World News: 09:43 GMT Thursday 30th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 30, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
In 2018, the global automobile market encountered its first downturn for five years. Global automobile production edged down 1.7% on an annualized basis due to weak demand and political rivalries among great powers, of which passenger car declined by 4.1% and commercial vehicle rose 5.5%.
The Chinese automobile market showed negative growth for the first time after 28 consecutive years of expansion, as a result of factors such as maturity of the market leaving smaller room to grow, the slowing Chinese economy and the expiration of some automobile promotion incentives. In the context of the depressed Chinese automobile market, its tire industry characterized the following in development in 2018: In 2018, global tire output reached more than 2 billion units, worth RMB1.1 trillion and with a CAGR of about 2.4% between 2013 and 2018; Asia, Europe, and North America collectively commanded 70% or so of the global market. As a key manufacturer which supplies nearly one-third of global tires, China made 648 million tires in 2018, at a pace of -0.8%, the first negative growth over a decade. The slight downtrend in output will expectedly continue to 2019 as the country's tire industry transforms for upgrading.
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Related Topics: Automotive Tires
Globe Newswire: 09:43 GMT Thursday 30th May 2019
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