Thailand now supplies more than a quarter of European truck tyre imports – Astutus Research

European truck tyre imports have grown considerably as sources diversified

The rapid growth of a manufacturing base largely across Asia has seen a swift evolution in the source of truck tyre imports in the European Union and UK. A new analysis conducted by leading tyre market analyst Astutus Research for Tyres & Accessories shows that Thailand has soared into a leading position in this segment, accounting for 26.3 per cent of truck tyre imports in 2023. Turkey (20.6 per cent) and more recently Vietnam (15.0 per cent) have also overtaken the previously dominant China (14.5 per cent) as leading sources of truck tyres in Europe (defined as the EU27 plus UK).

The two leading south-east Asian countries have shown remarkable acceleration in ramping up truck tyre exports to Europe, largely supported by Chinese firms offshoring production. Many of the biggest Chinese tyre manufacturers, including the country’s biggest in ZC Rubber and Linglong, have built manufacturing capacity in Thailand, while Vietnam, notably supported by fast-growing Sailun, as well as Guizhou and Doublestar/Kumho, is quickly catching up, having not been a source at all until 2018.

Turkey, in second place, and Egypt (4.1 per cent), are the other sources showing growth in 2023, demonstrating another theme of the attractiveness of geographically closer manufacturing bases to Europe. This is partially inspired by fluctuations in global shipping prices, a more acute consideration for larger commercial tyres than their passenger car equivalents.

Our second chart shows how quickly the source of truck tyre imports moved away from China after the EU’s introduction of truck tyre tariffs, now due for review. Chinese manufacturers’ investments in offshore production makes it unlikely that there will be a return to its dominant position in this segment in 2017 when it accounted for 64 per cent of these imports. Even so, it remains clearly one of the four biggest sources, even with countervailing measures in place.

Another trend demonstrated in the second chart shows the opportunity for growth. Imports have accounted for 8-9 million truck tyres in Europe in the last two years, continuing a long-term growth trend commensurate with the general eastward movement of tyre manufacturing from Western Europe. While sustainability measures have provided an additional incentive to retread within our home continent, the appetite for imports continues to grow.

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