By Alex Kapadia
The global tyres market is continuing its steady climb out of the recession, according to Pirelli.
Research carried out for the Italian tyres manufacturer indicates continued year-on-year growth in European original equipment (OE) and replacement sectors for both passenger car and commercial vehicle tyres.
Pirelli estimates that during May 2010 the OE and replacement passenger markets in Europe grew nine and 14 per cent respectively, bringing year-to-date growth to 28 and 11 per cent.
For the commercial vehicle market, Pirelli estimates a respective year-on-year growth for the OE and replacement segments of 72 per cent and 16 per cent. Year-to-date, the European OE truck tyre market has grown 13 per cent and the replacement market 33 per cent.
Across the Atlantic, the NAFTA region has also experienced growth, according to a report in Tyres and Accessories.
It states that Pirelli estimates that the passenger car and light truck tyre market grew 48 per cent year-on-year in the OE segment during May, and 13 per cent in replacement.
For the year-to-date, OE and replacement grew 64 per cent and nine per cent respectively. The original equipment truck tyre market grew 40 per cent year-on-year during the month, while the replacement segment was estimated to have grown 33 per cent.
These May figures go towards a year-to-date growth of 20 per cent in the OE segment and 22 per cent for replacement.
Moving south of the border to the Mercosur region, Pirelli estimates a 15 per cent growth for the OE passenger car and light truck tyre market in May, and 23 per cent for replacement.
Year-to-date, these two sectors are estimated to have grown 22 per cent and 25 per cent respectively. In the truck tyre market, a 62 per cent year-on-year growth in the original equipment segment is estimated to have occurred in May, while growth in the replacement side of the business was tipped to have grown 24 per cent.
Year-on-year growth for OE and replacement are estimated as 64 per cent and 26 per cent.