Tyre News in Numbers – June 2024
Tyres & Accessories’ monthly ‘Tyres News in Numbers’ column boils down the latest tyre industry news to the most important statistics of the month. Below, we look at the big numbers from the June 2024 magazine.
13.6 billion yuan
The revenue – equating to £1.476 billion or €1.732 billion – generated by China’s biggest online tyre retailer, Tuhu, which went public at the beginning of this year.
5.9 million
The tyre unit capacity achieved by Jiangsu General’s Cambodian tyre plant, of which 5 million are car tyres.
14 billion rupees
The investment announced by JK Tyre (£131.76 million) in increasing its production capacities for TBR, PCR and ASLTR (all-steel light truck radial) tyres. The company operates plants in its native India and in Mexico.
20%
The amount of non-tyre revenue Michelin says it wants to achieve by 2030, updating its ‘Michelin in Motion’ strategy, designed to transform the company into “much more than a tyre manufacturer” for the company’s Capital Markets Day 2024.
>10%
The increase in tyres sold by Huayi Group’s Double Coin, at 14.874 million units. This resulted in an increase in revenue of only 1.64 per cent for the tyre business.
<10%
The growth rate of China’s tyre export volumes in the early months of 2024. This represents a considerable slowing of this growth rate, since individual months in 2023 were achieving a growth rate of more than 20 per cent.
circa 600
The number of exhibitors expected at one of the UK’s premier events for the quarrying, construction, and mining industries, Hillhead, with around a dozen tyre brands and distributors among them to demonstrate the themes of autonomy and connectivity, in addition to the latest tyre products. This year’s show takes place on 25-27 June at Hillhead Quarry near Buxton in Derbyshire.
$1.46bn
The value of truck and bus tyres imported by USA from Thailand in 2022, amounting to a doubling in quantity over two years. The Department of Commerce has announced preliminary findings in its investigation into whether these tyres are sold at unfairly low prices.
€150 million
The financing secured by sustainable end of life tyre recycling firm Circtec to build Europe’s largest pyrolysis plant in Delfzijl, the Netherlands. The UK-headquartered firm secured grants from the Dutch government worth €22.5 million as part of the funding.
40 years
The anniversary of the Goodyear FIA European Truck Racing Championship in 2024. The title sponsor debuted its next generation of racing truck tyres at Misano on 25-26 May.
6 million
The planned car tyre production capacity of the new joint venture factory of Sailun Group and Tire Direct, which broke ground in Aztema, Mexico. The plant is expected to start production in March 2025.
+6.5%
The year-on-year growth of the UK’s used car market in the first quarter of 2024, according to SMMT figures, signalling the best start to a year since 2019.
625
The number of times around the earth Continental’s annual new tyre testing activities would travel – the equivalent of around 25 million test kilometres.
65%
Increase in net profit reported by Apollo Tyres’ board of directors for the financial year 2023-24.
80,000
The number of visitors estimated at the 14th GuangRao Rubber Tire and Automotive Accessory Exhibition (GRTAE) in Dongying City, Shandong, China.
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