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Analysis of China Tyre Industry Market 2008
China Market Report, Aug 2008, Pages: 50
At present, China is the world's largest tyre producer. According to the Chinese Rubber Industry Association that China's tyre production is the world's fastest growing market, which is about $8 billion, accounting for 9 per cent of the world tyre market share. 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.
According to statistics, the world total annual output of tyre in 2005 was 1.34 billion and truck tyres was 350 million, accounting for 26 per cent of total, tyre of passenger car accounting for about 60 per cent of total. Therefore, the radial ply tyre of passenger car will be the key market of the world tyre market in the future; presently, 90 per cent of the investment from the global tyre giant in China is radial ply tyre of passenger car.
The current world throughput of OTR tyre estimated 7 million, accounting for 0.5 per cent of the total tyre production. By sales, the world total value of OTR tyres reached $5.5 billion, accounting for 5.5 per cent of the total sales of the world tyre production. However, the size of OTR tyre is great and the average weigh it is over 150 kg, equivalent to 4 truck tyre or 20 passenger car tyres, its consumption volume of tyre stock accounts for around 8 per cent of the total tyre stock consumption and its added value is higher than 20-50 per cent than other tyres, moreover, currently in terms of the complicated processing technique and small amount of production enterprises, thus, the added value could be more higher. Therefore, OTR tyre is another growth point of the world tyre industry.
China is the world's largest producer of tyre, the output and export volume of tyre rank the top in the world. Along with the movement of the global tyre manufacture centre from developed countries to Asian countries, particular China, where is expected in the next few years will maintain rapid growth.
At present, the number of tyre production enterprises in China is around 300, but, 70 per cent of them are small factories whose annual output is under 500,000. The average production capacity of China's tyre manufacturer is only 400,000 / year, only 15 larger manufactories whose production capacity is over 1 million / year and 3 mega manufactories whose production capacity is over 3 million / year. Therefore, an outstanding feature of China’s tyre industry is the concentration ratio of large manufactories has been intensified markedly, the output of radial ply tyre of the top 10 manufactories accounted for over 77 per cent of the total output of radial ply tyre.
Tyre as an important part of vehicle and as a consumable requires regular replacement, and its market prospects is inseparable with the development of automobile and construction machinery industry; the output of these two industries affects the tyre market capacity and the possession of these two determines the market capacity of the replacement tyre market.
To sum up, the blooming demand is the certain factor pulling the Chinese tyre industry has been in a high-speed growth. Tyre industry will maintain a rapid growth in 2008 and is expected to produce 370 million tyres, the growth rate is estimated about 12 -15 per cent of radial tyre and 32 per cent of all-steel radial tyre and 38per cent of ORT tyre and the bias tyre will reduce substantially. Moreover, the new policy of exempt from of 10 per cent consumption tax of the radial tyre and the abolition of the right of administrative examination and approval of tyre industry will support China's tyre industry continues to maintain a rapid development.
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