The top five of the top 75 are called industry giants because their market share is really amazing. No matter how big the market is, the tire giants can still carve up most of the market share.
Mipugu, three companies carve up 40% of the US market
In 2022, the rapid recovery of the U.S. tire market has become an important support for the sales and profits of many tire enterprises. In 2023, the prosperity of the U.S. tire market seems to continue. Therefore, it can be seen that many tire enterprises have made great efforts to leverage more production capacity to increase the supply to the U.S. market, but unfortunately, the share of the U.S. tire market that can be leveraged is not large.
In a picture released by foreign media, we can see that 81% of the market share of the United States is controlled by only 10 tire companies. Among these 10 enterprises, Michelin, Bridgestone and Goodyear have split up half of them.
The market share left by other tire companies in the North American market is only 19.2%, which is not enough for Michelin or Bridgestone alone. However, the expansion plans of the other eight tire enterprises are more troublesome for other tire enterprises.
By the end of 2022, tire companies such as Macai, Sumitomo Rubber and Hantai are investing in expanding the capacity of the United States, while Tongyiou is increasing the capacity of Serbia to increase the supply of tires to the United States. However, the increase rate of market share of these tire enterprises after the expansion of production is not from Mipugu, but from the poor 19.2% of other enterprises.
This also means that the tire enterprises outside the 10 enterprises are facing a more competitive atmosphere in the US market. It has to be mentioned that almost all Chinese tire enterprises are included in the 19.2% market share.
10 enterprises split up 60 billion
In terms of market sales, the sales of 10 large tire enterprises in the United States reached about 58.5 billion dollars (407.189 billion yuan). This also means that in the U.S. tire market, the tire sales revenue of the other nearly 1000 tire enterprises is only 13.7 billion dollars (less than 100 billion yuan). In the future, as the market share of Hantai and other tire enterprises continues to expand, the sales revenue of these thousands of tire enterprises will become more precarious.
However, rather than lamenting the difficulties of the future market competition, let's first look at the advantages of these large tire companies that can base themselves on the American market.
Acquisition and expansion
Among them, Goodyear, as a local brand in the United States, also gained its own market share and increased its volume in the local market after completing the acquisition of Goodyear tires in 2021. In fact, as early as last century, Michelin and Bridgestone also gained more market share by acquiring other tire enterprises and tire brands.
In fact, as early as a few years ago, some domestic tire enterprises completed the brand acquisition layout, and if they want to win more markets in the future, they need to complete the acquisition of higher-level brands. So far, however, this conjecture is too bold.
Increase capacity in North or South America
The expansion of North American factories by Goodyear, Sumitomo Rubber, Hantai and other tire enterprises is more directly to help these enterprises meet the local market demand. Since 2015, the U.S. market has increased its efforts to counter tire imports from many regions around the world. Exporting to the United States is becoming increasingly difficult, so building factories in North America has become a major choice for many tire enterprises.
In fact, this step is not unexpected for Chinese tire enterprises, and many tire enterprises are in the process of brewing. However, due to the investment amount and the multiple uncertainties encountered in the construction of new factories, the pace of the construction of domestic tire enterprises in North America has obviously slowed down a lot, which also leads to the expansion of domestic tire enterprises in North America always pinning on the expansion of Southeast Asian production capacity.
However, with the difficulties faced by the American market for tyres produced in Southeast Asia, this export road is becoming increasingly difficult. However, we have noticed that Pirelli Zheng Ziah has expanded its South American capacity to increase its supply to the US market, and this curve expansion is not without a good strategy.
Disclaimer: The image materials and articles of this platform are from the network, so the copyright belongs to the original author. If it infringes your copyright and interests, please contact us, we apologize and delete it quickly. Source: tire business
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