Two Giants In The Tire Industry, Completing Overseas Factory Site Selection!
Recently, two major giants in the tire industry have completed the selection of overseas factories. The factory construction sites are Hungary and Thailand, respectively.
Jinhu Tire
According to recent reports from foreign media, South Korea's Jinhu Tire has finalized a plan to establish an overseas factory. The new factory will be located in the central European country of Hungary.
At present, four tire manufacturers have chosen to establish tire production bases in the country. They are Michelin, Hantai Tire, Bridgestone, and Indian Apollo Tire.
According to statistics, in 2022, the output value of the tire manufacturing industry accounted for approximately 2% of Hungary's GDP. Directly employing nearly 7000 local people and indirectly employing over 15000 local people.
According to the report, the low logistics and labor costs are the reasons why Korean tire companies are fond of setting up factories in Hungary.
Taiwan Junfan
Recently, Jun Fan, a major hydraulic component manufacturer in Taiwan, disclosed an investment plan. The enterprise will set up a repair shop in Thailand in response to the needs of tire industry customers.
At present, they are selecting sites around tire industry clusters while drawing design drawings. It is expected to acquire land this year, start construction next year, and complete the project by the end of next year at the earliest.
According to the data, Junfan has factories on both sides of the strait, and Chinese Mainland is its largest market. The tire vulcanization press cylinder produced by the company has a market share of 55%.
