The era of electric vehicles is accelerating, and more requirements are being placed on the iteration and updating of tire technology. Compared with traditional fuel vehicles, electric vehicle (EV) tires have higher requirements due to their heavier vehicle weight and higher torque. It is worth noting that as competition in the electric vehicle market intensifies, it has quickly been drawn into a competition over tire performance, and there has been increasing controversy over the use of electric vehicle tires.
In the first half of 2024, the tire industry continued to grow. While overseas investment accelerated, domestic cross-industry investment also flourished. Below is a mid-year review of new investments in the tire industry in the first half of the year.
Dongying tire is a major cluster of China's tire industry, accounting for 1/4 of the country's tire production. During its half century of vigorous development, it has formed distinct regional characteristics.
On July 19, the General Administration of Customs released the rubber tire export data for June 2024. In June, the country exported 880,000 tons of rubber tires, an increase of 8.6% year-on-year. The cumulative exports from January to June were 4.51 million tons, an increase of 5.3% year-on-year, maintaining a good development trend overall.
On July 18, according to the latest data released by the National Bureau of Statistics, China's rubber tire casing production in June 2024 was 93.4 million, an increase of 8.8% year-on-year. From January to June, the output of rubber tire casings increased by 10.5% year-on-year to 525.92 million.
The tire industry has gone through a century of development, from solid tires to radial tires, and has entered a bottleneck period that is difficult to break through, and no major innovations have occurred since then. Many industry insiders believe that the next disruptive revolution in the tire market will be the change in product structure and materials - Airless tires replacing radial tires may be the trend of the future market.
Recently, Linglong Tire and General Science respectively issued announcements of expected increase in 2024 semi-annual performance. The profitability of the two companies has once again soared on the basis of last year's substantial growth.
In the first half of 2024, several large tire projects started construction, attracting a lot of attention. Some of these projects are exciting, some are mysterious, and some are controversial.
According to relevant data, in June 2024, China's heavy-duty truck market sold about 74,000 vehicles (invoicing basis, including exports and new energy vehicles), a month-on-month decrease of 5% and a year-on-year decrease of 14%.