Asia is Now Hot Market for Tire Makers
www.chinatrucks.com : According to statistics, almost all of the top 75 tire makers in the world have plant in Asia, with most of them having more than one plant in Asia. Some international companies, such as Hankook, see more than half of its products produced in Asia. Asia is like a magnet, have great attraction for tire makers.
In the past year, major tire makers invested more than one billion US dollars to upgrade and expand plants, many of them are investing heavily in Asia. Not only Michelin, Bridgestone are investing, but also the third-level companies, such as Apollo. And, the investment mainly went to China, India and other Asian countries.
The fifth-ranking tire maker, Pirelli, the CEO said Asia market is a very important market, he also said the company will build a new plant when the company already have two plants in China and Indonesia.
Why Asian market is such a attraction for the tire makers?
According to world automobile association, Asia is now responsible for about half the shares of global auto market. The institute also predicts that the industry will grow at a 3% annual rate.
Tire industry, taking advantage of the auto industry, will also grow further in the near future. In the past several decades, America has been the leader in global market, whereas Asia is taking the lead now, with about 50% of total shares.
Since 2000, Asian market has been growing at a n astonishing rate with China became the largest vehicle maker in the world. As Europe has been suffering from the economic downturn, many tire makers in the region reduced production or even closed plants.
Some experts predicted that Asia will enjoy as high as 19% of growth rate whereas the world will grow at 4.7%. Also, in the tire industry, Asia will grow at 17%.
Views:0
- Linglong Rolls Out First TBR Radial Tire from Hubei Plant 2019-11-25
- Safe-Run Secures 700 Million New Order for Linglong’s Serbia Plant 2019-09-29
- China's Triangle Tire Opens Its First U.S. Manufacturing Plant 2018-11-08
- 2018 Linglong Tire Africa & Middle East Business Conference Successfully Held 2018-09-26
- China’s Tire Manufacturer Sees Robust Business in Philippines 2018-09-18
- Linglong to Build Tire Factory in Serbia 2018-08-31
- GALADARI Extended Olive Branch to Linglong Tire 2018-08-24
- Linglong Tire Listed in Top 100 Most Valuable Brand Enterprises in Shandong 2018-05-21
- Linglong Tire among Top Three of Chinese Tire Enterprises 2018-04-04
- Linglong Tire Sponsored Rio de Janeiro CARIOCA Championship 2018-02-26
Submit Your Requirements, We Are Always At Your Service.
- BYD Stopped the Production of Fuel Vehicles
- Geely Began Test Runs of Green E-methanol Vehicles in Danmark
- 2022 SANY Global Dealer Summit Was Held Successfully Online
- BYD and Shell Partner on EV Charging across China and Europe
- Daimler Truck Significantly Increase Sales, Revenue and Net Profit in 2021
- Scania Year-end Report January-December 2021
- Hyundai Motor and Iveco Group Sign MOU to Explore Future Collaboration
- GAUSSIN Enters China, the Largest Truck Market in the World
- Over 1,200 Hydrogen-powered Vehicles Deployed for the Beijing Winter Olympics
- Chinese New Year Holiday Closure Notice
- China's Truck Exports Grew by 30% YOY to 63490 Units in January-February
- China's New Energy Heavy Trucks Grew Despite an Overall Slump
- Heavy-duty Truck sales in China Fell by 54% to 54,000 units in February
- SINOTRUK Achieves Sales of 27,725 Vehicles in January, 2022
- China’s Domestic Tractor Sales Exceed 40,000 Units in January
- 2021 JAC International Pickup Export Performance
- JAC Achieved a Great Result in 2021
- China's Truck Export in 2021 Reached a 10-year Peak
- Heavy-duty Truck Sales in China Fall 57 Percent on Year in January
- China Recorded Sales of 645000 Tractors in 2021