AKRON—Following a relatively upbeat year in 2022, when most of the world's larger tire companies registered double-digit growth, the tire industry is bracing itself for a tough year in 2023, according to market forecasts culled from the leading tire makers' fiscal 2022 reports and trade association reports.
Among the larger tire makers globally, Bridgestone Corp., Continental A.G. and Michelin Group have issued cautious no- to low-growth outlooks for 2023.
Michelin said "in a context of strong economic uncertainties," tire markets should remain globally stable compared with 2022, with what amounts to a no-growth scenario in both the consumer (passenger/light truck) and commercial (medium/heavy truck) tire sectors, but with the caveat that volume sales could either fall or grow by as much as 2 percent versus 2022.
In the specialty markets (OTR, 2-wheeler, industrial, etc.), the projection covers a range of a 1-percent decline to 4-percent growth, based on continued growth in mining and agricultural tires, offset by slower demand in construction and materials-handling tires.