2025乘用车轮胎行业简析报告

Investment Rating - The report does not explicitly state an investment rating for the passenger car tire industry Core Insights - The passenger car tire industry is experiencing significant growth driven by the increasing demand for new energy vehicles and the rising vehicle ownership in China. The market is characterized by a competitive landscape with both domestic and international brands vying for market share. The report highlights the importance of technological innovation and adaptation to meet the evolving demands of the automotive market, particularly in the context of new energy vehicles [3][4][5]. Summary by Sections 1. Definition and Classification of Passenger Car Tires - Passenger car tires are specifically designed for vehicles such as sedans, sports cars, and SUVs, requiring higher performance and stability under various driving conditions [3]. - Classification includes PC tires for regular cars, SUV tires for multi-purpose vehicles, performance tires for sports cars, and specialized tires for new energy vehicles [4]. 2. Industry Chain - The industry chain consists of upstream raw materials (natural rubber, synthetic rubber, carbon black, steel wire), midstream tire manufacturing, and downstream automotive manufacturing and aftermarket services [5][6][7]. 3. Upstream Raw Materials - Natural rubber prices are expected to rise due to adverse weather conditions and supply chain disruptions, with prices projected to reach 16,890 CNY/ton by the end of 2024, a 29.33% increase from the beginning of the year [8]. - The cost of raw materials constitutes nearly 70% of tire production costs, significantly impacting overall profitability [41]. 4. Midstream Production - Major production regions for passenger car tires in China include Shandong, Jiangsu, and Zhejiang, with Shandong accounting for 50% of national production capacity [10][12]. 5. Downstream Market Trends - The aftermarket for automotive services is shifting towards online platforms, with over 65% of car owners using apps for purchasing parts and services [15]. - The demand for tire replacement is increasing, with approximately 180 million tires replaced annually in China [16]. 6. Market Demand and Growth - The production of passenger cars is directly linked to tire demand, with each new vehicle requiring four tires. The growing vehicle ownership in China is expected to further increase this demand [16][20]. - The tire production volume in China is steadily increasing, with a projected output of 9.35 billion tires by 2024 [22][23]. 7. New Energy Vehicle Tire Demand - The rapid growth of new energy vehicles, with sales expected to reach 12.87 million units in 2024, is driving the demand for specialized tires that meet specific performance criteria [29]. - New energy vehicles require tires with low rolling resistance, high durability, and better noise reduction capabilities [26][28]. 8. Export Market Dynamics - China's tire exports reached 349 million units in 2024, with a 13.4% year-on-year increase, indicating strong international demand [34]. - The export market is crucial for the industry, with significant competition from countries like Brazil, the UK, and Russia [34]. 9. Competitive Landscape - The market is competitive, with domestic brands like Linglong and Zhongce rapidly expanding in the mid to low-end segments, while international brands dominate the high-end market [36][37]. - Linglong Tire has emerged as a leader in new energy vehicle tire supply, achieving significant revenue growth [39][40]. 10. Future Trends - The industry is expected to see continued growth in new energy vehicle tires, increased focus on sustainability, and advancements in smart and digital technologies [45][46][47][48].