Michelin reports soft 2025 markets, cautious start to 2026

Clermont-Ferrand, France — Michelin has reported mixed tire market trends in 2025, with modest overall growth but continued weakness in original equipment (OE), particularly in B2B segments.

In passenger car and light truck (PC/LT), sell-in volumes rose in 2025, with OE up 2% year-on-year and replacement up 1%, Michelin reported in its full-year results 13 Feb.

Regionally, OE demand fell 5% in Europe and 2% in North America, but increased 9% in China.

In replacement, Europe grew 1% year-on-year, North America was flat, and China rose 2%.

In truck tires (excluding China), the picture was more uneven as OE demand declined 4% overall in 2025, while replacement rose 4% compared to 2024.

According to Michelin figures, European OE increased 2%, but demand in North America fell sharply by 20%.

In TBR replacement segment, Michelin reported a 2% year-on-year growth in Europe and a 5% increase in North America.

In specialities, including off-road, two-wheeler and aircraft tires, the group indicated mixed trends across mining and beyond-road tires.

Two-wheel and aircraft tire volumes, meanwhile, showed growth.

Looking ahead to 2026, Michelin said it expected markets to remain broadly stable overall, but with softer demand in the first half.

For the full year, the group forecasts a growth of between -2% and +2% for the PC/LT market and for TBR (excluding China).

Specialities' demand is set to come between -1% and +3% for the year.

Michelin indicated that demand should improve in the second half of the year, offsetting a weaker start.