By Alex Kapadia
The global tyres market is finally stabilising, according to research carried out by analysts at a leading bank.
The report is published by Morgan Stanley in the wake of the latest round of market figures issued by French tyres manufacturers, Michelin.
Market analysts at the New York bank described their view of the current European and worldwide market conditions as “slightly better than our expectations.”
Despite highlighting the fact that the data continues to show negative year-to-date growth rates in almost every market, the analysts focused on the fact that the pace of the decline “showed material improvements compared to year-to-date trends and it looks on track to exceed our volume forecast for the quarter”.
The usually cautious analysts at Morgan Stanley optimistically reported that while European truck tyre OE sales fell 69 per cent in July, replacement sales were just a comparatively low 17 per cent – “the most mild year-on-year decline since October 2008.”
However, this assertion contradicts an earlier report from Deutsche Bank which suggested the same figures represented that some of the least improved figures are in the European truck replacement market figures, which the bank described as, “very poor.”