AKRON (Oct. 12, 2009) — It might seem like this recession is never going to end and that sales in the tire and automotive business will never pick up. But take heart.
U.S. passenger and light truck vehicle sales are expected to hit bottom this year at between 10 million and 11 million units and then climb steadily over the next five years. By 2014, light vehicle sales are expected to peak at 16.8 million units. That's an increase of more than 50 percent.
This is the finding of a report commissioned by the Specialty Equipment Market Association to provide an in-depth analysis of the economic drivers of the U.S. automotive market and their impact on the trade group's members.
So hang in there, tire dealers, good times are coming. Vehicle sales eventually will rise, miles driven will increase and replacement tire sales will grow again—though that may be a few years down the road.