Global and Chinese tire market status and future development trend

Tire development trend Tires

[Collectivization and globalization] The scale effect of tire enterprises is obvious, so the current development trend of collectivization and globalization of large tire enterprises is more obvious. Global tire companies have strong financial strength, research and development capabilities and brand advantages, sales profits and the ability to cope with the economic crisis is generally stronger than the general small and medium-sized tire companies, and therefore can maintain competitiveness in the international market for a long time.

[R&D investment continues to increase] With the rapid development of automotive technology, consumer demand and environmental requirements continue to improve, the market requirements for tire performance are increasing, the world's large tire companies are constantly increasing research and development investment, and strive to improve their product performance and technical content. At present, safe, energy-saving and environmentally friendly green tires have become the mainstream development trend. With the emergence of new products and new technologies in the tire industry, the application and promotion of research and development results have improved the production efficiency and product quality of the tire industry. Tire bearing performance, high-speed performance, ride comfort performance, safety performance and so on continue to improve.

[Green environmental protection requirements] The green trend of the tire industry will be more obvious. In recent years, the tightening of industrial policy and the upgrading of consumer demand have put forward higher requirements for the green environmental performance of the tire industry, green tires have become one of the mainstream trends in the development of tires, in the field of reducing rolling resistance, environmental protection materials research and development and application will be the main technical direction of tire manufacturers in the future. Since automobile enterprises are subject to mandatory policies such as national fuel consumption limits and exhaust emission control, and in the process of car driving, tire energy consumption is second only to the engine in vehicle energy consumption, therefore, the national level attaches great importance to the development of green tires, and relevant industrial policies have been introduced. At the same time, coupled with the increasing requirements of consumers for vehicle performance, high-performance, energy-saving and environmentally friendly tire products have become an important part of the enterprise supporting system.

The "new four modernizations" of automobiles, that is, electrification, networking, intelligence and sharing, put forward new requirements for the tire industry, intelligence is the trend of automotive technology development, and the intelligence of tires is bound to be among them. For example, the tire pressure, temperature, friction, vibration and other conditions can be measured or estimated by sensors installed inside the tire or other sensors in the car itself; Or according to the tire state information obtained by measurement or estimation, the safety state of the tire and the safety performance of the car can be made intelligent judgment, and the abnormal state of the tire can be warned and actively controlled. In addition, intelligent tires can also provide the necessary tire status information for the automobile active control system, automobile assistance and intelligent driving system, improve the intelligence of the automobile control system, so as to improve the safety, environmental protection, economy and comfort of the automobile.

Global tire scale analysis

According to statistics and forecast: in 2021, the global tire market size reached 149.129 billion US dollars, and is expected to reach 192.582 billion US dollars in 2028, with a compound annual growth rate (CAGR) of 3.45%.

At the regional level, the Chinese market has changed rapidly in the past few years, the market size in 2021 is 38.031 billion US dollars, accounting for about 25.50% of the world, and is expected to reach 51.977 billion US dollars in 2028, when the global share will reach 26.99%.

In terms of consumption, Europe is currently the world's largest consumer market, with a market share of 31.26% in 2021, followed by China and the Americas, with 25.5% and 18.146%, respectively. Southeast Asia is expected to see the fastest growth in the coming years, with a CAGR of approximately 4.73% during the 2022-2028 period.

From the perspective of product type and technology, tires mainly include automobile tires, bicycle tires, motorcycle /ATV tires, engineering tires, agricultural tires, aviation tires and racing tires; Automotive tires play an important role, and the revenue share in 2021 will reach 83.09%.

At present, the world's major manufacturers include Michelin, Bridgestone, GoodYear, Continental and Sumitomo, and the share of major manufacturers in 2021 is more than 93%. It is expected that the industry competition will be more intense in the next few years, especially in the Chinese market.