BRUSSELS—Fallout from Russia's war on Ukraine continues to weigh on Europe. But the negative impacts on the tire industry may still be ahead.
The European Tyre and Rubber Manufacturers Association, in releasing its latest replacement tire sales analysis, noted that while sales have continued to gain traction in the post-pandemic economy, that growth is likely to be stymied in the months ahead.
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"We observe signs of declining demand and fear that the challenges linked to the rising cost of gas, the raw materials and the semi-finished products supply will maintain the industry under pressure," Fazilet Cinaralp, secretary general of ETRMA, said in a statement.
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For now, though, sales have been encouraging, ETRMA indicated.
Truck/bus replacement sales had the strongest showing in the second quarter, recording an 11 percent year-on-year increase. On the passenger/light truck side, sales inched up by 6 percent, compared to 2021, recording 56.04 million units.
Both the all-season and winter tire segments saw growth year-over-year, posting increases of 27 percent and 28 percent, respectively. Summer tires, meanwhile, saw a decrease of around 5 percent.
Scooter and motorcycle tire were flat for the three-month period from April-June, adding just about 10,000 more units during the 2022 quarter compared to last year.
The only segment to experience a decline was the agriculture tire segment, which saw sales plummet nearly 21 percent to 256,000 units during the second quarter.
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