Tires: US Tire Sales (May 2026 Preliminary Data): Sales Lack Punch

研报英文原文证据摘录

Tires: US Tire Sales (May 2026 Preliminary Data): Sales Lack Punch

Update

June 12, 2026 01:54 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTires | Japan Shinji Kakiuchi

Equity Analyst

US Tire Sales (May 2026 Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Preliminary Data): Sales Lack

Punch

Key Takeaways Tires

Japan

Replacement tire shipments in May 2026 released by the USTMA show light Industry View In-Line

vehicle tires down 5.9% YoY (preliminary basis), remaining weak as in Apr (-5.5%

YoY). Exhibit 1 : US tire shipment volumes (YoY)

Sales down even on cumulative basis (Jan-May, -6.9% YoY). Sales of low-priced May-26 (YoY) OE REP

Passenger Tire -2.3% -4.3%

imported tires not captured in USTMA data likely increased.

Light Truck Tire -15.4% -14.4%

We see slightly negative implications for the tire industry. We infer inventory Total Light Vehicle Tire -4.2% -5.9%

adjustments at shops and along the distribution channel are ongoing. Commercial Truck Tire -13.8% -17.4%

If product price increases reflecting higher raw material costs are implemented, Source: USTMA, Morgan Stanley Research

one potential risk is an acceleration of consumers trading down.

Sales volume of commercial truck tires was weak in May (-17.4%), vs. the -12.9%

figure marked in April.

USTMA (US Tire Manufacturers Association) released tire shipment volume data on

June 11 local time. The data compiles figures of member companies, including four

Japanese tire makers, and excludes imported tires from non-members. For May

2026, OE shipments showed light vehicle tires -4.2% YoY and commercial truck tires

-13.8%, with continued double-digit declines in commercial truck tires, similar to the

REP tires.