NEV boom creates growing demand for special tires

Production of special tires for new-energy vehicles is becoming a key emerging industry with the the growing popularity of NEVs.

So far, over a dozen domestic and foreign tire brands have launched special tires for NEVs to get in on the ground floor of the industry.

Under the influence of carbon emission pressure, governments around the world have introduced supportive policies for NEVs.

Data from the China Automobile Dealers Association showed global sales of NEVs in 2021 reached 6.23 million vehicles, up 118 percent year on year.

Passenger NEVs in China accounted for 53 percent of the global total, becoming the world's largest NEV market. Surging NEV sales and accelerated penetration have fueled demand for special tires.

Overseas tire brands, such as Michelin from France, Continental Tires from Germany, and Japanese firm Dunlop, have already launched their special NEVs tires in the Chinese market.

However, Changjiang Securities said in a report that other foreign tire brands except industry leaders Continental, Michelin and Hankook may not have many advantages in the industry, while it expected more leading domestic tire makers will catch up, with the development in technologies and industry support.