In the midst of the unprecedented downturn in the car industry, even the Financial Times is reporting the replacement tyres market is showing positive signs of growth.
It reported recently on the hope that downturn in new car sales could increase the need for replacement tyres.
The article reported: ‘Amid the gloom, however, there may be the odd hint of light. Few expect Michelin, the world’s largest tyre maker, to roll up with booming returns, especially after four profit warnings last year.
‘But it might lift spirits by listing the benefits to come from lower raw material prices and from a sharp cut in capital expenditure. There is also the hope that the halt in new car sales may only increase the need for replacement tyres – some 70 per cent of its business.’
Etyres, the UKs leading online mobile tyres fitting company, has seen demand for tyres soar by 30% year on year. Consumers are holding on to their vehicles for longer and paying out for tyres and services to keep them in good shape.
Vehicle owners can save even more money by shopping on line with etyres, which does not have expensive depots and overheads so can pass savings onto consumers in the form of lower prices.