Market trends
Discover Michelin data and analysis on the Passenger car, Light truck & Bus tire markets. Find the latest updated figures.
Last update : June 18, 2024
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PASSENGER CAR & LIGHT TRUCK
In Original equipment, the demand fell sharply in Europe and, to a lesser extent, in North America, due to a significant slowdown in OEMs activity and increased competition from vehicles from China, notably in the electric vehicle segment. In China, the market continues to be driven mainly by increased production of vehicles for export. Overall, the global YTD demand is at its 2023 level.
In Replacement, after two months disrupted by variations in the number of working days, particularly in Europe, monthly demand is normalizing with moderate growth compared with May 2023, both in Europe and the United States. In China, demand is slightly down, but on a very unfavorable basis of comparison due to the strong recovery in spring 2023 following the lifting of health restrictions. On a cumulative basis, overall demand is up 4%.
May 2024 / 2023
YTD (May 2024)
TRUCK & BUS
In Original equipment, May was a continuation of the first months of the year in Europe, with a significant decline on unfavorable bases of comparison. In North America, the market was stable overall for the month, and seems to be returning to normal after a sharp fall at the start of the year following the introduction of environmental standards in January 2024. The rebound in South America is continuing, as the year 2023 showed a significant drop in OEMs activity due to the anti-pollution regulations that came into force at the beginning of 2023.
In Replacement, the demand remains buoyant in North America, driven by Asian tire imports in anticipation of a potential increase in customs duties by the summer. In Europe, the market showed a very slight downturn compared with May 2023, with good trends in Southern and Northern Europe, but a sharp fall in Turkey. In South America, demand is punctually down, despite the Brazilian market still being on an upward trend. Overall, the world market (excluding China) grew by 5%, still marked by the very strong impact of Asian tire imports in North America.
May 2024 / 2023
YTD (May 2024)
METHODOLOGICAL NOTE
Tire market estimates reflect sell-in data published by local tiremaker associations, plus Michelin’s own estimates of sales by tire manufacturers that do not belong to any association. These estimates are based primarily on import-export statistics and are expressed in the number of tires sold. They are regularly adjusted and may be updated following their initial publication.
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