In recent years, the global tire market has maintained steady development. According to data, the global tire market is expected to reach 230 billion US dollars in 2023, an increase of 6.5%. 

It is expected that by 2024, the global tire market will be worth $280 billionwith a compound annual growth rate of 3.2%.

Chinese tire products have strong competitiveness in the international market, and the export volume continues to grow. According to the General Administration of Customs data show 

that in the first five months of 2024, China's rubber tire exports reached 3.63 million tons, an increase of 4.6%; Exports amounted to 64.2 billion yuan, up 6.1 percent year on year. Among 

them, the export volume of automobile tires was 3.1 million tons, an increase of 4.4%; Exports amounted to 53 billion yuan, up 6.9 percent year on year.

Although the tire market is expanding, many tire companies are still facing pressure from rising costs, sluggish domestic demand, reduced exports and other aspects, and even bankruptcy 

or auction. The slowdown in global economic growth has directly affected the market demand of the tire industry, especially the decline in the production and sales of commercial vehicles 

and buses, resulting in a reduction in tire demand.

The popularity of new energy vehicles will drive the growth of demand for low rolling resistance tires, bringing new growth points to the tire market. "Belt and Road" countries are expected 

to contribute to the increase in tire demand. Tire enterprises should seize the opportunity to strengthen technological innovation and intelligent manufacturing, improve product quality 

and technical level to meet the changing market demand. Intelligence and digitalization are also important trends in the development of the tire industry. Tire enterprises need to use the 

Internet of Things, big data and other technologies to achieve intelligent management of tire production, sales, use and other links to improve production efficiency and product quality.