1. Market size

According to data from China national statistics, total global tire sales in 2023 are expected to be 1.82 billion units, a year-on-year increase of 4.0%. Among them, the sales volume of passenger car tires was 1.59 billion, a year-on-year increase of 5.2%; the sales volume of commercial vehicle tires was 230 million units, a year-on-year increase of 1.8%. The global tire market is expected to reach US$230 billion, a year-on-year growth of 6.5%.

In terms of regional distribution, Asia is the world's largest tire market, accounting for nearly half of global tire sales. Among them, China is the largest tire producer and consumer in Asia and even the world. The size of China's tire market is expected to reach US$80 billion in 2023, accounting for 34.8% of the global tire market. Europe is the world's second largest tire market, accounting for approximately 20% of global tire sales. Among them, countries such as Germany, France, and the United Kingdom are the major tire producers and consumers in Europe. North America is the third largest tire market in the world, accounting for approximately 15% of global tire sales. Among them, the United States is the largest tire producer and consumer in North America. Other regions such as South America, Africa, and the Middle East account for approximately 15% of global tire sales.

2. Supply and demand situation

According to data from China national statistics, the total global tire production in 2023 is expected to be 1.85 billion units, a year-on-year increase of 4.5%. Among them, the output of passenger car tires was 1.61 billion, a year-on-year increase of 5.6%; the output of commercial vehicle tires was 240 million, a year-on-year increase of 2.1%. The total global tire production capacity is expected to be 2.25 billion units, a year-on-year increase of 3.0%. Among them, the passenger car tire production capacity is 1.88 billion units, a year-on-year increase of 3.2%; the commercial vehicle tire production capacity is 370 million units, a year-on-year increase of 2.4%.

In terms of regional distribution, Asia is the world's largest tire production region, accounting for nearly 60% of global tire production and capacity. Among them, China is the largest tire producer in Asia and even the world. China's total tire production in 2023 is expected to be 780 million units, accounting for 42.2% of the world's total tire production; China's total tire production capacity is expected to be 1 billion units, accounting for 42.2% of the world's total tire production. 44.4% of capacity. Europe is the world's second largest tire production region, accounting for approximately 15% of global tire production and capacity. Among them, countries such as Germany, France, and the United Kingdom are the major tire producers in Europe. North America is the third largest tire production region in the world, accounting for approximately 10% of global tire production and capacity. Among them, the United States is the largest tire producer in North America. Other regions such as South America, Africa, and the Middle East account for approximately 15% of global tire production and capacity.

From the perspective of supply and demand balance, the global tire market will generally show an oversupply situation in 2023. The difference between total global tire production and total sales is 30 million units, accounting for 1.6% of total global tire sales. Among them, the passenger car tire market shows a basically balanced state of supply and demand. The difference between the total production and total sales of passenger car tires is 20 million units, accounting for 1.3% of the total sales of passenger car tires; the commercial vehicle tire market shows oversupply. State, the difference between the total production and sales of commercial vehicle tires is 10 million units, accounting for 4.3% of the total sales of commercial vehicle tires.

From the perspective of regional distribution, Asia is the only tire market in the world where supply exceeds demand. The difference between Asia's total tire production and total sales is -20 million units, accounting for -1.0% of Asia's total tire sales. Among them, China is the largest tire importer in Asia and even the world. China's net tire import volume in 2023 is expected to be 40 million units, accounting for 5.4% of China's total tire sales. In Europe, North America and other regions, the tire market is experiencing oversupply. The difference between the total tire production and total sales in each region is 20 million, 100 million and 20 million respectively, accounting for the proportion of the total tire sales in each region. They were 4.2%, 2.7% and 4.3% respectively. Among them, Europe, North America and other regions are the world's major tire export regions. In 2023, the net export volumes of tires in each region will be 20 million, 100 million and 200 million respectively, accounting for 4.8% of the total tire production in each region. %, 3.6% and 5.9%.

