HS Code:
The 'On tires' category, typically classified under HS Code 4011, encompasses new pneumatic tires used for various vehicles including cars, trucks, buses, motorcycles, and bicycles. This category is a significant segment of the global automotive and transportation industry, driven by demand in both original equipment manufacturing (OEM) and replacement markets. The trade of tires is influenced by factors such as raw material availability (natural and synthetic rubber), manufacturing capabilities, and regional automotive industry growth.
Total Trade Volume
USD 60 billion
Data from 2022
Source
United Nations Comtrade Database
USD 15 billion
25% of total trade of total trade
Increasing
USD 8 billion
13.3% of total trade of total trade
Stable
USD 6 billion
10% of total trade of total trade
Increasing
USD 5.5 billion
9.2% of total trade of total trade
Stable
USD 4 billion
6.7% of total trade of total trade
Increasing
Average Rate
6.5%
Highest Rate
25% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU single market or USMCA)
Rising demand for eco-friendly tires
Increased investment in sustainable materials and low-rolling-resistance tires due to environmental regulations and consumer preferences.
2021-2023
Growth in electric vehicle (EV) tire segment
Specialized tires for EVs are seeing higher demand, driving innovation in durability and efficiency to meet unique performance needs.
2022-2023
Supply chain disruptions
Shortages of raw materials like natural rubber and geopolitical tensions have led to price volatility and production delays.
2020-2022
The United States reviewed and extended anti-dumping duties on Chinese tire imports to protect domestic manufacturers.
March 2023
Increased costs for US consumers and potential shift of supply chains to other Asian countries like Vietnam or Thailand.
The European Union introduced stricter regulations on tire efficiency and emissions, mandating eco-labeling and performance standards.
January 2023
Manufacturers are compelled to innovate, potentially increasing production costs but benefiting environmentally conscious markets.
Major tire manufacturers Michelin and Bridgestone announced a joint initiative to increase the use of recycled materials in tire production.
June 2022
Sets a precedent for industry-wide sustainability efforts, likely influencing smaller manufacturers and trade policies.