Karamay City, Xinjiang, with its rich resource advantages, outstanding policy advantages, convenient location advantages, and superior business environment, has become a key area for investment by many tire companies in recent years.
Recently, China's listed tire companies have released their 2023 performance reports and revenue and profits in the first quarter of 2024, once again refreshing the latest rankings in the tire industry.
On the evening of April 25, General Science (SH.601500) released its first quarter report for 2024. The company achieved operating income of 1.443 billion yuan in the first quarter of 2024, a year-on-year increase of 37.58%; the net profit attributable to shareholders of listed companies was 153 million yuan, a year-on-year increase of 1270.57%. Development has entered the "fast lane" and achieved a "good start".
As one of the regions with the fastest growth rate of tire imports in the world in recent years, the Middle East has received widespread attention from the industry. Many tire companies have targeted this market and announced plans to invest in and build factories.
The latest data from the National Bureau of Statistics shows that China's rubber tire casing output in March 2024 was 96.913 million units, a year-on-year increase of 4%. From January to March, China's cumulative output of rubber tire casings was 254.267 million units, a year-on-year increase of 12.7%.
The global market is changing rapidly, and the automotive industry is accelerating its iterations. After the first outbreak between 2010 and 2015, Chinese automobiles have entered a high-growth cycle again since last year, in other words, the second round of outbreak of Chinese automobiles has arrived.
What is the most popular tire projects in 2024? Of course it is none other than new energy vehicle tires. The latest data shows that as the sales of new energy vehicles in China continue to rise, the number of vehicles is expected to reach 39.4 million by 2025, and the market share is expected to reach 14.0%.
In the rapid development of the tire industry, passenger tires are undoubtedly the main players, especially against the backdrop of the rapid rise of new energy vehicles in the past two years, what trends and changes will there be in the passenger tire retail market in 2024? What is the current breakthrough point for Chinese brands?
In 2023, the global OTR tire market is outstanding, especially in the agricultural tire field, which has become the fastest growing segment for manufacturers. Industry insiders believe that as China's agricultural mechanization rate continues to increase, agricultural tires will be the next trend.