Global Tyres: April Tyres Tracker: RT remains positive, OE weakens further

Research evidence excerpt

Global Tyres: April Tyres Tracker: RT remains positive, OE weakens further

Global Idea

May 22, 2026 10:17 AM GMT

Morgan Stanley Europe S.E., Madrid Branch+MGlobal Tyres Javier Martinez de Olcoz Cerdan

Equity Analyst

April Tyres Tracker: RT remains Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Shaqeal A Kirunda

Equity Analystpositive, OE weakens further Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

Research Associate

Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Key Takeaways Morgan Stanley MUFG Securities Co., Ltd.+

Shinji Kakiuchi

Passenger Car RT: Global +3%, North America -5%, China +17%, Europe +3% Equity Analyst

Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416

Passenger Car OE: Global -6%, North America -3%, China -9%, Europe +1%

Morgan Stanley Asia Limited+

Truck RT: Global +4%, North America -12%, South Am. +32%, Europe +14% Tim Hsiao

Truck OE: Global -1%, North America -13%, South Am. -6%, Europe +4% Tim.Hsiao@morganstanley.com +852 2848-1982

Global Passenger Car RT demand increased +3% YoY (YTD: -0%). Europe rose this Autos & Shared Mobility

Europe

month (+3%), but is still negative YTD (-2%). After a weak start to the year linked to Industry View In-Line

lower import flows, the market has returned to a positive trend and is close to

stability. The continued decrease in North America (-5% YoY, YTD: -7%), reflects the Exhibit 1 : Global passenger car tyres: -6%

reduction of the surplus stock of Asian tyres built up last year and adverse weather YoY in OE, +3% YoY in RT

conditions early in the year. Conversely, China accelerates further with volumes 20%

15%

increasing (+17%) in April (YTD: +11%), supported by a favorable macroeconomic 10%