US tyre shipments significantly better than feared
The November tyre shipments forecast by the US Tire Manufacturers Association (USTMA) has significantly upgraded its 2020 estimates. It projects a total of 298.3 million units by the end of 2020, nearly 19 million units more than the association predicted in July. The new forecast also takes more than a third off the July forecast’s deficit against the 332.7 million units shipped in 2019. The USTMA said the figures reflect “industry resilience in the face of unprecedented challenges posed by the Covid-19 pandemic.”
According to the November forecast, US original equipment (OE) shipments for passenger, light truck and truck tyres are expected to decrease by 20.4, 18.0, and 29.0 per cent respectively. In total this represents a reduction of 12.4 million units.
In the US replacement market, passenger and light truck tyre shipments are projected to decrease by 9.5 and 1.8 per cent respectively. Truck tyre replacement shipments show a modest decline at 2.1 per cent. The total unit reduction for replacement tyres is projected to be 22.0 million units.