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Vietnamese truck tyre exports to be worth >US$3 billion by 2033 – report

In 2023, Vietnam’s commercial vehicle tyre exports reached a total value of US$1.305 billion. According to research conducted by Research and Markets, with the growth in global tyre market demand in 2024, the cumulative export value of Vietnam’s commercial vehicle tyres had already approached $600 million by May 2024. By 2033, Vietnamese truck tyre exports are expected to reach a value of $3.27 billion, which equates to a compound annual growth rate (CAGR) of 9.8 per cent.

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Related news:

  1. First TBR tyre produced by Cooper, Sailun Vietnam JV
  2. Guizhou Tire begins $350 million construction project on two China factories
  3. Thailand now supplies more than a quarter of European truck tyre imports – Astutus Research
  4. Haohua Vietnam tyre factory starts production
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Doublestar’s market focus shifts overseas

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At 2.28 billion yuan (about £250 million; €290 million), Doublestar’s revenue was almost the same year-on-year in the first half of 2024. Doublestar was still in the red during the reporting period. However, compared with the same period in 2023, its losses were further reduced to 57.1 million yuan (about £6.2 million; €7.4 million). According to Doublestar, “PCR product profitability continues to improve” but “insufficient market demand for truck and bus tyres” is why the tyre manufacturer is still losing.

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Related news:

  1. Thailand factory makes over half Jiangsu General’s annual revenue
  2. Doublestar reduces the registered capital of the Guangrao company
  3. Doublestar back in pole-position for Kumho purchase
  4. Huasheng Group to start Cambodia tyre factory project in 2024
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Higher volumes, cheaper tyres – China’s exports in July

Tyre makers in China exported 60.6 million tyres in July 2024, exceeding the 60-million mark for the second consecutive month. Volumes were up 6.8 per cent year-on-year in July, with the value of these tyre exports amounting to 14.05 billion yuan (£1.49 billion).

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Related news:

  1. China’s tyre export growth slowed in August
  2. Shandong, China tyre production picks up
  3. China’s tyre exports down more than 20%
  4. Continued growth for China tyre exports in May
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Jiangsu General increases PCR tyre capacity at Thailand plant

Jiangsu General said the Thailand plant’s construction project (Phase II) has been modified. Specifically, the tyre manufacturer has increased the production capacity of semi-steel radial tyres at overseas bases and cancelled the plan to expand the production capacity of full-steel radial tyres.

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Related news:

  1. Jiangsu General investing US$300 million in Thailand tyre plant
  2. Prinx Chengshan invests £19 million in purchasing land for new Thailand tyre factory
  3. Jiangsu General investing $204 million in Cambodia car tyre factory
  4. China’s GS Tire raises Cambodia investment to $300 million
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Thailand factory makes over half Jiangsu General’s annual revenue

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In 2023, Jiangsu General’s revenue was approximately 5.06 billion yuan (approximately £540 million; €640 million), with a net profit of 220 million yuan (about £ 24 million; €28 million). Compared with the net profit of approximately 17 million yuan (about £1.8 million; € 2.16 million) in 2022, the company’s profit has increased more than tenfold in the past year.

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Related news:

  1. China’s GS Tire raises Cambodia investment to $300 million
  2. Jiangsu General investing US$300 million in Thailand tyre plant
  3. Jiangsu General’s Thailand plant starts second phase
  4. Sailun bond issuance application approved
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Aeolus is changing its overseas sales model

Aeolus’ revenue in 2023 will be 5.74 billion yuan (approximately £620 million; €730 million), an increase of 15.05 per cent from the previous year. Among the market shares, domestic market revenue accounted for 52.23 per cent, and replacement and OE accounted for 28.58 per cent and 23.65 per cent, respectively. According to the tyre manufacturer, it will launch a new 12R22.5 TBR product portfolio in the domestic market in 2023.

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Related news:

  1. Aeolus becomes Prometeon Tyre Group
  2. Yokohama Prometeon bid nearing completion, Aeolus Tyres now involved
  3. Aeolus makes first 63-inch giant OTR tyre
  4. Aeolus approves 610 million yuan investment plan
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China’s tyre export growth continued to slow in April

Data from China Customs shows that tyre exports continued to grow in April. The quantity and value of exported tyres were 55.49 million units and 13.32 billion yuan (approximately £1.45 billion; €1.7 billion).

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Related news:

  1. China’s tyre export growth slowed in August
  2. China’s tyre export unit price continues to rise
  3. China’s tyre export growth slows in July
  4. Chinese tyre exports grew at double-digit rate in 2023
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Huasheng Group to start Cambodia tyre factory project in 2024

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The Dongying, Shandong Province-based Huasheng Group is planning to add a Cambodia tyre production plant to its portfolio of five factories. While there are few details at the moment, the even-lower-than-Chinese production costs paired with the company’s desire to increase tyre export sales are said to be the main motivations behind the move. Tyres & Accessories met company representatives during the recent GuangRao Tire and Rubber Auto Accessory Exhibition, which took place between 15 and 17 May in Dongying where the company had no less than five generously proportioned stands exhibiting its range of car, 4×4, light truck as well as truck and bus tyres.

