USTMA anticipates record volumes in US tire market this year

Washington – The US Tire Manufacturers Association (USTMA) projects a record year for the US tire industry with shipments set to grow 1.6% year-on-year to 337.4 million units in 2024.

The figure represents a 1.4% growth compared to pre-pandemic 2019 levels and surpasses the previous record of 335.2 million units set in 2021, USTMA reported 8 Aug.

Compared to 2023, OE shipments for passenger car tires are set to remain flat at 45.7 million units, while OE light truck tires are expected to grow 5.5% to 6.2 million units.

Meanwhile OE volumes for truck & bus tires are anticipated to fall 5.0% to 5.9 million units, with the overall total units remaining roughly the same as last year.

In the replacement segment, USTAM predicts growth in all types of tires, with volumes for passenger car tire demand set to increase by just under 1% year-on-year to 221.2 million units.

Light truck and truck & bus volumes are projected to increase 4.7% and 8.9% respectively to 35.9 million units and 22.6 million units.