The tire production industry in China saw fluctuations from 2013 to 2023, with initial growth peaking in 2014, followed by a decline until 2020. The production value recovered somewhat in 2021 and continued its upward trend through 2023, where it stood at 95.61 ten million units.
- Year-on-year variation: - 2022: +2.98% - 2023: +2.88%- Last 5-year CAGR: +1.53%- Forecast for 2024-2028: 1.97% annual growth rate with a cumulative 10.22% increase.
Future trends to watch include technological advancements in tire manufacturing, increasing demand for electric and autonomous vehicles, and governmental regulations promoting environmental sustainability which may further influence production trends.
