By Jill Trotta, Torqata Data and Analytics
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The tire market is buzzing, and Tier 4 tires are in the limelight. What's behind this shift?
Note: Data represents Month-over-Month (MoM) – July 2023 over June 2023, and Year-over-Year (YoY) – July 2023 over July 2022.
Pricing: While other tire tiers saw price hikes YoY, Tier 4 prices have dropped by $4.10 in July 2023 versus the same time last year.
Sales Dynamics: Despite a price drop, Tier 4 sales only decreased by 5.0% MoM – performing notably better than its counterparts.
Why the Surge in Tier 4 Popularity?
It's not just about the price. Industry insights reveal a deeper narrative. Tim Eisenmann, CEO of Torqata, (as quoted in Tire Business Review) aptly points out that when it comes to choices, those flexible with brand preferences are inching towards Tier 4.
Another piece of the puzzle? The aging vehicle population. Jeffries Annual Review in the Auto Care 2024 Factbook shares that, on average, light vehicles in the US are now 12.2 years old -- a historic high. Owners of these seasoned cars are putting their money where it matters most to them, often valuing cost-effectiveness over brand names.
Wondering how this evolving trend impacts you? Our recent blog series delves deep:
- Tier 4's Surge: Why They're Dominating the Market
- Navigating the Tier 4 Trend: Top 10 reasons why it's gaining ground.
- Harnessing the Tier 4 Wave: Actionable insights for your shop.
- Trends + Treads Snapshot: A close look at the must-know tire metrics.
Stay ahead of the curve, and ride the Tier 4 wave with confidence!