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Contact Us1、Overall situation of the global commercial tire market
Market size:
The total global sales of commercial vehicle tires in 2023 will be 212 million, with the supporting market and replacement market accounting for 22.1% and 77.9% respectively.
In the first half of 2024, global sales of all steel tires reached 106 million units, an increase of 2.6% year-on-year.
Market distribution:
The production of commercial tires in the Chinese market will be slightly lower in 2024 than in 2023, but there will be positive growth in December.
In the European and American markets, the sales volume of truck tire replacement in Europe decreased by 2% year-on-year, while the US market expects a significant increase of 12.5% in truck tire replacement market shipments, but OE shipments are expected to decrease by 7%.
2、Characteristics of China's truck tire market
Market recovery:
In January 2024, China's heavy truck sales increased significantly, with a month on month increase of 86% and a year-on-year increase of 99%, indicating clear signs of market recovery.
As the economy continues to recover and consumer policies are implemented, it is expected that domestic demand will continue to slowly rebound.
New energy market:
The new energy heavy-duty truck market continues to grow rapidly, driven by both the national "dual carbon" policy and the market.
Tire companies are launching tires tailored for new energy heavy-duty trucks to seize market opportunities.
Export markets:
With the acceleration of the "the Belt and Road" cooperation and the release of foreign all steel market demand, it is expected that the export of heavy trucks will continue to grow steadily.
3、Future market development trends and influencing factors
Lightweight and efficient:
The rapid development of the logistics industry and the increase in market share of light trucks and new energy trucks are driving the trend towards lightweighting and efficiency in the tire market.
Market segmentation:
The global commercial tire market is in an era of stock competition, with more obvious differentiated applications in product segmentation markets and higher requirements for tire performance.
Policy driven:
Domestic and foreign policies have a significant impact on the tire market, such as China's policy of phasing out old vehicles stimulating demand for tire replacement.
International competition:
The new energy tire market has become an international competitive stage, and actively participating in international market competition can help enhance the competitiveness of domestic tire enterprises.
Uncertainty factors:
Intense market competition, foreign anti-dumping investigations, geopolitical tensions, and other factors may bring uncertainty to overseas markets.