Michelin: 'Multitude' of Disruptions Hit the Market This Year
"During the first half of 2022, tire markets were widely impacted by a multitude of disruptions," according to The Michelin Group's recent financial report. Despite this, the global consumer tire segment remained "stable," while the truck tire market "rose year-over-year."
Consumer tire sales were below pre-pandemic levels during the first six months, say Michelin officials. Truck tire sales exceeded 2019 levels.
Michelin cites the following factors as headwinds during the first half of 2022:
- "Difficulties in procuring components," which forced vehicle manufacturers "to scale back their output;"
- "Complications in the global supply chain," which contributed to "the ongoing high degree of complexity in organizing the transportation of materials and finished products;"
- "The resurgence of the health crisis in China," which had a significant impact on local demand;
- "The outbreak of war in Ukraine," which in turn "exacerbated the challenges already being faced in Europe."
Michelin notes that the Americas "enjoyed robust economic growth" during the first half of 2022, "despite rising inflation."
Click here for more information about Michelin's first half financials.