Eastern Asia: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Eastern Asia

In 2022, the East Asian truck and bus tyre market decreased by -31.4% to $X, falling for the third year in a row after two years of growth. Overall, consumption continues to indicate a noticeable curtailment. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Tyres For Buses Or Lorries in Eastern Asia

In value terms, truck and bus tyre production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, showed a mild contraction. The most prominent rate of growth was recorded in 2017 with an increase of 3.6% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports in Eastern Asia

In 2022, overseas shipments of tyres for buses or lorries increased by 48% to X units, rising for the second consecutive year after three years of decline. Total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% 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 +64.3% against 2020 indices. The volume of export peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, truck and bus tyre exports stood at $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 19%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China prevails in exports structure, accounting for X units, which was approx. 87% of total exports in 2022. Japan (X units) ranks second in terms of the total exports with a 6.9% share, followed by South Korea (5.1%).

China was also the fastest-growing in terms of the tyres for buses or lorries exports, with a CAGR of +3.6% from 2012 to 2022. Japan (-5.2%) and South Korea (-6.1%) illustrated a downward trend over the same period. China (+14 p.p.) significantly strengthened its position in terms of the total exports, while South Korea and Japan saw its share reduced by -6.4% and -7.2% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest truck and bus tyre supplier in Eastern Asia, comprising 80% of total exports. The second position in the ranking was taken by Japan ($X), with an 11% share of total exports.

In China, truck and bus tyre exports increased at an average annual rate of +1.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-4.4% per year) and South Korea (-5.1% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, declining by -22.2% against the previous year. In general, the export price recorded a perceptible curtailment. The growth pace was the most rapid in 2018 when the export price increased by 39% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Tyres For Buses Or Lorries

Imports in Eastern Asia

Truck and bus tyre imports was estimated at X units in 2022, remaining stable against the year before. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, truck and bus tyre imports totaled $X in 2022. The total import value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 11% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

The countries with the highest levels of truck and bus tyre imports in 2022 were South Korea (X units), Japan (X units) and Taiwan (Chinese) (X units), together resulting at 84% of total import. It was distantly followed by China (X units) and Hong Kong SAR (X units), together making up a 14% share of total imports. Democratic People's Republic of Korea (X units) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +7.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of imports in 2022, with a combined 85% share of total imports.

Among the main importing countries, South Korea, with a CAGR of +6.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, approximately reflecting the previous year. Over the period under review, the import price, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2018 when the import price increased by 14% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per unit) and South Korea ($X per unit), while Taiwan (Chinese) ($X per unit) and Hong Kong SAR ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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