China replacement tire demand remains strong, reports Michelin Group
The Michelin Group's report on year-to-date passenger car and light truck tire demand (January through October 2008) shows decreases in the replacement market for Europe (down 4.2%) and North America (down 3.9%), while China scored big with a 19.4% increase.
For the original equipment market, Europe had a 2% decrease during this time period, while there was a 13.6% decrease in OE tire demand in North America.
Comparing October 2008 with October 2007, the report showed a decrease of 21.3% in Europe and a 17.6% decrease in North America for OE passenger and light truck tires.
Replacement passenger and light truck tire demand was down 9.9% in October in Europe and down 11.9% in North America, compared with October 2007.