❑

B Desk Research

Data Collection •TechSci

❑

Primary Research

❑ ❑ ❑ ❑

Market Participants Key Strengths Tire Portfolio OEM Tie-ups

C

❑ ❑

Company Analysis

Recent Developments Market Changing Aspects/Dynamics Government Policies Final Conclusion

Data Validation obtained as a result of primary and secondary research was validated through rigorous triangulation.

Primary Research

•Data

Data Analysis •The data was scrutinized using MS-Excel and

statistical tools, such as Time Series Analysis, etc., to obtain qualitative and quantitative insights about the China commercial vehicle tire market.

Automotive

❑ ❑

LinkedIn TechSci Internal Database

Secondary Research ❑ ❑ ❑ ❑ ❑ ❑ ❑

Company Website and Annual Reports OICA ASEAN Auto Federation White Paper Study Financial Reports Regulatory Body Industry Associations

Paid Sources ❑ ❑

Factiva Hoovers

© TechSci Research

1111

Research Methodology

Baseline Methodology: For this study, TechSci Research has gathered information through primary research surveys with leading global tire

companies operating in China and subsequently verified information from major dealers / distributors of commercial vehicle tires across China. We also put through an exhaustive search of credible paid databases such as Factiva, Hoovers, OICA, China Association of Automobile Manufacturers (CAAM) including TechSci’s internal database. Our team of analysts has then prudently evaluated all the collected information and presented the same in chronological order to depict a meaningful and clear picture of the country’s commercial vehicle tire market. For the production of China commercial vehicle tire market report, bottom-up research model has been used, which has been later cross validated by using top-down approach.

Production Data TechSci Analysts conducted exhaustive primary research to call up all tire production plants across China to verify their capacity and types of tires being manufactured with their production heads. In addition, TechSci also tracked all commercial vehicle manufacturing plants that were established in the past and are expected to start production during the forecast period of the study to analyze the demand from OEMs.

Vehicle Sales and Fleet Size The data points that are needed for the analysis of the China commercial vehicle tire market are historical, current year and forecast figures for vehicle sales and fleet size. The data for vehicle sales and fleet size has been extracted through various secondary sources and credible data portals. TechSci Research has also maintained a database for vehicle sales and fleet size

for each vehicle segment (Trucks and Bus/Vans), which is regularly updated through various primary research surveys and secondary sources such as automotive associations and government publications.

Automotive

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Research Methodology Tire Demand Replacement Tire Sales Replacement tire demand of a particular country is directly dependent on the country’s commercial vehicle fleet size and historical vehicle sales. The replacement demand is, therefore, extracted by multiplying the commercial vehicle fleet with the

replacement tire ratio, which is obtained by conducting a series of surveys with vehicle owners to understand the frequency of tire replacement as it varies for different countries depending upon factors such as road conditions, climate and economic and regulatory policies applicable in a country. The replacement ratio is expressed as a percentage. For example, in case of light commercial vehicles (LCVs), replacement ratio is considered to be 100% if four tires are replaced per vehicle per year.

Example of LCV replacement tire demand calculation is as below: LCV Fleet Size (Volume)

X

Replacement Ratio (%)

X

No. of Tires

=

1,00,000

X

100%

X

4

=

Replacement Tire Demand 400,000 Tires

The calculated replacement tire demand data is further analyzed by TechSci Research through Delphi technique, i.e., multiple rounds of telephonic interviews were conducted with tire companies’ dealers/distributors, across China. The information thus gathered through primary interviews was cross-verified through industry experts and secondary sources such as annual reports and paid databases to generate meaningful results.

Total Tire Market

OEM Tire Sales Automotive

+

Replacement Tire Sales

=

Total Tire Market © TechSci Research

1313

Research Methodology

Forecasting Methodology TechSci Research uses the combination of judgmental, associative and time series techniques for forecasting market data.

