Rising costs of raw materials are driving increased tire prices in North America. Michelin North America Inc., Bridgestone Americas, Yokohama Tire Corp., Falken Tire and Marangoni Industrial Tyre are among the most recent to announce tire price hikes. Michelin said it would raise prices up to 8 percent for its passenger, heavy truck, earthmover, industrial-handling, agriculture and two-wheel segments across all of the company's brands in the U.S., Canada and Mexico. The Greenville, S.C.-based tire maker said this increase represents the first mark-up since 2012.
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