Report on New Investment Opportunities and Development Prospects for Tire Industry Segmented Markets from 2024 to 2030
In recent years, the Chinese government has emphasized the green, high-performance, and intelligent development of the tire industry in a series of policies and guidance. It has optimized and integrated inefficient and backward production capacity, further strengthening the Chinese tire industry, providing a good policy environment for accelerating internationalization and high-quality development of the industry, enhancing the influence of independent brands, and bringing positive impacts to the business development of the tire industry.
1. Industry product classification and application market
Tires are closely related to the automotive industry chain and are important commodities that support economic life. They have always played an important role in economic and social development. Tires, as the core consumables in contact with the road surface, are widely used in various fields including transportation, mining, and construction, providing important support for the development of multiple industries.The internal structure of all steel radial tires adopts steel cord as the reinforcement layer, and the nylon cord arranged in the radial direction makes the tire more sturdy and durable. Due to the complete use of steel cord reinforcement, all steel radial tires have higher wear resistance, impact resistance, and handling stability, making them more suitable for vehicles driving at high speeds, heavy loads, and harsh road conditions. Common types of vehicles used include trucks, buses, and construction machinery vehicles. Semi steel radial tires use steel wire as the reinforcing layer on the tread, artificial silk, nylon, polyester or other fiber materials for the tire body, and steel wire cord for the belt layer. They are generally suitable for sedans, SUVs, and commercial vehicles. In contrast, all steel radial tires have better overall performance. Among all steel radial tires, truck tires, bus tires, and engineering tires are currently the main product types.
2.The internal structure of all steel radial tires adopts steel cord as the reinforcement layer, and the nylon cord arranged in the radial direction makes the tire more sturdy and durable. Due to the complete use of steel cord reinforcement, all steel radial tires have higher wear resistance, impact resistance, and handling stability, making them more suitable for vehicles driving at high speeds, heavy loads, and harsh road conditions. Common types of vehicles used include trucks, buses, and construction machinery vehicles. Semi steel radial tires use steel wire as the reinforcing layer on the tread, artificial silk, nylon, polyester or other fiber materials for the tire body, and steel wire cord for the belt layer. They are generally suitable for sedans, SUVs, and commercial vehicles. In contrast, all steel radial tires have better overall performance. Among all steel radial tires, truck tires, bus tires, and engineering tires are currently the main product types.
3. Truck tires
In recent years, global sales of truck and bus tires have shown a fluctuating upward trend, and the overall market has experienced a strong recovery in 2021. The global truck tire market capacity has exceeded 40 billion US dollars in 2022, and it is expected that the global truck tire market will continue to grow at an average annual growth rate of 2.6% in the future. The market is expected to increase to around 45 billion US dollars by 2027. Truck tires are mainly composed of radial truck tires, with an industry meridianization rate of over 90%. All steel radial truck tires are the core component of the truck tire sub category. As the world's largest producer and consumer market of truck tires, China's industry has an annual production capacity of over 200 million pieces. Its huge production capacity and vast market can fully seize market opportunities and consolidate competitive advantages. From the perspective of usage scenarios, truck tires are mainly used in logistics transportation scenarios, but there are also some truck tires used in mining and construction industries.
4.Tire in the field of mining and construction
In the field of mining and construction, the main types of tires used are engineering tires, and in some scenarios, truck tires are also involved. In the field of mining and construction, the global tire market size reached a new high in nearly three years in 2021, reaching 14.7 billion US dollars, a year-on-year increase of 15.7%; The tire market in China's mining and construction industries, although starting later than major tire developing countries such as Europe, America, and Japan, has also maintained stable growth in recent years. In 2021, the tire market size in China's mining and construction industries was approximately 2.2 billion yuan, an increase of 57% compared to 1.4 billion yuan in 2017. With the rapid development of the global mining and construction industries in the future, the tire industry in the field of mining and construction is expected to further develop. Due to the complex working conditions and road conditions in the mining and construction industry operation areas, tire wear is significant and the demand for segmented scenarios is prominent. Therefore, the replacement market is the dominant part of this segmented market. In 2021, the global replacement market was $10.3 billion, while the Chinese replacement market was $1.5 billion during the same period.