China: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in China

For the third consecutive year, the Chinese truck and bus tyre market recorded decline in sales value, which decreased by -44.1% to $X in 2022. In general, consumption saw a deep contraction. Truck and bus tyre consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Tyres For Buses Or Lorries in China

In value terms, truck and bus tyre production fell to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 5.8% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports from China

In 2022, shipments abroad of tyres for buses or lorries increased by 58% to X units, rising for the second consecutive year after three years of decline. Overall, total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +79.6% against 2020 indices. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, truck and bus tyre exports rose markedly to $X in 2022. The total export value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 21% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for truck and bus tyre exports from China, accounting for a 17% share of total exports. Moreover, truck and bus tyre exports to the United States exceeded the volume sent to the second major destination, Russia (X units), fourfold. The third position in this ranking was taken by Canada (X units), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+4.9% per year) and Canada (+10.7% per year).

In value terms, the United States ($X), Mexico ($X) and Russia ($X) appeared to be the largest markets for truck and bus tyre exported from China worldwide, together comprising 18% of total exports. Saudi Arabia, the United Arab Emirates, Canada, Indonesia, Malaysia, Vietnam, Pakistan, the Philippines, Brazil and Algeria lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Vietnam, with a CAGR of +11.6%, saw the highest rates of growth with regard to 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

The average truck and bus tyre export price stood at $X per unit in 2022, which is down by -27.4% against the previous year. Over the period under review, the export price saw a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of 47% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to the United States ($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 Mexico (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tyres For Buses Or Lorries

Imports into China

In 2022, supplies from abroad of tyres for buses or lorries increased by 1.7% to X units, rising for the fifth year in a row after four years of decline. Overall, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +90.6% against 2017 indices. The growth pace was the most rapid in 2018 with an increase of 34%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, truck and bus tyre imports shrank to $X in 2022. Over the period under review, imports, however, recorded a perceptible descent. The pace of growth was the most pronounced in 2020 when imports increased by 28% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X units) constituted the largest supplier of truck and bus tyre to China, accounting for a 47% share of total imports. Moreover, truck and bus tyre imports from Thailand exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was held by the United States (X units), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +27.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.4% per year) and the United States (+3.5% per year).

In value terms, Thailand ($X), Japan ($X) and Spain ($X) appeared to be the largest truck and bus tyre suppliers to China, together comprising 72% of total imports. The United States, Vietnam, Germany and Malaysia lagged somewhat behind, together comprising a further 20%.

Vietnam, with a CAGR of +144.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, shrinking by -6.7% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2017 when the average import price increased by 8.2%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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