China TBR Tire Market Research 2024

Market size and growth trend

 Market size continues to expand: In 2023, the global truck tire market capacity has exceeded US$40 billion, and it is expected to continue to grow in 2024. The gradual recovery of the global economy and the development of industries such as logistics and transportation have provided growth momentum for the truck tire market.

 Unbalanced regional growth: The Asia-Pacific region has seen significant growth. For example, China has strong market demand, and emerging markets such as India are also seeing increasing demand for truck tires driven by infrastructure construction and economic development. The European and American markets are relatively mature and stable, with a large market size but a relatively slow growth rate.

Market competition pattern

 Fierce brand competition: Globally, traditional tire giants such as Michelin, Bridgestone, and Goodyear still occupy an important market share, but market competition is becoming increasingly fierce. Chinese companies such as Linglong Tire and Sailun Tire have continued to increase their share in the international market with their technological progress and cost control advantages, accelerating their global layout12.

 Obvious differentiation among companies: Leading companies continue to consolidate and expand their market share by increasing R&D investment, improving product quality and service levels. Some small and medium-sized brands are facing greater competitive pressure, their market share is gradually squeezed, and some companies may even face the risk of being eliminated.

Technology Development Trends

Intelligent Trend: Intelligent tire technology continues to develop. Truck tires equipped with sensors and Internet of Things technology can monitor tire pressure, temperature, wear and other data in real time, providing important reference for vehicle safety and maintenance, and improving transportation efficiency and safety.

Environmental protection and sustainable development: With the improvement of environmental awareness, the research and development and application of green tires have become a trend. Tires made of sustainable materials such as natural rubber and recycled components, as well as environmentally friendly tires with low rolling resistance and low noise have attracted market attention.

Market Drivers

Economic recovery and growth in commercial transportation demand: The recovery of the global economy has led to an increase in commercial transportation activities, an increase in cargo transportation volume, and a boost in demand for truck tires. Especially in emerging economies, the advancement of infrastructure construction, industrial development and other projects has led to continued strong demand for truck transportation.

Development of new energy trucks: Driven by the "dual carbon" policy, the new energy heavy truck market has grown rapidly. New energy trucks have higher performance requirements for tires, such as low rolling resistance and high load capacity, which has brought new opportunities to the truck tire market1. Market Challenges

 Fluctuations in raw material prices: The instability of raw material prices such as rubber and steel poses challenges to tire companies' production cost control, which may lead to product price fluctuations and affect market competitiveness.

 Trade protectionism: The rise of trade protectionism in some countries and regions, such as the United States' anti-dumping and anti-subsidy investigations on truck and bus tires imported from China, has brought certain trade risks to tire export companies.