China: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in China

The Chinese market for tyres for agriculture, forestry, construction, industry and other off the road vehicles rose sharply to $X in 2022, picking up by 9.1% against the previous year. In general, consumption enjoyed tangible growth. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in China

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 20% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from China

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles exported from China shrank dramatically to X units, which is down by -16.6% on 2021 figures. In general, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 40% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China, with a 24% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to the United States exceeded the volume sent to the second major destination, Ukraine (X units), twofold. Russia (X units) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+15.8% per year) and Russia (+8.9% per year).

In value terms, the largest markets for agricultural, construction and industrial machinery tyre exported from China were Russia ($X), the United States ($X) and Mexico ($X), together comprising 40% of total exports.

Among the main countries of destination, Russia, with a CAGR of +25.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, rising by 38% against the previous year. Over the period under review, the export price recorded a prominent increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 45% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Ukraine ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into China

In 2022, supplies from abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by 7.1% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports showed strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 52%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. In general, imports posted measured growth. The growth pace was the most rapid in 2013 with an increase of 38% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

Thailand (X units), Japan (X units) and Indonesia (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to China, together accounting for 45% of total imports. Brazil, Italy, the United States, India, Hungary, Sri Lanka, Denmark, Spain, Romania and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +195.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to China, comprising 48% of total imports. The second position in the ranking was held by Spain ($X), with a 22% share of total imports. It was followed by Thailand, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+13.7% per year) and Thailand (+114.3% per year).

Import Prices by Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, with an increase of 24% against the previous year. In general, the import price, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2019 when the average import price increased by 41% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+54.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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