5 _325 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers In Europe, sell-in demand contracted by 4% over the year, primarily due to sustained dealer destocking throughout the period, with a particularly negative impact on winter tire sales. Sell-out demand, which is shaped by the number of kilometers traveled by motorists, was more resilient. By year-end, inventory across the value chain had returned to normal levels, including in the winter tire segment. The North American sell-in market was unchanged over the year, with demand dampened, as in Europe, by dealer inventory drawdowns. In the second half, however, demand continued to trend upwards (by 9%) in a resilient economy, with favorable prior-year comparatives emerging in September (in 2022, dealer buying – and therefore sell-in – had already started to slow by year-end following the massive wave of low-cost imports in July and August). Year-end 2023 inventory levels had returned to normal. In China, the market grew by 13% over the year, as domestic mobility rebounded in 2023 from the sharp restrictions on motorists’ freedom of movement imposed during the resurgent health crises in the second and fourth quarters of 2022. THE REPLACEMENT PASSENGER CAR AND LIGHT TRUCK TIRE MARKET IN EUROPE (in millions of tires – moving 12 months) Michelin estimates. THE REPLACEMENT PASSENGER CAR AND LIGHT TRUCK TIRE MARKET IN NORTH AMERICA (in millions of tires – moving 12 months) Michelin estimates. 5.1.1 d) Truck tire markets in 2023 The worldwide Truck tire sell-in market (excluding China) declined by 4% in 2023. In China, where the Group’s presence is negligible, demand increased by 14% over the year. THE GLOBAL TRUCK TIRE MARKET, 2023 VS. 2022 (1) Including Turkey and Eastern Europe. (2) Including Central America. Michelin estimates – new tire market only. 2023 2020 2021 2022 330 340 350 360 370 380 390 400 2023 2020 2021 2022 270 280 290 300 310 320 330 340 9% 11% 27% 1% 6% -5% -7% -4% -3% -15% -25% 5% 3% 1% Original Equipment Replacement North America(2) Europe(1) Africa, India, Middle-East Asia (exc. China) South America Total (exc. China) China
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