Pirelli targets ‘high-single-digit’ growth in global tire market

Milan, Italy – Italian tire maker Pirelli & C. SpA anticipates global tire market to register “high-single-digit” growth this year with the high-rim segment (18’’ and up) poised for a double-digit increase.

In its 2020 annual financial statement 10 March, the Milan-based manufacturer said it expected sale of high-rim sized tires to return to 2019 levels as demand continued to recover in both OEM and replacement channels.

For 2021, Pirelli said it projected sales of around €4.7-€4.8 billion, up from €4.3 billion reported in 2020. The growth, Pirelli said, will be largely driven by the “over-performance” >18" segment and improvement of the price/mix. 

In addition, the tire maker said it aims to renew its product range for the replacement channel this year, while strengthening its positioning in China through on-line sales.

Furthermore, 2021 will see the implementation of Pirelli’s ongoing cost-competitiveness plan, which has delivered €160 million of gross benefits since its launch February last year. 

Pirelli said it will present “a more complete industrial plan” on 31 March, where it will give further details on product innovation, digitalisation, sustainability and cost-competitiveness.