China Commercial Vehicle Tire Market Report 2022: Launch of New Commercial Vehicle Models with Better Fuel Mileage and Performance Creates Lucrative Opportunities

DUBLIN, Feb. 3, 2022 /PRNewswire/ -- The "China Commercial Vehicle Tire Market 2016-2026" report has been added to ResearchAndMarkets.com's offering.

The Chinese Commercial Vehicle Tire Market stood around USD25.59 billion in terms of value in 2020 and is expected to grow with a CAGR of around 13.21% during the forecast period.

The rise in the number of market players, technological innovations, and the high demand from the public transportation sector are the primary factors that are expected to drive the demand for the Chinese Commercial Vehicle Tire Market in the forecast period.

High production and sales of commercial vehicles, including medium & heavy commercial vehicles, and the launch of newer commercial vehicle models with better fuel mileage and performance create lucrative opportunities for the Chinese Commercial Vehicle Tire Market growth in the forecast period.

Government officials are investing in developing transportation infrastructure and new roads that can accommodate driverless vehicles. The growing per capita income of consumers is fueling the economic activities expected to bolster the demand for commercial vehicles, thereby creating the demand for the production of replacement tires in China.

The entry of new market players and the intense competition among the major market players fuel the adoption of technological innovations, attractive marketing strategies, and expansion of the manufacturing units by the market players to stay ahead in the market.

Tire manufacturers in China are increasingly focusing on providing advanced product offerings to satisfy the consumer requirement for better ride quality, durability, better traction, safety, better fuel efficiency, and performance. However, the ongoing US-China trade war may hinder the growth of the Chinese Commercial Vehicle Tire Market in the forecast period.

The Chinese Commercial Vehicle Tire Market is segmented by vehicle type, demand category, tire construction type, price segment, regional distribution, and company. Based on the vehicle type, the market is divided into truck and bus/van. The truck segment is expected to hold the largest market share in the forecast period, 2022-2026. Growing vehicle fleet size, high demand for trucks from the construction industry, and introduction of advanced models drive the demand for trucks in China.

Objective of the Study:

• To analyze the historical growth in the market size of the Chinese Commercial Vehicle Tire Market from 2016 to 2020.
• To estimate and forecast the market size of the Chinese Commercial Vehicle Tire Market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast the Chinese Commercial Vehicle Tire Market based on vehicle type, demand category, tire construction type, price segment, regional distribution, and company.
• To identify the dominant region or segment in the Chinese Commercial Vehicle Tire Market.
• To identify drivers and challenges for the Chinese Commercial Vehicle Tire Market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Chinese Commercial Vehicle Tire Market.
• To identify and analyze the profiles of leading players operating in the Chinese Commercial Vehicle Tire Market.
• To identify key sustainable strategies adopted by the market players in the Chinese Commercial Vehicle Tire Market.

The top market players operating in the Chinese Commercial Vehicle Tire Market are 

• 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.

Report Scope:

Years considered for this report:

• Historical Years: 2016-2019
• Base Year: 2020
• Estimated Year: 2021
• Forecast Period: 2022-2026

China commercial vehicle tire, By Vehicle Type:

• Truck
• Bus/Van

China commercial vehicle tire, By Demand:

• Replacement
• OEM

China commercial vehicle tire, By Tire Construction:

• Radial
• Bias

China commercial vehicle tire, By Price Segment:

• Budget
• Ultra Budget
• Premium

China commercial vehicle tire, By Region:

• East China
• South-Central China
• North China
• South-West China
• North-East China
• North-West China

For more information about this report visit https://www.researchandmarkets.com/r/l0a2ju

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SOURCE Research and Markets