Michelin Expects Tire Demand to Increase This Year

Feb. 15, 2021

The Michelin Group expects to see growth in both the consumer and medium truck tire segments during 2021.

"In 2021, in a still highly uncertain environment as the health crisis unfolds, passenger car and light truck tire markets are expected to expand by 6% to 10% over the year," according to Michelin officials, who add that truck tire markets are expected to grow 4% to 8% and specialty tire markets are expected to expand 8% to 12%.

"In this market scenario - and barring any new, systemic impact from COVID-19 - Michelin's objectives are to deliver full-year segment operating income in excess of 2.5 billion euros at constant exchange rates."

Michelin's total segment operating income for full-year 2020 totaled slightly more than 1.8 billion euros, a 37% drop from 2019 results. The company's sales for 2020 totaled 20 billion euros, a 15% decline from full-year 2019 levels. 

The company also recently provided an assessment of demand in various segments at the end of 2020.