China Commercial Vehicle Tire Market 2027

MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com CHINA COMMERCIAL VEHICLE TIRE MARKET 2016 – 2026 FORECAST AND OPPORTUNITIES Published: November 2021

2 2 © TechSci Research Automotive Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 4.1. Aided and Unaided Brand Recall 4.2. Factors Influencing Purchase Decision 4.3. Brand Satisfaction Level 4.4. Brand Switching Willingness 5. China Commercial Vehicle Tire Market Outlook 5.1. Market Size & Forecast 5.1.1. By Volume & Value 5.2. 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) 5.3. Market Map (By Vehicle Type, By Demand Category, By Tire Construction Type, By Price Segment, By Region) 6. China Truck Tire Market Outlook

3 3 © TechSci Research Automotive T a b l e o f C o n t e n t s Table of Contents S. No. Contents 6.1. Market Size & Forecast 6.1.1. By Value 6.1.2. By Volume 6.2. 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 7. China Bus/Van Tire Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value 7.1.2. By Volume 7.2. 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

4 4 © TechSci Research Automotive T a b l e o f C o n t e n t s Table of Contents 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 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.

5 5 © TechSci Research Automotive T a b l e o f C o n t e n t s Table of Contents S. No. Contents 15.9. Cheng Shin Rubber Ind. Co. Ltd. 15.10. Prinx Chengshan (Shandong) Tire Company Ltd. 16. Strategic Recommendations 17. About Us & Disclaimer

6 6 © TechSci Research Automotive 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: China Commercial Vehicle Tire Market Map, By Demand Category, Market Size (Million Units) & Growth Rate (%) Figure 10: 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 List of Figures

7 7 © TechSci Research Automotive 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 List of Figures and Tables 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

PRODUCT OVERVIEW

9 9 © TechSci Research Automotive Review Period 2016 – 2019 Base Year 2020 Estimated Year 2021 Forecast Period 2022 – 2026 Year Range 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 • East • North • Northeast • South Central • Southwest • Northwest • Truck • Bus/Van VEHICLE TYPE DEMAND CATEGORY • OEM • Replacement TIRE CONSTRUCTION TYPE • Radial • Bias PRICE SEGMENT • Budget • Ultra - Budget • Premium Scope of Report Product of Interest (POI): Commercial Vehicle Tire

RESEARCH METHODOLOGY

11 11 © TechSci Research Automotive A Primary Research C C o m pany Analysis B Desk Research ❑ Identifying Key Opinion Leaders ❑ Questionnaire Design ❑ In - depth Interviews ❑ Market Participants ❑ Key Strengths ❑ Tire Portfolio ❑ OEM Tie - ups ❑ Recent Developments ❑ Market Changing A s pe c ts /Dynam ics ❑ Govern m e n t Policies ❑ Final Conclusion ❑ LinkedIn ❑ Te c hS c i I nt e rnal Database ❑ Factiva ❑ Hoovers Paid Sources ❑ Company Website and Annual Reports ❑ OICA ❑ ASEAN Auto Federation ❑ White Paper Study ❑ Financial Reports ❑ Regulatory Body ❑ Industry Associations S e c on d a r y Research Primary R e s e a r c h Data Co ll ec ti o n Data F il t e r & A na l y sis Res e arch & I nte l lig e n c e Act i o n a b le Insights B us i n e ss Solution • In - depth secondary research was conducted to determine top players in the China commercial vehicle tire market, overall market size and segmental market size . Market Profiling Formulating Questionnaire • In order to conduct industry experts ' interviews, TechSci formulated a detailed questionnaire. • List of industry players and industry specialists was developed. Developing List of Respondents • TechSci conducted interviews with industry experts and industry players for data collection and verification . Data Collection • Data obtained as a result of primary and secondary research was validated through rigorous triangulation . Data Validation • 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 . Data Analysis Research Methodology

12 12 © TechSci Research Automotive 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 vehicl e 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 pr oduc tion 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 plant s across China to verify their capacity and types of tire s being manufactured with the ir 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 . Research Methodology

13 13 © TechSci Research Automotive 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 (LCV s ) , 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 : L C V Fleet Size (Volume) X Replacement Ratio (%) X No. of Tires = Replacement Tir e Demand 1,00,000 X 100% X 4 = 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 + Replacement Tire Sales = Total Tire Market Research Methodology

14 14 © TechSci Research Automotive 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 countr y . The report delivers f i ve years historical actual market size data ( 2 016 - 2020 ) ; 202 1 being an estimated year with market data based on January to S e ptember 202 1 actual sales and forecast for the period between 202 2 and 202 6 . TechSci Research has used judgmental, associative and time series techniques to forecast the tire sales data for the period between 202 2 and 202 6 . 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 202 2 and 202 6 . 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 . Research Methodology

15 15 © TechSci Research Automotive Primary Research – Company/Dealers & Distributors Interviewed Few Sources of Secondary Research S. No. Company/Dealer & Distributor Names 1. Hangzhou Zhongce Rubber Co. Ltd. 2. Giti Tire (China) Investment Company Ltd. 3. Sailun Group Co., Ltd. 4. Kumho Tire China Co., Inc. 5. Triangle Tire Co. Ltd. 6. Hankook Tire China Co. Ltd. 7. Double Coin Holdings Ltd. 8. Aelous Tyre Co. Ltd. 9. Cheng Shin Rubber Ind. Co. Ltd. 10. Prinx Chengshan (Shandong) Tire Company Ltd. S. No. Secondary Sources 1. China Association of Automobile Manufacturers (CAAM) 2. Organisation Internationale Des Constructeurs D'automobiles (OICA) 3. China Rubber Industry Association 4. TechSci Research Proprietary Database & Knowledge Repository 5. Company Annual Reports 6. Industry Reports 7. Statista 8. News Dailies 9. Credible Paid Databases 10 . World Bank Research Methodology

16 © TechSci Research Automotive 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 USD 25 billion in 2020 and is forecast to grow at a CAGR of 13 . 21 % to reach USD 54 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 USD 142 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 Q 1 , 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 .

17 © TechSci Research Automotive Sample Data - Snapshot CAGR 2016 - 2020 By Value: xx % By Volume: xx % CAGR 2021E - 2026F By Value: xx % By Volume: xx % 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Value (USD Billion) Volume (Million Units) China Commercial Vehicle Tire Market Size, By Volume (Million Units), By Value (USD Billion), 2016 - 2026 F China Commercial Vehicle Tire Market Share, By Vehicle Type, By Volume, 2016 - 2026 F 201 6 201 7 201 8 201 9 202 0 202 1E 202 2F 202 3F 202 4F 202 5F 202 6F Truck 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 Bus/Van 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 China Commercial Vehicle Tire Market Share, By Demand Category, By Volume, 2016 - 2026 F 201 6 201 7 201 8 201 9 202 0 202 1E 202 2F 202 3F 202 4F 202 5F 202 6F Replacement 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 OEM 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 60.0 China Bus/Van Tire Market Share, By Rim Size, By Volume, 2016 - 2026 F 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Up to 16" 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%

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