05 Financial performance Report of the Managers In Europe, the first-half trend (down 19%) continued through the second half (down 22%). The decline, which was expected, reflected a return to more normal levels after three years of strong growth in the wake of the health crisis and the difficulties in the auto industry. In 2024, the uncertain economy and more restrictive financing weighed on new vehicle demand. In North and Central America, the 11% drop in demand over the year stemmed from the January 1 introduction of the new emissions standard that had spurred a wave of early buying in 2023, especially in the second half. Market growth in South America surged 24% year-on-year, with demand comparing very favorably with 2023, which had been adversely impacted by a surge in new truck buying in 2022 ahead of the new emissions standard introduced in early 2023. THE OE TRUCK TIRE MARKET IN EUROPE (in millions of new tires – moving 12 months) Michelin estimates. THE OE TRUCK TIRE MARKET IN NORTH AMERICA (in millions of new tires – moving 12 months) Michelin estimates. Replacement The global Replacement sell-in market (excluding China) grew by 3% over the year. Truck tire markets Replacement In millions of tires 2024 2023 2024/2023 Secondhalf 2024/ 2023 Fourthquarter 2024/2023 Thirdquarter 2024/2023 First-half 2024/2023 Secondquarter 2024/2023 Firstquarter 2024/2023 Europe(1) 25.6 25.7 0% +3% +4% +3% -4% -2% -6% North America(2) 33.0 30.8 +7% 0% -1% +2% +15% +15% +16% South America 17.2 16.5 +5% +6% +2% +10% +3% +3% +3% Asia (excl. China) 21.5 21.9 -2% +2% +4% 0% -6% -5% -7% Africa/India/Middle East 30.2 28.9 +5% +5% +5% +5% +5% +5% +5% TOTAL (EXCL. CHINA) 127.5 123.7 +3% +3% +3% +3% +3% +4% +3% China 38.6 41.3 -7% -9% -6% -12% -3% +3% -10% (1) Including Turkey and Central Asia. (2) Including Central America. Michelin estimates. 5 6 7 8 2024 2020 2021 2022 2023 4 5 6 7 8 2024 2020 2021 2022 2023 323 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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