Tire Prices On The Rise: Shortages, Price Hikes Offset Uptick in Demand

As many consumers were encouraged to stay home and work from home last year, vehicle miles driven across the U.S. plummeted. However, those homebound consumers turned to online ordering of products, creating an uptick in truck deliveries, especially in final-mile deliveries.
Many tire dealerships enjoyed a surge in tire and vehicle service business after the state-mandated shutdowns lifted in May—and after citizens received stimulus checks from the government, which some chose to spend on vehicle maintenance.
But tire makers were unable to meet the tire demand. It’s a problem that is expected to carry over into 2021.
Many tire makers had to temporarily close or slow down production at their plants in the spring due to pandemic restrictions, creating back orders downstream.
[…] several U.S. tire makers implemented tire price increases in the fourth quarter. Goodyear and Michelin North America cited the “changing market dynamics” in the industry for the increases.

From Tire Business ↗

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