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Analysts: Increased Volume and Raw Material Costs, But ‘Robust’ 2Q for Tyre Majors

Market analysts at Morgan Stanley have predicted a “robust second quarter results season characterised by rebounding volumes and cost savings.” The volume of sales, which are reported to have improved from the low base of 2009, is said to be tyremakers’ biggest tailwind, but the increased cost of raw materials are also expected to kick-in in the manufacturers’ second quarter reports.

Raw materials are estimated to add a headwind of 300 – 440 basis points to the tyremakers’ margins, a trend that Morgan Stanley expects to accelerate through the rest of the year. Crucially, Morgan Stanley’s view is that while some of the numerous prices increases implemented up till now “are likely to feed through to the bottom line already,” they are note expected to cover more than a third of the input cost burden this quarter.

15th July 2010/by Tyrepress Editors

Michelin Data Confirms Market Uptick

Information released by Michelin on July 19 paints a very similar picture of the current global tyre market as the Pirelli information published two days earlier. The French manufacturer reports a 13.4 per cent year-on-year growth in the European (including Turkey, excluding Russia) passenger car and light commercial vehicle tyre replacement market during April 2010, and a 21.2 per cent growth in the original equipment sector. This represents a year-to-date growth of 10.4 per cent for the replacement market and 33.6 per cent for original equipment. The replacement truck tyre market is reported to have grown 22.7 per cent, while the original equipment sector showed a year-on-year growth of 58.8 per cent during the month. Year-to-date, Michelin’s figures show the replacement truck tyre market to have grown 34.7 per cent, while growth in the original equipment sector is reported to be 10.7 per cent.

21st May 2010/by Tyrepress Editors

Tyre Market Data Shows Growth in All Regions

According to data released by Pirelli & C. SpA, Europe’s passenger car and light commercial vehicle replacement tyre market grew 14 per cent year-on-year during April 2010, below the 20 per cent improvement observed in March yet a three point improvement on the market’s 10.5 per cent year-to-date improvement. Original equipment sales of all tyre brands in Europe improved one per cent year-on-year during April, considerably lower than the 19.25 per cent improvement seen in the year-to-date. Replacement market truck tyre sales showed a 20 per cent year-on-year improvement during the month, down on the year-to-date increase of 32.75 per cent. The original equipment truck tyre market in Europe shot up 60 per cent in April, by far the largest monthly year-to-date growth so far this year. Year-to-date, growth in this sector have improved by 16 per cent over last year.

19th May 2010/by Tyrepress Editors

SMMT: UK Van and Truck Registrations Showing Mixed Fortunes

Society of Motor Manufacturers and Traders registration figures suggest the UK’s slow upturn in light commercial vehicles up to 3.5 tonnes continued in April 2010, but trucks remained in the downward trend experienced since the last quarter of 2008. “UK van registrations rose in April, continuing the welcome growth over the first quarter of 2010,” said Paul Everitt, chief executive at the SMMT. “Demand for trucks is still running well below pre-recession levels and continues to reflect weak demand and a lack of business confidence. As our new government establishes itself, the priority must be sustaining and strengthening the economic recovery with particular focus on encouraging the availability of more and better priced finance.” Of course, the supposition that there will be a government able to establish itself may come under threat after the indeterminate result of the UK election.

7th May 2010/by Tyrepress Editors

New Vehicle Registrations Show Continued Growth

Department for Transport figures published on 6 May suggest that the growth in first-time UK vehicle registrations continued to grow in March 2010, with a 23.1 per cent year-on-year rise in vehicles registered in the month. 455.5 thousand vehicles of all types were registered in March 2010, compared with 370.1 thousand in March 2009. While this represents a palpable rise in line with year-on-year figures over the last six months, sales are still down on pre-recession figures; 535.6 thousand vehicles were registered in March 2008.

6th May 2010/by Tyrepress Editors

UK is Fourth Largest Vehicle Making Nation in Europe

The UK is the fourth largest automotive producer in Europe, building two million engines and one million vehicles in 2009, according to latest Motor Industry Facts book published today (20 April 2010) by SMMT. Full year 2009 used car sales volumes were down only marginally on 2008 to 6,798,864 or 5.4 per cent. Automotive manufacturing is said to account for 10.6 per cent of total UK exports, valued at £26.6 billion.

20th April 2010/by Tyrepress Editors

Passenger Car Tyre Markets Show Strong Growth in Feb – Michelin

Michelin’s market data for February 2010 shows a marked strengthening of passenger car and light commercial vehicle sales to OEM customers in a number of key regions. The OE passenger car and light commercial vehicle tyre market grew 47.0 per cent year-on-year in Europe (including Turkey but excluding Russia), 54.4 per cent in North America and 49.9 per cent in China. This gives a year-to-date growth of 42.9 per cent, 77.6 per cent and 91.3 per cent for the three respective regions.

22nd March 2010/by Tyrepress Editors

February EU New Car Registrations Up 3%

European Automobile Manufacturers’ Association figures show that new car registrations over all European Union countries (excluding Cyprus and Malta, whose data was “unavailable”) rose 3 per cent in February 2010, compared with February 2009. A total of 974,346 new cars were registered in the covered territories. Compared to figures at the same stage of 2009 the small rise in February registrations means that there are 7.9 per cent more new cars on the EU’s roads in 2010. However, given that 2009 was a year in which financial turmoil prevailed, the evidence suggests that this rise has only partially eaten into the drop experienced from 2008; compared to figures recorded in that year, February 2010 has seen 15 per cent fewer registrations and 16 per cent fewer in cumulative year-to-date numbers. Spain, the UK, Italy and France all registered significant increases, while Germany, Romania, Hungary and Poland saw dramatic drops. In the same region, Renault Group, PSA Group (Peugeot and Citroen), Nissan and Kia were the manufacturers with notable increases, while Toyota Group saw a significant drop.

