Michelin: North American Replacement Market Up 32%
Michelin Group sees continued growth in the North American replacement tire market, while the original equipment world continues to be held back by the shortage of semiconductors.
According to Michelin’s latest picture of the global passenger and light truck tire market, in July the replacement market in North and Central America was up 7% compared to the previous year. The region posted the best success of any of the four regions the tiremaker tracks.
On the flip side, the OE tire market in North and Central America is struggling the most, down 22% in July compared to a year ago, though Western and Central Europe wasn’t far behind, down 21%. China’s OE tire market is down 15%, and the global average is down 12%.
Despite the supply shortages for automakers, year-to-date the OE tire market is up in every region — with North and Central America posting the best numbers at 21%, matching the global figure.
Year to date the replacement tire market for passenger and light truck tires is up 32% in North and Central America — outpacing the OE growth by 11 points, and ahead of every other region in the world.