Following a market trend among tire manufacturers, Bridgestone announced it will increase prices up to 14% on Bridgestone and Firestone truck and bus radial (TBR), OTR and AG (Tires, Tracks, Tubes), in the United States and Canada effective Feb. 1, 2022.
The company reported in a Dec. 22, 2021, statement that adjustments will be made at the article and pattern level.
Yet Bridgestone isn’t the first to announce price increases. In response to overall tire market dynamics, companies such as Sumitomo and Toyo Tire announced increases in recent weeks. December 23, Trelleborg Wheel Systems announced price increases up to 10% on all brands and segments.
According to Modern Tire Dealer (MTD) interviews with leading manufacturers and supplies such as Michelin, CEAT and Global Rubber Industries, the North American tire market, including agriculture, will continue to deal with shipping delays and lingering COVID-19 and variants to keep prices up in 2022. In addition, farmers are looking for a place to spend anticipated 2021 profits, pushing demand higher in an already tight market.
Paul Hawkins, senior vice president, aftermarket sales, North America, Titan International Inc., told MTD, “Overall, the state of the market is strong and we expect to continue that way as we head into 2022. On the aftermarket side, we’ve had a very successful year. In fact, we have filled our ag tire order deck through April 2022. We don’t expect to see demand slowing down anytime soon.”