SANTA MONICA, Calif.—China's tire manufacturing sector showed a 20.7-percent increase in revenue in 2012, to $79.3 billion, as companies produced 865.1 million tires, according to a market study.
Market research firm IBISWorld said China, the world's largest tire manufacturing nation—followed by the U.S. and Japan—has shown an average annual growth rate of 24.1 percent in revenue during the past five years, and a production increase of 9.1 percent. The firm's conclusions are in a new publication, Tire Manufacturing in China: Market Research Report.
IBISWorld said China's exports of tires have grown an average of 12.8 percent annually during the past five years, to $16.9 billion in 2012.
The study said radial tire production is lower in China compared to the U.S., Europe and Japan, although the market has developed rapidly and hit 363.7 million units in 2010.
The company is selling the study on its website, www.ibisworld.com.