3. Competitive Landscape

According to data from China national statistics, the total market share of the world's top ten tire companies in 2023 will be 61.5%, a slight decrease from 2022. Among them, Michelin, Goodyear, and Bridgestone still rank among the top three, with market shares of 14.8%, 13.6%, and 12.5% respectively; Chinese companies such as Linglong and Sailun continue to maintain growth momentum, with market shares of 7.8% respectively. and 6.5%, ranking fourth and sixth; Japanese companies such as Yokohama and Sumitomo performed poorly and their market share declined.

From the perspective of regional distribution, European companies occupy a dominant position in the global tire market, with a market share of 28.9%, of which Michelin is the largest tire company in Europe and even the world; Asian companies follow closely behind, with a market share of 27.9%, of which Bridgestone is the largest tire company in Asia; North American companies rank third, with a market share of 16.7%, of which Goodyear is the largest tire company in North America.

From the perspective of product structure, passenger car tires are the main products of major companies, accounting for more than 80% of the tire sales of major companies. Among them, Linglong, Bridgestone, Michelin and other companies occupy a higher share in the passenger car tire market share; commercial vehicle tires are a secondary product of major companies, accounting for less than 20% of the tire sales of major companies. Among them, Goodyear, Sailun, Pirelli and other companies occupy a higher share of the commercial vehicle tire market.

From the technical level, European and Japanese companies have strong competitiveness in tire technology, and their product quality, performance and brand image are high, especially in the field of high-end tires. American companies have obvious advantages in tire technology. In terms of tire technology, it is at a medium level, and its product quality, performance and brand image are relatively average, and it mainly relies on scale advantages and market channels to maintain its market position; Chinese companies are at a lower level in terms of tire technology, and its product quality, performance and brand image are all Relatively low, mainly relying on price advantages and export policies to expand market share.

4. Development Trend

According to the analysis of China national statistics, the development trends of the tire industry in 2023 mainly include the following aspects:

(1) New energy vehicles bring new demands. With the global emphasis on environmental protection, energy conservation and emission reduction, the rapid development of new energy vehicles (such as electric vehicles, hybrid vehicles, etc.) has brought new demands to the tire industry. New energy vehicles have different requirements for tires from traditional vehicles, mainly in terms of lightweight, low rolling resistance, low noise, and high durability. Therefore, tire companies need to strengthen the research and development and production of new energy vehicle tires to adapt to market changes.

(2) Intelligence and personalization have become new trends. With the advancement of technology and the diversification of consumer needs, intelligence and personalization have become new trends in the tire industry. Intelligence refers to the use of Internet of Things, big data, artificial intelligence and other technologies to realize automatic detection, diagnosis, adjustment and early warning functions of tires to improve the safety and comfort of tires. Personalization refers to providing customized tire services based on consumers' personal preferences and driving habits to improve the differentiated competitiveness of tires.

(3) Green environmental protection has become a new standard. With the global emphasis on environmental protection, energy conservation and emission reduction, green environmental protection has become a new standard in the tire industry. Green environmental protection is mainly reflected in two aspects: first, using renewable resources or bio-based materials as tire raw materials to reduce dependence on non-renewable resources such as petroleum and reducing environmental pollution; second, realizing recycling or harmless tires chemical treatment to reduce the harm of waste tires to the environment and human health.

5. Suggestions

According to China national statistics report on the market supply and demand analysis and development prospects of the tire industry in 2023, we make the following suggestions:

(1) Strengthen technological innovation and product research and development, improve the quality and performance of tires, adapt to the market demand for new energy vehicles, intelligence and personalization, and enhance the added value and competitiveness of tires.

(2) Strengthen brand building and marketing, increase the visibility and reputation of tires, expand the market share and influence of tires, and enhance tire loyalty and stickiness.

(3) Strengthen green environmental protection and social responsibility, use renewable resources or bio-based materials as tire raw materials, realize recycling or harmless treatment of tires, reduce harm to the environment and human health, and improve the social recognition and public recognition of tires Trust.