Forecasting is done considering various quantitative as well as qualitative factors into consideration such as past years tire sales data, automobile production stats, macro economic factors including GDP growth/contraction, interest rates scenario

and impact of COVID-19 on vehicle & tire production and sales in the country. The report delivers five years historical actual market size data (2016-2020); 2021 being an estimated year with market data based on January to September 2021 actual sales and forecast for the period between 2022 and 2026.

TechSci Research has used judgmental, associative and time series techniques to forecast the tire sales data for the period between 2022 and 2026. In Judgmental model, opinion from mid-level sales and production executives of leading tire and vehicle manufacturers (to track OEM sales), leading tire dealers and distributors in each country and industry experts were collected to gauge how the tire industry will perform during the forecast period. In Associative model, the tire market was forecasted based on the identification of performance of related variables/drivers such as new vehicle sales, existing fleet size and macroeconomic indicators were used to predict the size of the tire market between 2022 and 2026. Time series technique was used by observation and analysis of historical tire sales data by tracking it at regular intervals over a period of more than seven years. Both long-term movement of tire sales and short-term variations in tire sales data caused by unusual factors and circumstances were tracked and on the basis of these observations, future tire sales were estimated based on the past trends.

TechSci Research uses its proprietary forecast model based on the above approach and regression analysis to forecast tire sales data with the help of excel forecast functions which forecast the data values based on the provided existing data values.

Automotive

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1414

Research Methodology Primary Research – Company/Dealers & Distributors Interviewed

Few Sources of Secondary Research

Company/Dealer & Distributor Names

S. No.

Secondary Sources

1.

Hangzhou Zhongce Rubber Co. Ltd.

1.

China Association of Automobile Manufacturers (CAAM)

2.

Giti Tire (China) Investment Company Ltd.

2.

Organisation Internationale Des Constructeurs D'automobiles (OICA)

3.

Sailun Group Co., Ltd.

3.

China Rubber Industry Association

4.

Kumho Tire China Co., Inc.

4.

TechSci Research Proprietary Database & Knowledge Repository

5.

Triangle Tire Co. Ltd.

5.

Company Annual Reports

6.

Hankook Tire China Co. Ltd.

6.

Industry Reports

7.

Double Coin Holdings Ltd.

7.

Statista

8.

Aelous Tyre Co. Ltd.

8.

News Dailies

9.

Cheng Shin Rubber Ind. Co. Ltd.

9.

Credible Paid Databases

10.

Prinx Chengshan (Shandong) Tire Company Ltd.

10.

World Bank

S. No.

Automotive

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Industry Brief Increasing automobile sales and increase in exports to drive the demand for China commercial vehicle tire market for the forecast period.

According to TechSci Research report, “China Commercial Vehicle Tire Market - By Country, By Company Forecast & Opportunities, 2026”, China commercial vehicle tire market was valued at over USD25 billion in 2020 and is forecast to grow at a CAGR of 13.21% to reach USD54 billion by 2026.

China is the home to the world’s largest commercial vehicle fleet size in the world. Consistent increase in vehicle sales and high tire replacement demand is contributing to the growth of the commercial vehicle tire market. A key factor aiding the growth of the commercial vehicle fleet in the country is the growth in industrial and construction projects. In 2019, the Chinese government approved 26 infrastructure projects with a total expected investment of USD142 billion (981.7 billion yuan) spread over forthcoming years, according to the National Development and Reform Commission (NDRC).

China is the leading manufacturer of commercial vehicles in the world. According to the data published by OICA, in the year 2020, the number of commercial vehicles produced in the country stood at 5.23 million units which grew significantly compared to 4.36 million units in 2019, in spite of lockdown imposed in certain parts of the country in Q1, 2020. In China, there are about 200 registered automotive companies, making it the largest number of automotive manufacturers in the world. Due to the high number of vehicle production, the demand for tires from OEMs is also high in the country. Coupled with the largest fleet size for commercial vehicles, China is a prominent commercial vehicle tire-producing country due to high replacement demand. In addition, the number of manufacturing plants for tires is significantly higher than the rest of the world, owing to the lower production costs for tires in China compared to other countries due to lower labor costs and ease of raw material availability both domestically and nearby countries. These factors are aiding the rise in demand for commercial vehicle tires in the country.

