5 Dec 2024
US tire industry association expects record volumes with 2.1% year-on-year increase to almost 340m units
Washington - The US Tire Manufacturers Association (USTMA) has raised its previous forecast for total US tire shipments in 2024, driven primarily by demand in the replacement market.
Overall, the association expects total tire shipments to reach 338.9 million units in 2024, up 2.1% compared to 2023: surpassing the previous record of 335.2 million units set in 2021.
The projection is also markedly higher than the association’s earlier forecast in August for units to total 337.4 million this year.
Compared to 2023, OE shipments for passenger car and truck tires are expected to drop by 2.6%, and 7.0% respectively, while light truck tire OE volumes are set to increase 14.6% year-on-year.
Overall, OE shipments are expected to register a total year-on-year decrease of 800,000 units, USTMA reported 4 Dec.
In the replacement market, however, all segments are expected to see year-on-year improvements, with truck tire volumes set for a 12.5% growth compared to 2023.
Replacement passenger car and light truck tire shipments are also projected to rise by 1.4% and 5.8% respectively, bringing the total increase to 7.8 million units compared to the year before.
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