MARKET VIEW ON THE COVID OUTBREAK IMPACT
GLOBAL FY 2020E Δ YoY
1. IHS 30th March
2. Pirelli estimates
2020-2022 Market assumptions will be revised within 4Q 2020
The Covid emergency will impact the global economy with a general fall in production and consumption.
In light of the elements available today and based on a prudent scenario, Pirelli now expects a fall of 2020 GDP at the global level of ~-2.8% (+2.7% the outlook foreseen in the Industrial Plan presented on February 19). In this scenario, the expectations for the overall car tyre market are for a decline of ~-19% with:
- -21% in the Original Equipment channel (prior estimate -2.4%) as a result of the global fall in the production of new vehicles;
- -18% in the Replacement channel (prior estimate +0.5%), taking also into account the measures restricting circulation adopted by various countries.
The expectations for the Car New Premium segment (Car tyres ≥18’’) are for a decline of -14% (prior indication +6%), more contained than the expected fall of -20% (prior indication ~-2%) for the Standard segment (Car tyres ≤17’’).
At the following page is available the press release and presentation