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Related news:

  1. Serbia open for business
  2. Double Star embarks on “Rainbow” tyre production
  3. Qingdao Doublestar hosts global strategy conference
  4. Linglong to become first Chinese global Top 10 car tyre manufacturer by 2019 – analyst
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Following the inauguration of its Serbia plant, Linglong switching truck tyre production to Europe

Linglong Tire is relocating the production of truck tyres for the European market to its newly inaugurated factory in Serbia from their previous production base in China and Thailand, Tyrepress sister website Reifenpresse reports. According to the Chinese manufacturer, the Serbia plant is “one of the most modern tyre factories in the world.” With four new tyre series and a total of 47 new products or product sizes, the product range includes truck tyres for all purposes, all of which were “developed specifically for the European market.” Serbian president Aleksandar Vučić told Chinese media that Linglong could become the country’s “fifth or sixth-largest exporter” thanks to the new plant.

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Related news:

  1. Thailand now supplies more than a quarter of European truck tyre imports – Astutus Research
  2. ZC Rubber expanding PCR capacity to meet growing domestic demand
  3. Linglong Tire achieves all-time record share price
  4. Linglong adds Hubtrac OTR tyre range within ongoing strategic development plans
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Serbian president: Linglong could be 5th or 6th largest exporter

Linglong

Linglong is set to become Serbia’s fifth or sixth largest exporter or at least that is what Serbian President Aleksandar Vučić said he hopes happens, in an interview with Chinese media.

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Related news:

  1. Serbia open for business
  2. Linglong Serbia plant talks continue
  3. Safe-Run equipping Linglong’s Serbia tyre plant
  4. Linglong adds Hubtrac OTR tyre range within ongoing strategic development plans
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Chinese tyre exports grew at double-digit rate in 2023

Chinese Customs tyre export data for December 2023 shows that the number of tyre exports in December increased by 610,000 units from last month, basically maintaining the same level as in November. However, the export value and export weight in December decreased by 300,000 yuan and 30,000 tons compared with the previous month. In other words, the increase in the number of lighter-weight tyres has not led to an increase in export value.

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Related news:

  1. China’s tyre export growth slowed in August
  2. China’s tyre exports down more than 20%
  3. China’s tyre export unit price continues to rise
  4. China’s tyre export growth slows in July
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China’s tyre exports appear to W-curve again in 2023

In November 2023, China exported 52.35 million tyres, a year-on-year increase of 28.7 per cent. During the same period, the value of tyre exports reached 12.9 billion yuan, an increase of 30.6 per cent.

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Related news:

  1. Shandong, China tyre production picks up
  2. China’s tyre export growth slowed in August
  3. China’s tyre exports down more than 20%
  4. August 2023 – Renewed double-digit growth in China tyre exports
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Guangrao introduces 10 policies to promote ‘high-quality tyre development’

Recently, Guangrao County authorities, Shandong Province, held a press conference and stated that it would launch 10 policies to support the high-quality development of the local rubber tyre industry.

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  1. From Guangrao to the World: what’s new at the Guangrao tyre exhibition
  2. Sailun confirms Jinyu and Shenyang double acquisition
  3. Even cheaper Chinese tyres?
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August 2023 – Renewed double-digit growth in China tyre exports

China-based manufacturers exported 54.66 million new pneumatic tyres in August 2023, a 13.6 per cent higher volume than in August 2022. The value of these tyres rose 19.7 per cent year-on-year, to RMB 13.63 billion (£1.55 billion, US$1.89 billion). These figures for August mark a return to double-digit growth for China’s tyre exports after a drop in growth during July.

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Related news:

  1. Shandong, China tyre production picks up
  2. China’s tyre export growth slowed in August
  3. China’s tyre exports down more than 20%
  4. Shandong-EU tyre exports maintain high growth rate
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China’s tyre export growth slows in July

The growth trend seen in China’s tyre exports throughout 2023 continued in July, albeit at a slower rate of year-on-year growth than seen earlier in the year. China’s tyre makers exported 56.89 million tyres in July 2023, 4.7% more than a year earlier. The value of these exports increased 9.4% year-on-year, to RMB 14.02 billion (£1.5 billion).

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  1. Even cheaper Chinese tyres?
  2. Why are ocean freight rates rising sharply?
  3. China’s tyre export growth slowed in August
  4. China’s tyre exports volume fell for three consecutive months
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