New Analysis of Chinese Market Available
While the news that China is both the world’s largest tyre producer and the fastest growing market – currently at 9 per cent and rising – may not be all that surprising, the new analysis of the China tyre industry’s 2008 standing by Research and Markets contains a vastly more detailed look at the state of play.
The introduction to the report states that, “The total output of China’s tyre in 2007 recorded 330 million, an increase of 18 per cent, of which the output of radial ply tyre was 230 million, an increase of 28.8 per cent and of all-steel radial tyres was 50 million, an increase of 30 per cent and of semi-steel radial tyre was 180 million, an increase of 26 per cent and of diagonal tyre declined slightly. Due to the accelerated structural adjustment of tyre products, the increasing growth of radial ply tyre rate reached 74 per cent.”
In somewhat fewer words, booming demand is set to continue, leading continued growth at around “12 -15 per cent of radial tyre, …32 per cent of all-steel radial tyre and 38 per cent of OTR tyre”, while “the bias tyre will reduce substantially.” In 2008 it is expected that the industry will yield 370 million tyres. The full report is available now from the Research and Markets website.