European replacement tire markets mixed in first half

Brussels – European replacement tire markets saw a mixed development in the first half of 2024, with consumer and farm tires reporting growth while truck & bus tires continued to decline.

For the first six months of the year, consumer tire volumes grew 2% overall to 108.8 million units, driven largely by a 17% year-on-year growth in all-season tires.

Winter tires also witnessed an 8% year-on-year increase in volumes while summer tires posted a 4% decline for the period, data published by European Tyre & Rubber Manufacturers’ Association (ETRMA) shows.

Agricultural tires also posted a 3% growth compared to the first half of 2023 with 402,000 units sold, lifted mainly by a 6% increase in volumes to 190,000 units in the second quarter.

Two-wheeler tires remained flat at the half-year mark, as a 7% year-on-year growth in second quarter volumes offset a 6% decline registered the previous quarter.

The truck and bus replacement segment continued to decline, albeit at a slower pace in the second quarter of the year, according to ETRMA figures released on 26 August.

Overall, the segment posted a 5% year-on-year decline in volumes to 5.3 million units, reflecting an 8% drop in the first quarter and a 1% decrease in the second quarter.

The growth in volumes in the first half of 2024 was mainly driven by the all-season segment in consumer tires, but remained negative in the truck segment, said Adam McCarthy, secretary general of ETRMA.

The second quarter, according to McCarthy, was better than the first quarter, although the “inflationary and geopolitical context led to a drop in demand and a reduction of inventory levels.”

Agricultural tire sales, meanwhile, were supported by rainy weather conditions, McCarthy added.

The figures represent an improvement overall compared to 2023, which saw an 8% decline in replacement consumer tire demand and a 17% drop in replacement truck tire volumes compared to 2022.