17th March 2010/by Tyrepress Editors

SMMT: February Van Registrations Climb, Trucks Stay Low

The Society of Motor Manufacturers and Traders says February saw an increase in the number of new van registrations in the UK; up 26.1 per cent on the same month in 2009 to 8,978, raising the 2010 year-to-date total to 20,524 – 8.8 per cent up on January-February last year. However, truck sales continued their downward trajectory, totalling 1,370 in February, over a third down on the same month in 2009 (-36.6 per cent). Sales were also sluggish in January, leaving new truck registrations in 2010 43.7 per cent down from the same stage in 2009. In total, truck and van sales combined were 11.5 per cent up for February year-on-year, but 2.5 per cent down in year to date figures.

4th March 2010/by Tyrepress Editors

Western Europe Small Passenger Car Registration Share Rises in 2009

One of the more widely anticipated effects of the car scrappage schemes popular in Europe as stimuli for the industry in 2009 was the increase in market share of A and B-segment small cars (exemplified by Ford’s Fiesta and Ka, Fiat’s 500 and Panda and Volkswagen’s Polo and Fabia). Data released by Deutsche Bank analysts shows that the predicted swing transpired to a significant degree – these small cars comprised 45 per cent of 2009’s registrations in the zone, compared with 39 per cent in 2008. In terms of passenger car tyres, it seems the trend must follow in Western Europe, though we predict the general growth in small car rim-sizes will mitigate this factor somewhat.

11th February 2010/by Tyrepress Editors

Signs of Timid Recovery in European Car Tyre Market, Truck Market Depressed

ETRMA, the European tyre manufacturers association, has released market data detailing the stop-start nature of most European tyre markets in 2009. According to ETRMA, “the tyre industry has mixed feelings for the year 2009,” diplomatically summing up what was an atrocious year for some and a tough but stable slog for others.

The data shows that the contraction of passenger car tyre sales was smaller in 2009 than in 2008, however OE tyre sales recorded a -18 per cent decrease. The good news is that during the last quarter of 2009 a small but constant increase was reported for both markets.

1st February 2010/by Tyrepress Editors

Obama Publishes Tyre Wear Data

A year after the Obama administration issued a Memorandum on Transparency and Open Government (21 January 2009), the White House has begun publishing complete datasets from a range of government departments including its Uniform Tire Quality Grading System (UTQGS) database.

According to the data.gov website, “NHTSA has rated more than 4,200 lines of tyres, including most used on passenger cars, minivans, SUVs and light pickup trucks…UTQGS allows consumers to compare tyre tread wear, traction performance and temperature resistance.”

25th January 2010/by Tyrepress Editors

UK Car Registrations Total Less than 2 million in 2009

Despite the positive impact of the scrappage scheme the recession led to the lowest annual sales in the new car industry for almost fifteen years. According to data released by the SMMT, full year registrations were down 6.4 per cent to 1,994,999 units in 2009, the lowest level since 1995. New car registrations rose in December by 38.9 per cent to 150,936 units.

What’s worse is that the situation would have ben dire had it not have been for the scrappage scheme backed by both manufacturers and the government. Since its introduction, the scrappage scheme has accounted for over a fifth of all new car registrations and is estimated to represent 20.8 per cent of the December market.

7th January 2010/by Tyrepress Editors

All Change in UK Commercial Vehicle Tyre Market 2009

In 2009 Bridgestone and Michelin remained relatively stable market leaders in the UK commercial vehicle tyre market. However a real turnaround has taken place in the rest of the top five. According to Tyres & Accessories’ research, the recession has resulted in traditional truck and bus tyre market stalwarts Goodyear Dunlop and Continental being leapfrogged by relative newcomers Hankook, which now resides in third place with a 20 per cent market share.

While Continental didn’t explicitly confirm all the details of T&A/tyrepress.com’s research at its annual market trends briefing in London on 11 December, a spokesperson did concede that the company had slipped to fourth place in 2009 (holding 15 per cent of the market), after its group brands occupied third position in 2008: “We reached third position in 2008, but the challenging economic conditions mean that we are currently fourth in the market with an aim to regain ground in the next three years.”

15th December 2009/by Tyrepress Editors

Conti: 2009 Market Volume Constant, Segmentation and Value Down

2009 may have been a “turbulent time” in the UK passenger car and van tyre markets, but some premium tyre manufacturers finished the year better than it started; and there are signs pointing to the recovery of premium manufacturer’s sell-in sales. That’s the view of Continental Tyre Group executives, who spoke to Tyres & Accessories at the company’s annual market trends briefing in London in December. As well as presenting the company’s influential overview of market sales and general trends, Conti representatives also gave a fascinating insight into how the government’s highly successful scrappage incentive scheme may affect future car sales.

Continental estimates the UK car, 4×4 and van tyre market totalled 33 million tyres in 2009, a slight drop over the final figure from 2008. However, while 2009 is said to have seen motorists hold off getting new tyre purchases, the overall numerical impact on the market is said to have been limited. Instead Continental re-affirmed that the UK tyre market has been experiencing a so-called “de-segmentisation” effect with consumers buying tyres of lower unit value and brand equity than they purchased pre-recession (something Tyres & Accessories first observed in May 2009 following strong Korean-brand tyre sales the preceding March). What is interesting about Continental’s analysis of this effect is that they are the only company so far to suggest that there is a significant group of consumers that are dropping two segments (premium to budget, for example), double de-segmenting if you will.

14th December 2009/by Tyrepress Editors