In the replacement channel, “at the end of March, the North American (tire) market was stable, with imports accelerating slightly,” according to Michelin Group.
Michelin recently published information about March tire sell-in rates.
“In Europe, growth in the sell-in market was driven by the dynamic winter and all-weather segments and rising imports,” Michelin officials reported. “Demand in China is down slightly against a gloomy economic backdrop.”
In the original equipment channel, at the end March, “demand remained down sharply in Europe and North America, penalized by uncertainties linked to the economic and geopolitical context.
“In China, the market is growing, supported in particular by the continuation of the economic subsidy program launched by the government in 2024, which has led to a slight upturn in domestic demand, while the level of exported vehicles remains high.”
In North America, the replacement TBR tire channel “is completing its correction process following massive imports from Asia until mid-2024," said Michelin officials. "In Europe, demand is stable, combining a shrinking eastern market (notably Turkey) and a more resilient western market.
“In original equipment, the European and North American market followed on from the end of 2024 with a significant downturn hampered by macroeconomic and regulatory uncertainties. In South America, the market is in line with the first quarter of 2024.”
Michelin will publish its first quarter financials on April 24.
