Global tire market: tire production exceeded 1.6 billion, and the market ushered in a five-year trend
According to the survey statistics of the Tire branch of the China Rubber Industry Association, in 2021, China's tire production reached 697 million, an increase of 10%. Among them, the production of radial tires was 657 million, an increase of 10.2%. Combined with Michelin's 2021 annual report on the proportion of China's production in the world, the global output of tires has reached a staggering 1.64 billion, which has brought huge growth momentum to the industry. At the same time, with the improvement of global vaccination rates and the implementation of epidemic control measures, global tire consumption rebounded to 1.719 billion in 2021, an increase of 9.00%.
Chinese tire production vs global tire production
In the past five years, the global tire market consumption has shown a steady upward trend, but in 2020, due to the impact of the epidemic, tire consumption has decreased significantly. However, the recovery in global tire consumption in 2021 shows that the global tire market is gradually returning to vitality as vaccine penetration increases. According to the statistics of the top three countries in terms of sales, Japan, China and France rank among the top three in terms of global tire sales, accounting for a combined market share of 63%. Among them, the sales revenue in mainland China reached 24.805 billion US dollars, accounting for 17% of the global sales, and the sales in Taiwan of China were 5.554 billion US dollars, accounting for 4%.
Global tire consumption 2015-2021
As an important component in various vehicles and machinery, tires have multiple functions such as supporting the body, cushioning the impact and ensuring the driving performance. According to the different uses of the tire market, mainly includes automobile tires, construction machinery tires, industrial vehicle tires, agricultural tires, aviation tires, motorcycle tires, animal-drawn tires, power tires and special purpose tires. At present, automobile tires occupy the dominant position of market share, with the advancement of economic development, animal-drawn vehicle tires will gradually withdraw from the market.
China's tire industry presents the characteristics of different competitive echelons. According to the registered capital of the enterprise, it can be divided into three competitive echelons. Companies with registered capital of more than 2 billion yuan include Shuangqian Tire, Cylun Tire, Giti Tire and Huayi Group. Enterprises with registered capital between 1 billion and 2 billion yuan include Zhengxin Rubber, Linglong Tire, Guizhou Tire, GE Stock and Pulin Chengshan; The registered capital of other enterprises is less than 1 billion yuan.
China tire industry ranking
Looking to the future, China's tire industry will continue to maintain a sustainable development trend. In 2021, China's major tire companies have increased production capacity and laid out tire factories around the world. Although factors such as the international environment, the global epidemic and macro policies may have an impact on China's tire industry, the overall market size is still expected to grow steadily. According to the data of Research and Markets, the compound growth rate of China's tire industry will reach 7.3% in 2022-2027, and it is expected that by 2027, the size of China's tire market will exceed 39 billion US dollars.
Forecast of market size of Chinese tire industry
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