The European Tyre and Rubber Manufacturers’ Association (ETRMA) has published its members’ Q1 2023 replacement tyres sales figures, indicating a significant drop in demand compared to the same period last year.
ETRMA Reports Tyre Sales Down in Q1 2023
Adam McCarthy, ETRMA’s Secretary General, said; “After negative trends in the second half of 2022, the sales volumes of ETRMA member companies in the first quarter of 2023 are down for all product categories compared to the first quarter of 2022.”
The replacement consumer tyres segment saw a decline of 12 per cent in Q1 2023 compared to Q1 2022. The replacement truck and bus tyre market also declined, by 18 per cent. There was a similar pattern for agricultural tyres, where sales dropped by 39 per cent compared to Q1 2022. Similarly, there was a drop in the sales of moto tyres, though by only three per cent.
McCarthy continued; “The drop has to be seen in the context of the ongoing high inflation in all European markets and the continued negative impact of the war in Ukraine, particularly on energy prices.”
With tyres as a barometer of the state of the economy, the drop in sales, across the board suggests a sluggish economy, at best.