OE, Replacement Tyre Markets Shrank in October, says Michelin
According to data released by Michelin, the European market (including the CIS) for OE passenger car and light truck tyres shrank by 21.3 per cent in October compared to the same month in 2007. Year to date, the original equipment market has shrunk 2.0 per cent in Europe compared with last year, and the replacement tyre market 4.2 per cent.
The European market for replacement tyres in this sector also reduced from a year earlier, by 9.9 per cent. In the truck tyre segment, the combined European and CIS region experienced 11.4 per cent decline in the OE market during October, and an 11.8 per cent shrinkage in the replacement tyre market. Year to date, the OE truck tyre market has grown 7.3 per cent in Europe compared with 2007, and the replacement tyre market reduced by 4.5 per cent.
North American market figures also paint a picture of harder times. During October, the OE market for passenger car and light truck tyres shrank 17.6 per cent compared with 2007, while for replacement market tyres it decreased 11.9 per cent. The North American OE and replacement truck tyre markets also were down compared with the 2007 October results, by 15.6 and 12.4 per cent respectively. Year to date, North American OE and replacement passenger car and light truck tyre markets are down 13.6 and 3.9 per cent on 2007 respectively, and for truck tyres down 15.8 and 5.7 per cent.
Dismal market such as these were not experienced the world over, and this was reflected in Michelin’s figures. In China, the passenger car and light truck tyre replacement market has grown 19.8 per cent so far this year, compared with a year earlier. The country’s truck tyre markets have grown 8.8 per cent in the OE sector and 11.8 per cent for replacement market tyres.