USTMA predicts a decrease in U.S. tire shipments in 2023 and a significant decline in the replacement market

The American Tire Manufacturers Association (USTMA) released its forecast for U.S. tire shipments that year in July 2023, predicting total shipments in 2023 to be 325.4 million units. Compared with 332.0 million items in 2022 and 332.7 million items in 2019, it is expected to decrease by 6.6% and 7.3% respectively.

Based on the forecast results, original equipment (OE) shipments of passenger cars, light trucks and truck tires are expected to increase by 5.6%, decrease by 0.5% and remain flat, respectively, compared to 2022, with a total increase of 2.3 million units.

However, the situation in alternative markets will be more severe. Passenger car tires in the replacement market are expected to grow by 1.5%, but light truck tires and truck tires will decline by 3.6% and 16%, respectively. This will result in an overall reduction of 8.8 million in the replacement market.

It is understood that these forecast data may be affected by a variety of factors, including fluctuations in economic conditions, changes in consumer demand and supply chain issues.