Tire Market 2022 PowerPoint Presentation

Tire Sales Hit the Brakes

• Tire sales are dependent on several factors: the cost to make tires, how much people are driving, the cost of gasoline and the weather. After an 18.5% YOY increase for personal expenditures on tires during 2021 to $39.31 billion, sales have slowed during 2022.
• According to the US Bureau of Economic Analysis, the SAAR (seasonally adjusted annual rate) for personal tire expenditures increased 8.1% YOY during Q1 2022; however, the increase in SAAR declined to 6.2% YOY for Q2 2022.
• Further evidence of slowing tire sales is the Q2 2022 SAAR increased by 3.4% from the Q1 2022 SAAR. Comparing the July 2022 SAAR to the previous three months reveals less than a 1.0% increase from June and May and only a 1.4% increase from April.

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