Global and China Automotive Tire Industry Report, 2009-2010
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In 2008, the tire industry was in depression, companies suffered big drop or even loss of profit due to the natural rubber price inflation, and both the OE market and the RT replacement market plummeted due to the worldwide economy downturn in the second half of 2008. The situation was improved in 2009. The natural rubber prices continued to drop while there was just a slight, or even no fall in tire prices. As a result, companies doubled their profits, but still witnessed decline in revenue since the demand had not been recovered to the peak level in 2008.

In the second half of 2009, the price of natural rubber, as well as carbon black, kept rising. By April 2010, it had more than doubled the level of early 2009. Tire companies had raised prices to address the price hike in raw materials. In 2010, the natural rubber supply and demand were nearly in balance, and the price was relatively stabilized at a high level. Although there is still no clear sign of economic recovery, the prices of bulk commodities will not suffer sharp decline as in 2008.
 
Tire companies will see revenue growth, but profit fall in 2010.

In 2009, Bridgestone still held the first place in the world, and widened the gap with Michelin, the runner-up. In addition, Bridgestone’s joint ventures in North Europe, Russia, India and Turkey had delivered excellent performance in 2009. Although Michelin didn’t invest enough in these emerging markets, its operating profit margin was two times higher than Bridgestone’s. Although Michelin didn’t perform well in the OE market, it delivered an increasingly better performance in China’s after-sale replacement market, and got high profit for its outstanding reputation.

Stranded in the North American market, Goodyear suffered decline in both revenue and operating profit margin since the operating expense increased. Furthermore, it achieved little growth in China’s market, but still stayed far ahead of the fourth place.

Continental, dominating the high-end market all along, delivered roughly the same performance as in 2008. Its OE ratio was 25%, a little higher than in 2008. Being a key tire supplier for Benz, Audi and BMW, Continental was among the few manufacturers with revenue growth benefiting from the huge demand for luxurious cars in China’s market. Moreover, it has put its Hefei base into production, and is expected to grab a larger market share in the future.

Pirelli, an Italian company, is a key tire supplier for well-known luxurious cars including Bentley, Ferrari, Porsche, Lamborghini, Bugatti, Land Rover, Volvo, Jaguar, and Maybach, all of which have robust demand from China’s market, with small quantities but high prices. In the meantime, being the most important tire supplier in South America market, Pirelli has dominated the market there for years with stable sales.

Sumitomo, i.e. the Dunlop acquired by Sumitomo Rubber Industries, is a key tire supplier for SUVs, especially luxury SUVs, as well as Japan’s high-end vehicles like Crown, Lexus, Teana and Acura. Benefiting from strong demand in China’s market, Sumitomo had achieved the rapidest growth in revenue and high growth in after-sales market. Meanwhile, it also has increased investment in China’s market.

Also profiting from China’s market, Yokohama achieved growth in revenue. It even got a Chinese name to show its recognition of China’s market and carried out a series of advertising and promotional campaigns. In the meantime, it is the main tire supplier for high-end vehicles such as Mitsubishi, Honda, Toyota, Nissan, Mazda, Subaru, Porsche, Mercedes-Benz C-class and G-class, Acura, Aston Martin in OE market.

Japanese manufacturers, being known as conservative, have increased their efforts in China’s market, and substantially expanded the output capacity of their Chinese bases in late 2009 and the first half of 2010. Even Toyo Tires, the smallest one of them, established a plant in China. Apart from the OE market, Japanese manufacturers have also expanded the replacement market. For example, Dunlop planned to surpass Michelin by expanding its lineup of retail stores to 4,000. It can be said that Japanese manufacturers have benefited the most from China’s tire market, and they all have accelerated the expansion, even after the Toyota brake issue.

Supported by Beijing Hyundai, FAW Volkswagen and Shanghai Volkswagen, the main force in China’s auto market, Hankook witnessed great growth in profit despite a decline in revenue. Kumho, relying on the strategy of low price, suffered sales drop in 2009. Although it ranks the first place in China’s OE market, it fails to succeed in the replacement market. Low price, low profit and high debt have made its operation difficult, and it has begun division reorganization and debt restructuring in 2010.

