CUNEO, Italy (Oct. 6, 2011)—China's tire market is on fire, and Michelin is positioning itself to serve it, the company indicated in a recent presentation to investors in Italy.
China's passenger tire aftermarket will rise to 252 million units by 2012 from about 52 million in 2015, said Yves Chapot, Michelin director, head of the China Zone, in a presentation to analysts. He said the number of passenger cars per 1,000 people in China in 2011 is about 55, but will jump to 132 in five years and 220 by 2021.
That means the Chinese market is growing rapidly to Western levels of vehicle ownership, Chapot said.
China's market for truck tires already is the world's largest, at 41 million units, or about 35 percent of total global demand, the executive said. However, that represents only 11 percent of the global market by value.