亿博体育

Among the key features of the global tire market in the first half of 2024, was a sharp increase in low-cost imports from Asia reaching international markets, particularly those in Europe and the Americas.

That’s according to Michelin, which reported that both the passenger car & light truck (PC/LT) and truck & bus tire (TBR) markets, excluding China, had trended upwards over the first six months – by 3% and 2% respectively.

According to the world’s largest tire maker, increased demand in the PC/LT segment reflected a 4% increase in replacement tire sales and a 1% decline in OE demand during the first half.

In particular, the French group noted a 9% decline in OE demand in Europe in the second quarter of the year, following a slight 1% decline during the first three months of the year.

New-vehicle sales were impacted by ‘tightening purchasing power, rising interest rates and reduced subsidies for purchase of electric vehicles in certain countries.’

In North America, demand edged up 1%, supported primarily by car makers’ inventory rebuilding, which Michelin said “continued apace over the first half following the strikes in the fall of 2023.”

In the OE segment, PC/LT demand in China rose by 5% versus first-half 2023, led by electric vehicle exports amid “flat domestic demand year-on-year in an uncertain economy.”

Replacement tire demand in the PC/LT segment in Europe rose by 6% over the half-year, with imports from Asia significantly higher than in the first half of 2023.

“Except Asia (excluding China), all regions contributed to this trend, in a context of sharply rising Asian imports,” said Michelin.

In North America, 4% sell-in growth in the PC/LT replacement market was linked partly to “a reduction in customs duties on Thai imports since January 2024.”

TBR markets

In the TBR segment, Michelin noted a 5% overall decline in  OE (excluding China) demand and 4% growth in the replacement market, leading to 3% growth overall.

However, demand dropped sharply year-on-year in both Europe (down 17%) and North and Central America (down 9%) over the first six months of 2024.

The decline in Europe, said the French group, reflected a return to more normal levels of demand after three years of strong post-Covid growth.

Demand was also weighed on by “the still uncertain economy and more difficult access to financing,” said Michelin, noting that these factors impacted new-vehicle output.

In North and Central America, demand slipped following the introduction of new emissions standards this year, which had spurred a wave of early buying throughout 2023.

On the other hand, demand in South America surged 27% year-on-year, lifted by a “highly favourable” comparison base in 2023.

In the TBR replacement market, Michelin reported robust growth in North and South America, while Europe slipped 2% year-on-year.

However, growth was impacted by a sharp increase in low-cost imports from Asia, particularly into Europe and the Americas, Michelin continued in its first half report.

Meanwhile, speciality tire markets including earthmover, aircraft and two-wheeler tires, were down overall, due to ongoing destocking in the mining segment.

The segment was further impacted by a “steep fall-off” in OE demand in the agricultural, material handling and infrastructure tire segments, the group noted.

In the OE speciality segment, Michelin said markets ended the first half significantly lower, particularly in the agricultural and construction sectors.

By contrast, replacement demand in all three speciality tire segments was stable overall compared with first-half 2023.

While inventory drawdowns led to a decline in demand for mining tires, Michelin said the market outlook remained robust over the long-term.

Demand for aircraft tires, which had returned to pre-Covid levels in 2023, continued to expand in first-half 2024, led by growth in international air traffic.