June Tyres Tracker: Truck demand strengthens, PC OE weak

研报英文原文证据摘录

June Tyres Tracker: Truck demand strengthens, PC OE weak

Global Idea

July 21, 2026 11:26 AM GMT

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

Equity Analyst

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

Shaqeal A Kirunda

Equity Analystdemand strengthens, PC OE Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

Research Associateweak

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

Morgan Stanley MUFG Securities Co., Ltd.+

Shinji Kakiuchi

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

Passenger Car RT: Global +3%, North America +4%, China +1%, Europe -0% Morgan Stanley Asia Limited+

Tim Hsiao

Passenger Car OE: Global -2%, North America -2%, China -4%, Europe -2% Equity Analyst

Tim.Hsiao@morganstanley.com +852 2848-1982

Truck RT: Global +4%, North America -6%, South Am. +32%, Europe +6%

Autos & Shared Mobility

Truck OE: Global +3%, North America +4%, South Am. -2%, Europe +6% Europe

Industry View In-Line

Global Passenger Car RT demand up +3% YoY (YTD: +1%). Europe was flat this

Exhibit 1 : Global passenger car tyres: -2%month (-0%) and remains down YTD (-2%). After a weak start to the year linked to

YoY in OE, +3% YoY in RTlower import flows, the market is approaching stability on a cumulative basis. North

America was up YoY but remains down YTD (+4% YoY, YTD: -4%), reflecting the 20%15%

progressive reduction of the surplus stock of Asian tyres built up last year. China 10%

5%

maintained positive volumes in June (+1% YoY, YTD: +9%), benefiting from the 0%

replacement effect of the many new vehicles delivered in recent years, as well as an -5%

-10%

offset from weaker OE volumes. -15%

-20%