Totally immune from the Special Protectionist Tariff on Tire case, the majority of Chinese manufacturers had achieved revenue growth, and maintained significant export, only with a slight drop in the export to the United States. Now, Chinese tire manufacturers' dependence on foreign trade is still above 40%, which certainly will lead to trade disputes. Although they have been trying to develop the OE market, they can only enter the microbus market, and little progress has been made in the car market, since even Chery and BYD prefer tires of Kumho, Giti and Cheng Shin. However, Chinese tire manufacturers have monopolized heavy-duty truck, bus, commercial vehicle, and off-the-road (OTR) tire markets. In 2009, the massive infrastructure investment and the campaign of “bringing autos to the countryside” had boosted up van sales. Cheng Shin ranked among the world’s top ten in terms of revenue, and Hangzhou Zhongce Rubber announced that its sales were up to RMB16.8 billion, ranking the 11th place in the world.

Revenue and Operating Profit Margin of Global Top 24 Tire Manufacturers, 2008-2009

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1. Introduction to Tires 

2. Global Auto Industry and Market 

3. China’s Auto Industry and Market 
3.1 China’s Auto Market  
3.2 Brand Layout in China’s Auto Market  
3.3 China’s Auto Sales Statistics 
3.4 China’s Auto Export 
3.5 Financial Situation of Major Auto Groups of China  

4. Global Natural Rubber Supply, Demand and Price 
4.1 Supply 
4.2 Demand
4.3 Price Trend 

5. Global Tire Market 
5.1 Overview 
5.2 Passenger Vehicle and Light-duty Truck Tire Market  
5.3 Heavy-duty Truck Tire Market  

6. Global Tire Industry 
6.1 Industry Ranking 
6.2 Supply Relations between Global Tire Manufacturers and Auto Manufacturers  
6.3 Market Shares of Major Tire Manufacturers in Europe and North America  
6.4 Geographical Distribution of Global Tire Industry   

7. China’s Tire Market 
7.1 Overview 
7.2 Market Shares of Major Tire Manufacturers  
7.3 Tire Configurations of Common Auto Types   

8. China’s Tire Industry 
8.1 China’s Tire Industry Ranking, 2007-2008 
8.2 China’s Tire Industry Ranking, 2009 
8.3 Overview of China’s Tire Industry
8.3 China’s Tire Export 
8.4 China’s Heavy-duty Truck and Off-the-Road Tire Industry  

9. Major Oversea Tire Manufacturers 
9.1 Michelin 
9.2 Bridgestone 
9.3 Goodyear
9.4 Continental
9.5 Sumitomo 
9.6 Toyo 
9.7 Yokohama 
9.8 Kumho 
9.9 Hankook 
9.10 Pirelli
9.11 COOPER
9.12 NOKIAN
9.13 NEXEN

