USTMA upgrades forecasts for passenger car tire market in 2023

Washington – The US Tire Manufacturers Association (USTMA) has revised up its forecasts for US passenger car (PCR) tire shipments in 2023, now expecting year-on-year growth both in replacement and OE segments.

The industry association now projects replacement PCR demand to reach 214.2 million units for the year, up 0.2% compared to 2022 and 17% from an estimate of 210.5 million units in August.

With an estimated 45 million units, OE demand for PCR tires is expected to grow by nearly 8% year-on-year, and 2% higher than the mid-year estimate of 43.9 million units.

However, OE demand for light truck and truck tires are expected to decrease by 4.0%, and 1.3% to 6 million and 6.4 million units respectively.

Overall, the OE segment is expected to have a total increase of 3.0 million units compared to last year, according to USTMA's 5 Dec announcement.

In the replacement market, light truck and truck tire shipments are projected to drop 5.6%, and 21.3% year-on-year to 35.2 million and 21.0 million units respectively.

This would represent a total decrease of 7.3 million units in the replacement channel, USTMA pointed out.

In total, US tire shipments are expected to come in at 327.7 million units in 2023, down slightly compared to 332.0 million units in 2022 and 332.7 million units in 2019.

USTMA tire market development forecast for 2023