Market trends
Discover Michelin data and analysis on the Passenger car, Light truck & Bus tire markets. Find the latest updated figures.
Last update : April 18, 2024
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PASSENGER CAR & LIGHT TRUCK
In Original Equipment, after a positive start to the year, the market experienced a downward adjustment in March, particularly in Europe, due to persistently fragile structural demand and accentuated by an unfavorable working-day effect compared with March 2023. In North America, demand remains resilient in a context of sustained consumer purchasing power. In China, the market is normalizing after the calendar effect of the Chinese New Year and an adjustment of the previous month's data; production of vehicles for export is offsetting particularly sluggish local demand. Overall, global demand is at its 2023 level.
In Replacement, demand was stable overall for the month in Europe and North America, although penalized by the calendar effect of working days. Activity in China was well oriented, but on a favorable comparative basis due to a March 2023 still penalized by health restrictions. On a cumulative basis, global demand was up 3%, including +8% in North America, which confirmed the positive trend in its business.
March 2024 / 2023
YTD (March 2024)
TRUCK & BUS
In Original Equipment, March was a continuation of the first two months of the year: a significant drop in Europe and North America on particularly unfavorable bases of comparison (high truckmakers activity in 2023 and North American demand driven by new environmental standards coming into force in January 2024), and a rebound in South America on very favorable bases of comparison (significant drop in 2023 following anti-pollution regulations coming into force at the beginning of 2023).
In Replacement, demand remained buoyant in North America, driven by imports of Asian tires, notably in anticipation of a change in anti-dumping duties which could take effect by the summer; in Europe, business continued to decline, reflecting the weakness of industrial activity, although slight growth in Southern Europe did not offset the marked downturn in Northern Europe. In South America, the slight decline over the month was due to a drop in Asian imports. Overall, the world market (excluding China) grew by 4%, with the impact of massive Asian tire imports into North America.
March 2023 / 2024
YTD (March 2024)
METHODOLOGICAL NOTE
Tire market estimates reflect sell-in data published by local tiremaker associations, plus Michelin’s own estimates of sales by tire manufacturers that do not belong to any association. These estimates are based primarily on import-export statistics and are expressed in the number of tires sold. They are regularly adjusted and may be updated following their initial publication.
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