Recently, Michelin released global tire sales data in April. Affected by the Russian-Ukrainian war and the epidemic, the global tire industry ushered in the darkest moment.
Due to the repeated epidemics in China, the tire sales data in April were appalling.
Passenger tires: China plunges more than 30% in April
Data show that global passenger car tire sales plummeted 16% in April. Affected by the Russian-Ukrainian war, the number of matching tires in Central Europe and Western Europe fell by 16%. Affected by the epidemic isolation policy, the sales of matching tires in China plummeted by 37%. Only kit sales in the Americas increased.
In the replacement market, China tumbled 34%, dragging global markets down 9%.
From January to April, China’s supporting market fell by 5%, and the replacement market fell by 14%. Among the major statistical markets, only the Chinese replacement market saw a decline in sales.
Commercial vehicle tires: growth except for the Chinese market
In April 2022, the first rise in global demand was still adversely affected due to continued weak demand in China (the entry into force of China’s National VI standard in July 2021, which resulted in a slump in heavy-duty truck sales).
According to data from the China Automobile Association, in April 2022, the production and sales of commercial vehicles were 210,000 and 216,000, down 41.8% and 41.6% month-on-month, and down 59.8% and 60.7% year-on-year. Among them, 44,000 heavy-duty trucks were sold, a year-on-year decrease of 77.3%.
April’s sales were the lowest since 2007 and the twelfth consecutive month of decline in the heavy-duty truck market since May last year.
The data shows that in addition to the decline in the European supporting market, the data in Central and Western Europe and the Americas have increased in other aspects.
Unlike China, major markets outside China have remained driven by economic activity over the past few months.
In North America, the primary market returned to 2019 levels on a favorable comparative basis, with manufacturers’ production capacity tighter than now in the second quarter of 2021 and a sharp increase in demand for commercial vehicle tires.
Dragged down by the Chinese market, the global commercial vehicle tire market has experienced a severe decline in the matching field. The matching market fell by 24% in April, and fell by 26% from January to April.
April should be the darkest moment for the Chinese industry, but as the epidemic is brought under control and China’s various favorable policies to stabilize the economy and promote consumption are frequently issued, the Chinese tire market is expected to usher in a recovery.
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