10. China’s Major Tire Manufacturers 
10.1 Cheng Shin 
10.2 Zhongce
10.3 Triangle
10.4 Linglong
10.5 Aeolus 
10.6 STARC (Double Coin)  
10.7 Guizhou Tire 
10.8 South China Tire and Rubber
10.9 DoubleStar
10.10 Wanda Boto Tire 
10.11 Jinyu Tire 
10.12 Xingyuan
10.13 Giti
10.14 Shengtai 
10.15 Kenda
Global Natural Rubber Output by Country of Origin, 2005-2010 
Monthly Natural Rubber Output of Major Southeast Asian Rubber Producing Countries, Jan, 2009-Dec, 2010  
China’s Natural Rubber Output, Jan, 2008-Jun, 2010 
Monthly Natural Rubber Import of Major Southeast Asian Rubber Producing Countries, 2008-2010 
China’s Natural Rubber Price Trend, Oct, 2008-Apr, 2010 
NEMXE Crude Oil & SHFE Natural Rubber Price Trend, Oct, 2008-Apr, 2010  
Global Tire Market Scale, 2000-2010 
Global Tire Market Distribution by Type, 2008-2010  
Tire Market Growth Margin by Region, 2008 
Regional Distribution of Global Tire Market by Value, 2008-2010 
Global Passenger Vehicle and Light-duty Truck Tire Market Sales by Region, 2008-2012 
Global Passenger Vehicle and Light-duty Truck Tire Market Growth Margin by Region, 2009Q1-2010Q1 
Global Tire Market New Vehicle and After-sale Ratios by Region, 2008 
Regional Distribution of Global Passenger Vehicle and Light-duty Truck (New Vehicle) Tire Market by Volume, 2008-2010 
Regional Distribution of Global Passenger Vehicle and Light-duty Truck (After-sale) Tire Market by Volume, 2008-2010 
Global Passenger Vehicle and Light-duty Truck Tire Market Distribution by Size 
Global Passenger Vehicle and Light-duty Truck Tire Market Distribution by Speed  
Global Heavy-duty Truck Tire Market Shipment, 2008-2012 
Global Heavy-duty Truck Tire Market Growth Margin by Region, 2009Q1-2010Q1 
Global Heavy-duty Truck Tire Market Distribution by Region, 2008 
Ratio of Radial Tire in Global Heavy-duty Truck Tire Market by Region, 2008 
Global Heavy-duty Radial Tire After-sale Market Distribution by Region, 2008 
Global Retreaded Tire Market Distribution by Region, 2008 
Ratios of Major Tire Suppliers for GM, 2009 
Ratios of Major Tire Suppliers for Ford, 2009 
Ratios of Major Tire Suppliers for Toyota, 2009 
Ratios of Major Tire Suppliers for Honda, 2009 
Ratios of Major Tire Suppliers for Nissan, 2009 
Ratios of Major Tire Suppliers for BMW, 2009 
Ratios of Major Tire Suppliers for Benz, 2009 
Ratios of Major Tire Suppliers for VW, 2009 
Ratios of Major Tire Suppliers for PSA, 2009 
Ratios of Major Tire Suppliers for FIAT, 2009 
Ratios of Major Tire Suppliers for Hyundai, 2009 
Market Shares of Major Europe’s Passenger Vehicle and Light-duty Truck Tire Manufacturers, 2008 
Market Shares of Major Europe’s Passenger Vehicle and Light-duty Truck Tire Manufacturers, 2009  
Market Shares of Major North America’s Passenger Vehicle and Light-duty Truck Tire Manufacturers, 2008  
Market Shares of Major North America’s Passenger Vehicle and Light-duty Truck Tire Manufacturers, 2009  
Market Shares of Major Europe’s Heavy-duty Truck Tire Manufacturers, 2008 
Market Shares of Major Europe’s Heavy-duty Truck Tire Manufacturers, 2009
Market Shares of Major North America’s Heavy-duty Truck Tire Manufacturers, 2008 
Market Shares of Major North America’s Heavy-duty Truck Tire Manufacturers, 2009
Market Shares of China’s Major Tire Manufacturers, 2008 
Market Shares of Major Tire Manufacturers in China’s New Passenger Vehicle Market by Revenue, 2008-2010 
Market Shares of Major Tire Manufacturers in China’s New Passenger Vehicle Market by Shipment, 2008-2010 
Market Shares of Major Tire Manufacturers in Passenger Vehicle After-sale Market by Revenue, 2008-2010
Market Shares of Major Tire Manufacturers in China’s Commercial Vehicle Market, 2008 
Market Shares of Major Tire Manufacturers in China’s Commercial Vehicle Market, 2009 
Revenue and Y-o-Y Growth of China’s Top Nine Tire Manufacturers, 2008-2009 
Profit and Y-o-Y Growth of China’s Top Nine Tire Manufacturers, 2008-2009 
China’s Tire Output, 2003-2009 
China’s Tire Output and Growth Margin, 1998-2009 
China’s Monthly Tire Export Volume and Average Price, Jan-Nov, 2009 
China’s Tire Export Volume, 2003-2009 
China’s Heavy-duty Truck Sales by Month, 2006-Mar, 2010 
China’s Heavy-duty Truck Sales by Year, 1998-2010 
Output of China’s Major Off-the-Road Tire Manufacturers, 2008 
Market Shares of Major Manufacturers in China’s Loader Market, 2008 
Revenue and Operating Profit Margin of Michelin, 2004-2008 
Employee Distribution of Michelin by Region, 2009 
Purchase of Michelin by Region, 2009 
Raw Materials Cost Structure of Michelin, 2008 
Major Brands of Michelin 
