What is the market size of the tire rubber industry?

The tire rubber industry is usually closely related to tire manufacturing, and its market size can be analyzed from two dimensions: global and Chinese.

1、 Global tire market size

In recent years, the global tire market has continued to grow in size, mainly due to the continuous increase in global car ownership and consumers' increasing demands for vehicle performance. The specific data is as follows:

2023 data:

Market size: According to data, the global tire market size will reach 2066.565 billion yuan or 230 billion US dollars in 2023, a year-on-year increase of 6.5%.

Sales volume: Michelin's annual report shows that global tire sales reached 1.75 billion units in 2022.

Future forecast:

It is expected that by 2024, the global tire market value will reach 280 billion US dollars, with a compound annual growth rate of 3.2%.

By 2029, the global tire market is expected to grow to RMB 3204.685 billion.

2、 Scale of China's tire market

As the world's largest producer and consumer of tires, the size of China's tire market is particularly significant, with specific data as follows:

2023 data:

The size of the Chinese automobile tire market is 754.09 billion yuan, accounting for 34.8% of the global tire market size.

The size of the Chinese tire market is expected to reach 80 billion US dollars, accounting for 34.8% of the global tire market size.

Historical data:

The size of China's automobile tire market has reached 328.122 billion yuan in 2022.

Production data:

In the first half of 2024, the cumulative production of rubber tires in China reached 525.92 million pieces, with a total end of period increase of 10.5% compared to the previous year.

According to statistics from the Tire Branch on the completion of overseas technical and economic indicators of nine already put into operation enterprises, the comprehensive production of external tires in the first quarter reached 29.7 million, including 4.38 million all steel tires and 25.32 million semi steel tires.

Export data:

According to data from the General Administration of Customs, the export volume of rubber tires in China reached 3.63 million tons in the first five months of 2024, a year-on-year increase of 4.6%; The export amount was 64.2 billion yuan, a year-on-year increase of 6.1%.

Future forecast:

It is expected that the size of China's automotive tire market will continue to grow in the coming years, reaching a scale of approximately 360 billion yuan by 2026.

3、 The development trend of tire rubber industry

Technological innovation: Technological innovation will be an important driving force for the development of the tire rubber industry. Enterprises need to increase research and development investment, promote product innovation and technological upgrading, enhance product added value and market competitiveness.

Internationalization process: Chinese tire companies are accelerating their internationalization process and expanding their international markets through overseas factories, mergers and acquisitions, and other means.

Environmental Protection and Sustainable Development: Enterprises are adopting environmentally friendly materials and processes to produce green tires and reduce their impact on the environment. At the same time, promote tire remanufacturing and energy-saving and carbon reduction transformation to improve resource utilization efficiency.

In summary, the tire rubber industry has a huge and continuously growing market size, with broad prospects for future development.