The U.S. Tire Manufacturers Association (USTMA) projects U.S. tire shipments will total 298.3 million units by the end of 2020, compared to 332.7 million units in 2019. This forecast represents a significant improvement of nearly 19 million units from the 2020 volume that the USTMA forecasted in July.
The increase reflects "industry resilience in the face of unprecedented challenges posed by the COVID-19 pandemic," according to USTMA officials.
Compared to 2019, original equipment passenger, light truck and truck tire shipments are expected to fall by 20.4%, 18% and 29%, respectively - generating a total reduction of 12.4 million units. Specifically, the USTMA believes that 36.8 million OE passenger tires, 4.8 million OE light truck tires and 4.6 million truck tires will ship in 2020.
Replacement passenger and light truck tire shipments are projected to decrease by 9.5% and 1.8% respectively, with truck tire replacement shipments showing a more modest decline at 2.1%. (Approximately 201.5 million passenger tires, 32 million light truck tires and 18.5 million truck tires - all in the replacement channel - are expected to ship by the end of the year.)
The total unit reduction for replacement tires is projected to be 22 million units.
