The development of the tire industry is closely related to the automotive industry. The automotive industry is subject to the cyclical nature of production and sales due to macroeconomic factors and downstream demand, but the special consumer attributes of tires as essential consumer goods make the prosperity of the tire industry relatively independent of the automotive industry.

In recent years, the production and sales of new energy vehicles in China have increased year by year, and the Chinese tire manufacturing industry has achieved rapid growth in recent years. It has now become the country with the largest tire production in the world. According to customs data, from January to December 2022, the national output of rubber tires for export was 1.012 billion units, a year-on-year increase of 4.74%. The total export value reached 19.739 billion U.S. dollars, a year-on-year increase of 12.33%. While the global tire production has not yet returned to normal due to the ongoing pandemic, the proportion of tire production in China is still increasing globally.

In terms of export amount, China's major export destinations are the United States, Russia, Mexico, Saudi Arabia, and Australia, while in terms of export volume, China's major export countries are Brazil, the United States, Mexico, Nigeria, and Germany.

Note: country proportion

The rapid development of new energy vehicles has brought new growth opportunities to China's rubber tire industry. Despite the impact of the pandemic in recent years, China's tire production is still showing a trend of growth, and the industry is also moving towards green and environmentally friendly development.

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