Worldwide tire production suffered a significant setback amid the COVID-19 pandemic owing to an acute labor shortage. Also, Russia-Ukraine-war-induced logistic disruptions continue to hinder the tire industry’s productivity. However, as pandemic-related restrictions ease, manufacturing units are ramping up production. So, a rebound appears to be in the cards. According to the U.S. Tire Manufacturers Association (USTMA), U.S. tire shipments are predicted to reach 340.20 million units in 2022.
In addition, tire prices are slated to rise by 30% in 2022, which bodes well for tire makers. Furthermore, with stable demand for tires in commercial and consumer markets, popular frontline tire-making companies are set to generate solid sales. According to MarkNtel Advisors, the global tire market is estimated to rise at a CAGR of around 3.9% from 2021 - 2026.
