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ETRMA: COVID-19 pummels European tire markets in 2020
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BRUSSELS The COVID-19 pandemic and the economic turmoil it caused took a huge bite out of the European tire market last year, according to figures released this week by the European Tyre & Rubber Manufacturers Association.
With the exception of the replacement truck tire segment, the major market sectors tracked by the ETRMA suffered double-digit drops in shipments:
OE car tires down 23.1 percent to just shy of 67 million units;
OE truck tires down 18.3 percent to 4.66 million units;
Replacement car tires down 12.1 percent to 192.3 million units; and
Replacement truck tires down 3.9 percent 12.1 million units.
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BRUSSELS The COVID-19 pandemic and the economic turmoil it caused took a huge bite out of the European tire market last year, according to figures released this week by the European Tyre & Rubber Manufacturers Association.
With the exception of the replacement truck tire segment, the major market sectors tracked by the ETRMA suffered double-digit drops in shipments:
OE truck tires down 18.3% to 4.66 million units;
Replacement car tires down 12.1% to 192.3 million units; and
Replacement truck tires down 3.9% 12.1 million units.
The COVID-19 pandemic, the repeated lockdowns and mobility restrictions consequently imposed, together with the economic crisis that followed, with the closure of some plants, have strongly impacted the tire sector, not only in terms of sales but also in terms of jobs lost, Fazilet Cinaralp, secretary general of the ETRMA said.