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2 Dec 2022
USTMA revises down overall market projection for 2022 despite OE market pick-up
Washington – The US Tire Manufacturers Association (USTMA) has projected US tire shipments to total 334.8 million units in 2022, compared to 335.2 million units in 2021 and 332.7 million units in 2019.
The figures, issued 1 Dec, represent a significant downgrade to USTMA’s assessment of just a few months ago – reflecting significantly reduced expectations for passenger car and light truck replacement markets.
Compared with 2021, OE shipments for passenger, light truck and truck tires are now expected to increase by +9.9%, +9.7%, and +9.1% respectively in 2022 – a total increase of 4.8 million units.
Replacement passenger, light truck and truck tire shipments, however, are now projected to change by -3.4%, -2.4%, and +15.3% respectively – a total decrease of 5.1 million units, added a USTMA press release release.
Overall, the latest forecasts represent a decline from figures released 29 July, when USTMA projected overall tire shipments to reach 342.1 million units in 2022.
At that stage, replacement passenger, light truck and truck tire shipments were forecast to increase by +0.9%, +2.3%, and +6.5% respectively – a total increase of 4.4 million units.
Meanwhile, OE shipments for passenger, light truck and truck tires were previously forecast to register year-on-year increases of +4.8%, +4.8%, and +7.8% respectively – a total increase of 2.5 million units across the three segments.