The Tire Market in China to Grow at a CAGR of 11.31 Percent over the Period 2012-2016
DUBLIN, October 31, 2013 /PRNewswire/ --
Research and Markets
( http://www.researchandmarkets.com/research/gdsxtx/tire_market_in) has announced the addition of the "Tire Market in China 2012-2016" report to their offering.
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One of the key factors contributing to this growth is the growing Automobile market in China. The Tire market in China has also been witnessing an increase in tire manufacturing establishments. However, increasing manufacturing costs could pose a challenge to the growth of this market.
The key vendors dominating this market space include GITI Tire (China) Investment Company Ltd., Hangzhou Zhongce Rubber Co. Ltd., Shandong Linglong Tyre Co. Ltd., and Triangle Group.
The other vendors mentioned in this report are Aeolus Tyre Co. Ltd, Cheng Shin Rubber Industry Co. Ltd., Double Coin Holdings Ltd., Exquisite Group Co. Ltd., Guizhou Tyre Co. Ltd., Kumho Tire Co. Inc., and Xingyuan Tyre Group Co. Ltd.
Commenting on the report, an analyst from the automotive team said: As a result of rising industry challenges, domestic players in the Tire market in China are moving toward globalization, and are entering new untapped and growing automobile markets across the globe. Globalization offers Chinese tire manufacturers benefits such as high economies of scale, new opportunities for growth, and greater flexibility in terms of operations. It also minimizes cultural and communication barriers, and thus increases efficiency. Furthermore, globalization also helps manufacturers remain highly competitive by reducing various operational and process costs.
According to the report, the growing Automobile market in China is a major driver of the Tire market in China. The demand and supply of automobiles and tires are interlinked; an increased demand for automobiles leads to an increased demand for tires. This rapid increase in automobiles sales will lead to the growth of the Tire market in China.
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