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Fleet demand softening in Europe, but ‘inflection’ coming

Analysts believe that freight markets will improve over time as capacity reduces and demand increases, but the consensus is that this will largely be felt in 2025 rather than right now. “We are in a drawn-out stage of carrier attrition. We saw some signs of spot market movement but nothing suggesting an immediate shift in the market. We’re encouraged to see positive signs but need more evidence before we call an inflection”, Jefferies analysts wrote in an investor’s note dated 6 August 2024, adding:

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Replacement tyre demand remains strong – ETRMA

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The latest European Tyre and Rubber Manufacturers’ Association (ETRMA) data suggest 2021 was “a positive year of recovery for the industry”, especially in the replacement sector. The biggest drop was in the Original Equipment (OE) consumer tyres segment (down 8 per cent) mainly due to the ongoing new vehicle chip shortage.

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  1. Tyre unit sales stabilised amongst ETRMA members during Q3 2014
  2. Tyre demand declining 15 to 26 per cent in 2020
  3. MOTs worth £177 million a year in UK tyre sales
  4. European OE tyre sales down -18 to -23% in 2020 – ETRMA
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Were communications issues behind premium tyremakers share price drop?

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Michelin’s predictions that market demand has been tough and will continue to be sluggish till at least the end of the year (see “Michelin predicts significant slowdown in car and truck tyre demand“ for further details) sent shockwaves through the financial markets. Shares started off bad, falling 6 per cent in early Paris trading to a seven-year low, but continued downwards and were down more than 9 per cent by mid-afternoon to 89.54 euros. Ultimately, shares in tyre manufacturers dropped by as much as 10 per cent on the day (Friday 19th October 2018).

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Related news:

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US tyre shipments down 0.5%

The latest figures from the US Tire Manufacturers Association (USTMA) show tyre shipments will fall about 0.5 per cent to 316.8 million units. The drop is attributed to an anticipated decline in OE passenger tyre shipments to 3.4 million units. Replacement tyre shipments are expected to increase by 0.8 million units over the 2016 total.

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Demand for fuel rises

March diesel sales were up by 7.9 per cent, petrol sales up by a surprising 5.6 per cent and overall sales including commercial up by 7.0 per cent versus same month last year. “Latest Government data suggests that increased economic activity and cheaper prices had a significant impact on the demand for fuel in the month to 14 March”, said Brian Madderson, chairman of the Petrol Retailers Association.

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