Financial performance Report of the Managers 05 Demand was stable year-on-year in Europe, where tonnes carried remained more or less unchanged. Demand rose by 6% in Western European markets, but declined in Central and Eastern Europe, dampened by the steep 18% contraction in the Turkish market. Demand in North America was up 7% at the end of December, with seasonal fluctuations from inventory build-ups and drawdowns. The market was up by more than 15% as of end-July, buoyed by the massive buying of imports ahead of higher antidumping duties on Thai tires. The market then flattened out to 2023 levels in the second half, with freight demand broadly unchanged year-on-year. Lifted by the sustained growth in freight demand, particularly in Brazil, the South American market rose by 5% over the year. The market is also seeing greater penetration from Asian import brands. In the other operating regions, markets grew by 2% over the year, including a 3% gain in India. THE REPLACEMENT TRUCK TIRE MARKET IN EUROPE (in millions of new tires – moving 12 months) Michelin estimates. THE REPLACEMENT TRUCK TIRE MARKET IN NORTH AMERICA (in millions of new tires – moving 12 months) Michelin estimates. 22 24 26 28 30 2024 2020 2021 2022 2023 24 26 28 30 32 34 36 38 2024 2020 2021 2022 2023 324 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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