Chinese tire makers stay on an upward track

London - Sales among China’s largest tire makers increased by 8.3% year-on-year to around $37.5 billion in 2024, ERJ’s analysis of the latest data supplied by the China Rubber Industry Association (CRIA) shows.

The growth rate represents a slowdown from the near 20% increase recorded last year – a surge linked largely to recovery from the impact of Covid restrictions on prior-year sales.

Gains in this year’s China Tire Report included an 11% year-on-year increase in sales at Zhongce Rubber Co. Ltd (ZC Rubber), which maintained its long-standing hold on top position.

With a 21.1% year-on-year increase in revenue, however, Sailun Tyre made up considerable ground on the market leader as it leapfrogged Qingdao Doublestar to take second slot.

Qingdao Doublestar recorded a more modest 4.3% rise, in contrast to last year, when sales tripled on the back of revenue from its acquisition of Korean tire maker Kumho Tire.

Shandong Linglong, Prinx Chengshan and Double Coin took up the next three positions with growth rates of 8.0%, 11.1% and 6.4% respectively.

The trio were each off the pace set last year, though Prinz Chengshan did move up two positions to no. 5 in the rankings, swapping places with Triangle Group – one of the few Chinese tire makers to post a year-on-year decline in 2024 sales.

Rounding up the top 10 were Guizhou Tyre, Qingdao Sentury Tire and Shandong Jinyu Tire: all with solid growth figures but below the double-digit increases recorded last year.