Two Michelin high-performance tires officially landed in China. The two high-performance products are the LatitudeSport3 for the high-end SUV series and the PilotSportCup2 for the high-performance sports car series. Michelin predicts that the market demand for 17-inch and above tires will continue to grow rapidly in the next decade.
The tire market for high-end SUVs and high-end sports cars is undoubtedly the two main growth points. The launch of the Michelin LatitudeSport3 is also the third generation of Michelin road-type SUV products. Another new Michelin PilotSportCup2 is also the first Cup series tire that Michelin officially introduced into the Chinese market, which can be applied to both roads and tracks.
At the launch of two Michelin high-performance tires, Ye Fei, vice president of Michelin China's car and light truck tire replacement marketing department, pointed out that in recent years, China has become the world's second-largest luxury car market, at the current development speed, In 2016, China will become the world's largest premium car market. It is estimated that from 2013 to 2023, the annual growth rate of new car sales of China's D-class and above high-end cars will reach 56%. At the same time, the market share of tires with more than 17 inches in the original tire market will increase from 18% to 27%. In the next decade, the market for tires of 17 inches and above will grow by more than five times. The segmented tire market of 18 inches and above will also achieve a growth rate of 29 million in 2023.
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