WASHINGTON D.C. — Aftermarket demand for medium truck tires should rebound this year after a double-digit decline in 2023, leading to record overall industry shipments of nearly 336 million units, according to the U.S. Tire Manufacturers Association (USTMA).
In total, the USTMA projects shipment growth in five of the six major categories it tracks, with only truck/bus original equipment shipments coming up shy of the 2023 total.
The trade association — which represents a dozen tire companies with U.S.-based manufacturing capacities — did not provide reasons for its forecast.
After dropping 22.5% last year from 2022, shipment of medium truck/bus tires are expected to rise 5.9% this year to 22 million units.
OE truck/bus tire shipments, on the other hand, are forecast to drop 3.3% this year to 6 million units, after falling 4.6% in 2023.
Shipments of replacement-market passenger tires — the single largest category tracked — are expected to edge up 0.5% this year to 220.2 million units after growing 2.4% last year over 2022. The total, however, is still below the peak of 224.8 million units in 2021.
Aftermarket shipments of light-truck tires are expected to grow, rising 2.8% over 2023 to 35.2 million units, but that total will still fall short of the total in 2022 and 2021.
OE passenger and light truck tire shipments should rise 1.4% and 2.6%, respectively, this year over 2022 to 46.3 million units and 6 million units.
Shipments in these six categories will total 335.7 million units, up 1.1% over 2022 and marginally ahead of the record of 335.2 million units in 2021, the USTMA said.
The Washington-based trade group routinely does not comment in its forecasts on domestic versus import sourcing.
Last year domestic manufacturing fell last year in all three major categories: passenger tire output down 5.1% to 95.6 million units; light truck tire production down 11.3% to 23.4 million units; and truck/bus tire output down 8% to 12.4 million units.
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