In February 2012, Goodyear and Michelin , two of the world's largest tire manufacturers, also stated that they face a difficult year in the European market because of the continuing economic downturn in Europe, affecting the orders of new car manufacturers, leading to more Consumers postpone the replacement of tires that are currently used.
North American's largest tire manufacturer, Goodyear Tire, and Europe's largest tire manufacturer, Michelin, downgraded their 2013 earnings forecasts, mainly due to a drop in tire sales. Michelin said that this year's total sales of tires and revenue may not increase, Goodyear announced that it lowered its profit forecast and said it will further restructure its business.
Goodyear CEO Richard Kramer said in an analyst conference call that the impact of the European economic crisis on long-term performance has become increasingly apparent, and that Goodyear’s 2012 tire sales in Europe, the Middle East and Africa have decreased by 120 Million, mainly because of the impact of high unemployment and economic downturn, dealers reduce orders, consumers delay purchases.
Michelin's financial report showed that operating profit increased by 25% in 2012, but shipments fell by 6.4%, tire sales to automakers in the European market decreased by 5%, and replacement tire sales fell by 10%. Like automakers and component suppliers, tire manufacturers have become the latest victims of the economic downturn in Europe. The number of new cars sold in the European market this year has fallen to 12.3 million vehicles, a record low in 20 years.
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