Michelin Expects Tire Demand to Increase This Year
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.