Statistics show that the figures for travelled vehicle miles have reached a steady level, because consumer behavior has changed. Adapting to the global economic contraction, consumers have began rethinking their vehicle usage.
This situation is created by the recent difficulties of the automotive industry, low consumer confidence, rising levels of unemployment and declined home values. The decline reflected in figures of almost 45 million tires less than in 2008, lowering to a total sum of 237 million units shipped.
The study, however, showed an growing tendency expected in 2010, when the tire industry projected an 8 percent growth to a level of 260 million units. RMA's Tire Market Analysis Committee has made a study based on representative market segments that shows the following:
OEM Passenger Tires have faced the roughest decline due to automakers shutdowns and bankruptcy threats. This sector is expected to record a 46 percent decline in 2009, settling down to a figure somewhere around 21 million units.
OEM Light Trucks (LT) sector is expected to drop 12 percent, or 400,000 units, to a figure of 2.6 million units.
OEM Medium/Wide-Base/Heavy Commercial Truck tires are estimated to drop 44 percent in 2009 to approximately 2.2 million units.
Replacement Passenger tires has a projected figure of 176 million units, which is 9 percent lower than in 2008.
Replacement Light Truck segment will see an 18 percent decline to the level of 24 million units. Replacement Medium/Wide-Based/Heavy Commercial Truck sector will decline by over 3 million units to approximately 12 million units.
The positive side o the study is that all of these sectors are expected to se a rebound in sales starting sometime in 2010.
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