Quarterly Sales of Michelin, 2008-2009 
Operating Profit of Michelin, 2008-2009 
Sales and Selling Price Y-o-Y Growth of Michelin, 2009Q1-2010Q1 
Revenue of Michelin by Division, 2009Q1-2010Q1 
Revenue and Operating Profit Margin of Bridgestone, 2004-2009 
Revenue of Bridgestone by Region, 2004-2009 
Domestic and Oversea Tire Output of Bridgestone, 2004-2008 
Revenue and Operating Profit Margin of Goodyear, 2004-2009 
Tire Sales of Goodyear by Region, 2006-2009 
Tire Sales of Goodyear in New Auto and After-sale Market, 2006-2009 
Sales and EBIT of Continental, 1997-2009 
Sales of Continental by Region, 2005-2009 
Sales of Continental by Division, 2005-2009 
Employee Distribution of Continental by Region, 2005-2009
Employee Distribution of Continental by Division, 2005-2009 
Passenger Vehicle and Light-duty Truck Tire Sales and EBITDA of Continental, 2007-2009 
Passenger Vehicle and Light-duty Truck Tire Sales of Continental by Region, 2009 
Passenger Vehicle and Light-duty Truck Tire Output of Continental’s Production Bases Except Europe, 2008 
Passenger Vehicle and Light-duty Truck Tire Output of Continental’s Production Bases Except Europe, 2009 
Passenger Vehicle and Light-duty Truck Tire Output of Continental’s European Production Base, 2008 
Passenger Vehicle and Light-duty Truck Tire Output of Continental’s European Production Base, 2009 
Passenger Vehicle and Light-duty Truck Tire Sales of Continental by Region, 2005-2009 
Winter Tire and UHP Tire Sales of Continental, 2005-2009 
Commercial Vehicle Tire Sales and EBITDA of Continental, 2007FY-2009FY
Commercial Vehicle Tire Sales of Continental by Region, 2008 
Output of Continental’s Global Heavy-duty Truck Radial Tire Production Bases, 2008 
Output of Continental’s Global Heavy-duty Truck Radial Tire Production Bases, 2009 
Commercial Vehicle Tire Sales of Continental, 2005-2009 
Revenue and Operating Profit Margin of Sumitomo Rubber, 2003-2009
Operating Profit of Sumitomo Rubber, 2008-2009 
Operating Profit of Sumitomo Rubber, 2009-2010 
After-sale Market Sales of Sumitomo Rubber by Region, 2005-2010 
Tire Output Capacity of Sumitomo Rubber by Plant, 2004-2009 
Output Capacity Utilization of Sumitomo Rubber, 2005-2010 
Strategic Plan of Toyo, 2010-2015 
Revenue and Operating Profit of Kumho, 2005-2009 
Tire Sales Volume of Kumho in China, 2005-2008 
Market Share of Kumho in China’s Tire Market by Shipment, 2005-2009 
Sales and Operating Profit Margin of Kumho in China, 2008Q1-2009Q3 
Revenue and Operating Profit Margin of Hankook, 2003-2010
Sales Revenue of Hankook, 2008Q3-2010Q1 
Operating Profit of Hankook, 2008Q3-2010Q1
Sales Revenue and Operating Profit Margin of Hankook in South Korea, 2008Q3-2010Q1
Sales Revenue and Operating Profit Margin of Hankook in China, 2008Q3-2010Q1
Sales Revenue and Operating Profit Margin of Hankook in Hungary, 2008Q3-2010Q1
Monthly Output Capacity Utilization of Hankook, Jan, 2009-Mar, 2010 
Quarterly Revenue of Hankook by Region, 2009 Q1 and Q4, 2010Q1 
EBIT of Pirelli, 2007-2008 
New Vehicle and After-sale Sales Ratio of Pirelli, 2008-2009 
Tire Revenue of Pirelli by Product, 2008 
Tire Revenue of Pirelli by Region, 2008 
Raw Materials Cost Structure of Pirelli, 2008-2009 
Global Plant Distribution of Pirelli
Employee Distribution of Pirelli by Region, 2008-2009 
Revenue and Operating Profit Margin of COOPER, 2004-2008 
Sales and Operating Profit of NOKIAN, 2005-2009 
Comparison of NOKIAN, Bridgestone, Michelin and Continental by Sales Growth, 1998-2009 
Comparison of NOKIAN, Bridgestone, Michelin and Continental by Net Profit, 1998-2008 
Revenue of NOKIAN by Downstream Application, 2008-2009 
Revenue of NOKIAN by Region, 2008-2009 
Investment of NOKIAN by Region, 2004-2008 
Revenue and Operating Profit Margin of Cheng Shin, 2003-2010 
Raw Materials Cost Distribution of Cheng Shin, 2008 
Investment of Cheng Shin by Plant, 2004-2009 
Domestic-Foreign sales Ratio of Cheng Shin by Plant, 2008 
Revenue of Cheng Shin by Region, 2008 
Revenue of Cheng Shin by Product, 2008-2009 
Organization of Zhongce
Organization of Aeolus
Shareholder Structure of Aeolus
Revenue of Aeolus, 2000-2008 
Export Value of Aeolus, 2000-2008 
Heavy-duty Truck Radial Tire Market Share of Aeolus, 2004-2010 
Off-the-Road Tire Market Share of Aeolus, 2004-2010 
Revenue and Net Profit of STARC, 2005-2009 
Organization of STARC
Organization of Guizhou Tire
Tire Revenue of Guizhou Tire by Product, 2006-2009 
Tire Gross Profit of Guizhou Tire by Product, 2006-2009 
Revenue and Operating Profit Margin of Kenda, 2003-2009 

