Domestic tire market, 2023 forecast

Recently, research institutions have analyzed and predicted the domestic tire market situation in 2023.The report states that next year, the market size of passenger car replacement tires will continue to expand; Commercial vehicle replacement and infrastructure investment support growth; There is still a growing demand for diagonal off-road tires; In terms of supporting new energy vehicles, domestic brands will make more achievements.Expansion of the Passenger Car Tire Replacement MarketIn 2011-2021, the compound annual growth rate of China's car ownership was 11.06%, much higher than the growth rate of car production. The growth rate of the domestic tire replacement market is also higher than that of the supporting market.Based on a car ownership of 302 million vehicles, the domestic car tire replacement market has a scale of 453 million units. Meanwhile, as new energy vehicles gradually enter the after-sales market, it will further drive the increase in demand for replacement tires in the market.Rising demand for commercial vehicle tire replacementIn 2022, the commercial vehicle industry is at a low point in the adjustment cycle. But commercial vehicles have a high replacement coefficient and a high demand for replacement. Commercial vehicle mounted heavy tires, especially medium and heavy trucks, have higher replacement coefficients, shorter tire replacement cycles, and larger replacement quantities.With the continuous promotion of infrastructure investment, large-scale construction of real estate and infrastructure will begin. Commercial vehicles bear 74% of the total cargo transportation volume and 61% of passenger transportation volume in society.With the further recovery of freight volume, the demand for commercial vehicle tire replacement will also further increase.Off road tires continue to growThe vigorous development of domestic and international port transportation industry, the rise and expansion of mining industry, the popularization of modern manufacturing logistics mechanization and automation, and the vigorous promotion of infrastructure construction in developing countries have strongly promoted the sustained growth of demand for special tires in the engineering industry.According to Markets and Markets, it is speculated that the global off road tire market will continue to grow at a compound annual growth rate of 5% from 2021 to 2026.Meanwhile, with the increase in China's agricultural mechanization rate, the demand for domestic agricultural tires will further increase.Domestic alternative drive supporting marketThe new energy vehicle industry in China has developed rapidly, with a monthly production and sales volume of less than 100000 vehicles in the past three years increasing to 762000 and 714000 vehicles in October 2022, respectively. The penetration rate has increased from less than 5% to around 30%.Meanwhile, the matching rate of domestic tire brands has increased. With the rapid development of the new energy vehicle market, Chinese tire brands are expected to use this new track to achieve penetration into the supporting market.