China is one of the countries with the largest production volume of natural rubber worldwide. Moreover, raw materials like synthetic rubber, carbon black, accelerators, oil, etc. to manufacture tires can be found in abundant quantity at in China as compared to any other country. Due to this, the tire manufacturing costs are much lower in the country. On account of low tire prices with advanced technology, Chinese commercial vehicle tire brands are gaining market share in various regions across the globe. People are showing interest in Chinese tire brands owing to improving technology at lower prices compared to other international commercial vehicle tire brands. This factor is going to drive the Chinese commercial vehicle tire market in other regions of the world.

China commercial vehicle tire market is segmented into vehicle type, demand category, tire construction type, price segment, and company. On the basis of vehicle type the market is bifurcated into truck and bus/van. Among all the Bus/Van tires sold in China, van tires held the largest share of 65.28% in 2020. The segment is expected to grow at a robust pace and reach 14.98 million units in 2026.

With the increasing population of daily commuters, the market penetration of buses/vans is increasing. Moreover, the demand for electric vans is increasing rapidly as well.

Leading players operating in China Commercial Vehicle Tire market include Hangzhou Zhongce Rubber Co. Ltd., Giti Tire (China) Investment Company Ltd., Sailun Group Co., Ltd, Kumho Tire China Co., Inc., Triangle Tire Co. Ltd., Hankook Tire China Co. Ltd., Double Coin Holdings Ltd., Aelous Tyre Co. Ltd., Prinx Chengshan (Shandong) Tire Company Ltd. “In China, the significant majority of commercial vehicle tire demand is generated by the replacement segment. In 2020, the replacement category held 71.58% of the share in terms of volume. Retail outlets increase the effectiveness of after-sales services for tires and provide technical support pertaining to the tires. This helps tire companies to increase their brand awareness and satisfaction among customers. New players are advised to invest in tire sales via tire service centers. This is emerging as the latest market diversification strategy adopted by renowned commercial vehicle tire manufacturers.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Automotive

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Sample Data - Snapshot China Commercial Vehicle Tire Market Size, By Volume (Million Units), By Value (USD Billion), 2016-2026F CAGR 2016-2020

By Value: xx%

By Volume: xx%

2016

2017

2018

2019

CAGR 2021E-2026F

By Value: xx%

By Volume: xx%

2020

2021E

Value (USD Billion) China Commercial Vehicle Tire Market Share, By Vehicle

2023F

2024F

2025F

2026F

Volume (Million Units) China Commercial Vehicle Tire Market Share, By Demand Category, By Volume, 2016-2026F

Type, By Volume, 2016-2026F

Truck

2022F

201 201 201 201 202 202 202 202 202 202 202 6 7 8 9 0 1E 2F 3F 4F 5F 6F

201 201 201 201 202 202 202 202 202 202 202 6 7 8 9 0 1E 2F 3F 4F 5F 6F

40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0

Replacement 40.040.040.040.040.040.040.040.040.040.040.0

Bus/Van 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0

OEM

60.060.060.060.060.060.060.060.060.060.060.0

China Bus/Van Tire Market Share, By Rim Size, By Volume, 2016-2026F

2016

2017

2018

2019

2020

2021E

2022F

2023F

2024F

2025F

2026F

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

17"18"

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

10.00%

18"-19"

15.00%

15.00%

15.00%

15.00%

15.00%

15.00%

15.00%

15.00%

15.00%

15.00%

15.00%

19"-20"

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

Above20" 50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

50.00%

Up to 16"

Automotive

© TechSci Research

17

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