Goodyear has announced plans to increase the price of its commercial tyres by up to 5 per cent. The price increase is set to affect Goodyear, Kelly and Dunlop brands of medium truck tyres. Goodyear also plans to hike the price of its OTR tyre tread rubber by up to 5 per cent. The price alterations will take effect on April 2nd 2007.
By announcing price alterations, Goodyear joins a host of top tyre companies increasing costs in the run up to summer. Many of the companies have declared that the price readjustments are a responsive action to an increase in the cost of raw materials.
As tyre rubber becomes more expensive, the effect on the tyre market has been made clear by the recent announcements from premium tyre companies such as Yokohama, Pirelli and Toyo. After a strain of price alteration announcements, the pressure on tyre companies from the shifting cost of materials is apparent.
The affect on Goodyear, which is considered the largest tyre company in the world, indicates that the bulk of the tyre market has felt the pinch from the rising price of raw materials and inflated production costs.