Pirelli & Cie SpA expects that overall global sales of 18-inch and higher replacement tires will grow by around 5% this year, while sales of 18-inch and higher tires in the original equipment channel will increase by around 10%.
The 5% projection is smaller than the 7% that Pirelli previously anticipated "because of the slowdown in China," which will be partially off-set by performance in other regions, particularly Europe.
The 10% OE projection is larger than previously expected.
Overall, the global passenger tire market will see "unchanged demand," according to Pirelli officials.
"Geopolitical tensions, the persistence of COVID outbreaks, discontinuities in the supply chain and money tightening at the global level are further slowing the prospects for world economic growth in a scenario of persistent volatility.
"In 2022, growth of global GDP is forecast at 2.7%, with inflation foreseen at 7.3%, a record level because of the cost of raw materials, energy, transport and labor."
