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Decline In Shipment Of US Tire
The current lockdown situation has severely impacted every economy of the globe. No doubt, COVID-19 has proven to be a lethal pandemic for the business community. Where every market is facing a shortage of manpower, supply, and demand, tire market is also facing a similar situation.
Fall Of US Tire Shipment
According to a recent statement of the US Tire Manufacturer Association or USTMA, there is a sharp decline in the shipment of US tire. As the authority has revealed, the tire shipment has fallen by 17.8% amidst current pandemic. That makes a fall of around 59 million units in the total shipment of US tire. However, it is expected that the tire replacement market will work better than the actual equipment market.
Revision Of Shipment Estimates
The US Tire Manufacturer Association has revised its 2020 projections for US tire shipment to better understand the impact of COVID-19 on the market. This will help in planning future strategies of tire markets of the US.
Revision Policy Of USTMA
The authority, USTMA, normally revises its estimated figures thrice a year. According to the authority, the current percent of the decline is an updated version of what they estimated in March before the spread of COVID-19 in the US.