Strong Indicators Continue for Truck Tire Market
The latest market data compiled by Michelin Group shows that the truck tire segment is as strong as ever and so far the replacement market is keeping pace with the significant growth recorded a year ago.
Through the end of July, Michelin’s market estimates show the replacement market in North and Central America is flat compared to the same time a year ago. But that’s also as demand for OE truck tires has been rebounding steadily. In July 2022, OE demand was up 7%, Michelin says.
For the three prior months, Michelin says OE demand was up double digits: up 21% in April; up 16% in May, and up 11% in June.
According to MTD’s January Facts Issue, 2021 replacement medium truck tire shipments totaled 22.7 million units. In August, the U.S. Tire Manufacturers Association predicted that number will grow to 24.3 million replacement units in 2022.