China has been the largest global producer and consumer of tires since 2005. Tire production and consumption has registered very healthy growth in the 21st century, yet in the last few years, especially the last two, the market has proven to be very challenging for domestic and foreign companies operating in the country. More than
Supported by a vibrant domestic automotive industry, the Indian tire industry has been among the fastest-growing on a global scale during the past decade. With a total of 66 production plants and 41 tire producers (in all the sub-segments), the Indian tire industry registered a turnover of $8.5 billion in the financial year 2020-21. Exports
Indonesia has emerged as one of the largest producers and consumers of tires in the dynamic South East Asia region during the last decade. The country boasts some of the leading names in the global tire industry and has witnessed a period of high growth followed by a lull in demand over the last ten
Many factors have led to India becoming the fourth largest automotive market globally, but it’s at an inflection point with the rapid evolution of technology, newer laws and more globally-aligned emission norms.
South Korean tire industry and domestic producers have been one of the best success stories in the global tire industry. However, declining demand in the domestic and export markets in last two years have dented its performance to some extent.
Chinese Tire Industry Update: Focus on Overseas Expansion Amid Geopolitical and Economic Uncertainty
The Chinese tire industry, the global powerhouse in production and consumption of tires, had one of the most challenging years in recent history in 2018.
Despite its small geography, South Korean tire producers have put their country firmly on the map as one of the major tire producing countries globally. Though 2017 was not one of the best years for domestic tire consumption, surging exports and overseas production facilities made up for the shortfall in domestic consumption for South Korean
Despite a very tough year, the Chinese tire industry continues to make headlines for its sheer size, overseas expansions and tariff and non-tariff barriers.
The Chinese tire industry, which has grown exponentially for more than a decade, has been facing a slowdown for the past two years. Tariff and non-tariff barriers imposed by a number of key countries and huge overcapacity in domestic tire manufacturing have adversely affected the industry.
Despite global and domestic uncertainties, the Indian tire industry made steady progress in 2016. India continued to remain a beacon of hope and strong performance, retaining its position as the fastest growing economy in the world.
Huge momentum in the Indian automotive industry in recent years has led to a brisk growth for Indian tire production. With a population of more than 1.3 billion people and one of the fastest growing automotive industries, tire production in the country is expected to reach new heights in coming years. The following is an