Revenue and Operating Profit Margin of Global Top 24 Tire Manufacturers, 2008-2009 
Suppliers and Diameters of Tires for Common Auto Types in China’s Market 
China’s Top Ten Tire Manufacturers by Sales Revenue and Total Profit, 2008 
China’s Top Ten Tire Manufacturers by Sales Revenue and Total Profit, 2007  
Rank of Tire Exporters including Joint Ventures, 2007 
Rank of China’s 45 Tire Manufacturers by Taxation, 2007 
China’s Auto Tire Export Structure, 2008 
China’s Heavy-duty Truck Sales by Company, 2009-Mar, 2010 
China’s Construction Machinery Sales, 2008-Feb, 2010 
Financial Statement of Michelin by Division, 2009 
Revenue, Assets and Number of Employees of Bridgestone by Branch, 2008 
Replacement Tire Sales Ratio of Goodyear by Region, 2006-2009 
Tire Sales Volume, Sales Value and Operating Profit Margin of Goodyear in North America, 2007-2009 
Tire Sales Volume of Goodyear in North America New Auto and After-sales Markets, 2006-2009 
Tire Sales Volume, Sales Value and Operating Profit Margin of Goodyear in EMEA, 2007-2009 
Tire Sales of Goodyear in EMEA New Auto and After-sales Markets, 2006-2009 
Tire Sales, Sales Value and Operating Profit Margin of Goodyear in Latin America, 2007-2009 
Tire Sales of Goodyear in Latin America New Auto and After-sales Markets, 2006-2009 
Tire Sales, Sales Value and Operating Profit Margin of Goodyear in Asia Pacific, 2007-2009 
Tire Sales of Goodyear in Asia Pacific New Auto and After-sales Markets, 2006-2009 
Revenue of Sumitomo Rubber by Product, 2007-2009 
Operating Profit of Sumitomo Rubber by Product, 2007-2009 
Revenue and Operating Profit of Toyo, 2004 FY-2009FY 
Revenue of Toyo by Region, 2006 FY-2008FY
Sales and Operating Profit Margin of Yokohama, 2006FY-2009FY 
Revenue of Yokohama by Product, 2006FY-2009FY
Revenue of Yokohama by Region, 2006FY-2008FY
Revenue, Cost, Gross Profit, Operating Profit and EBITDA of Hankook in China, 2009-2010 
Revenue, Cost, Gross Profit, Operating Profit and EBITDA of Hankook in South Korea, 2009-2010
Major Auto Types Hankook Supplying in China Market 
Tire Revenue and Operating Profit Margin of Pirelli, 2006-2008 
Revenue of COOPER by Region, 2006-2009 
Output Capacity of Cheng Shin by Plant

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