Tyremakers Take Note
According to automotive industry analysts, during 2006 China overtook Japan to become the world’s second largest market for cars. During 2006 7.2 million vehicles were sold in China, a 25.1 per cent increase on the previous year’s sales. Japan, now ranked number three, sold a mere 5.7 million vehicles in comparison.
With China’s economy growing at about ten per cent each year, some analysts believe that the country may overtake the US as the world’s biggest car market within ten years. According to Michael Dunn, Asia Pacific vice president of research firm J.D. Power and Associates, the Chinese Government has “made no secret of its intention to develop a car culture and a car industry. All of the forces are working together.”
This latest news comes at a time when China has also become the world’s largest consumer of rubber, with tyre products taking up a large chunk of the total amount of rubber used.