Tire Industry Rolls with the Punches

After taking one on the chin courtesy of the COVID-19 pandemic, the U.S. commercial tire industry is bouncing back in 2021. Because of the pandemic and lockdowns, motor vehicles overall in the U.S. traveled 13.2% fewer miles in 2020 compared to 2019, which equates to less wear and tear on tires and less need for new ones.

Now the economy is ready to grow again, and commercial trucks are in high demand, with June spot rates up 101% year over year, according to DAT Freight & Analytics. And FTR Transportation Intelligence forecasted a 14.5% YOY increase in freight for the second quarter of 2021, with a 7.1% increase expected for Q3 and 5.8% for Q4. The demand for tires seems to back up this growth. …

Source: FleetOwner