European Replacement Tyre Sales Faced Headwinds in Q3 2023 Amidst Challenging Market Conditions
The European Tyre and Rubber Manufacturers’ Association (ETRMA) published its members’ replacement tyres sales data for Europe for the third quarter of 2023. Figures reported a significant decline across all segments, confirming the negative market trend.
Q3 2023 shows a 6% decline in the sale of Consumer replacement tyres compared to Q3 2022. Similarly, the Truck and Bus Tyre segment recorded a -7 % variation. However, the most impacted markets were the Agricultural (-21%) and Moto & Scooter (-20%) tyres.
Besides the challenges brought by global economic insecurity, the ETRMA Replacement Pool Market is likely losing market share to non-Pool tyre manufacturers.
Adam McCarthy, ETRMA’s Secretary General, commented: “The downturn in the market reflects a complex interplay of factors, such as the continued increases in the cost of raw materials, energy, logistics, and labour”. This inflationary landscape has led to “a significant drop in demand”, continues McCarthy, “which is likely causing a corresponding reduction in inventory”.
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