Recent data from the China International Capital Corporation Limited (CICC) Global Institute reveals that China accounted for a significant 62% of global electric vehicle (EV) sales from January to September 2022. Notably, Chinese domestic brands played a significant role, contributing 50% to this impressive figure. Essence Securities' tire industry analysis report further highlights that the market penetration rate of EVs in China reached 25.6% in 2022 and continues to rise steadily.
As the demand for EVs continues to soar, the Original Equipment Manufacturer (OEM) tire market stands to benefit greatly. EV tires have unique requirements due to their heavier body and batteries, as well as their superior acceleration capabilities. These demands translate into a need for tires with enhanced features such as improved rolling resistance, bearing capacity, grip performance, and reduced rolling noise. Consequently, the specifications of EV tires tend to command higher prices compared to those for traditional fuel vehicles.
The OEM market, which demands superior tire quality and brand recognition, plays a significant role in the success of EV tires. Chinese tire brands have stepped up their game, gaining market share in the OEM segment as EV market penetration continues to soar. We are thrilled to announce that CITEXPO 2023 will host some of the major Chinese EV tire manufacturers who have established their mark in this dynamic market. Here are some of the remarkable tire manufacturers and the EV car lineup they specialize in:
If you are eager to witness the amazing tire offerings from these esteemed brands and hundreds of other exceptional tire and wheel brands, we invite you to attend CITEXPO 2023! Mark your calendars for September 4-6 this year, we look forward to providing all tire & wheel enthusiasts with the ultimate exhibition experience. See you there!