PARIS (Feb. 26, 2009)—Demand for tires collapsed in January in both Europe and North America, according to data released by Michelin.
Replacement demand for passenger and light truck tires fell 16.5 percent in North America and 10.5 percent in Europe during the month, Michelin said. Truck tire demand slumped even further – down 22.6 percent in North America and 32.6 percent in Europe.
OE demand for both consumer and commercial tires imploded. Passenger/light truck tire demand by the vehicle makers plunged 64.4 percent in North America and 46.1 percent in Europe. The drops for commercial tires were 41.9 percent in North America and 58.6 percent in Europe.
The one bright spot was China, where replacement demand for truck tires was up 5.6 percent and for OE 10.3 percent.