Tire manufacturers Yokohama, Bridgestone and Michelin have announced they will be increasing tire prices by 7-8 percent in 2017.
Yokohama announced Wednesday it will increase prices on all tires sold in the U.S., including commercial tires, by up to 7 percent, effective April 1. Yokohama Tire Vice President of Sales Rick Phillips says the pricing boost is driven by the high cost of raw materials and freight expenses in 2016.
Michelin has also said it will increase prices in North America this year. A boost of upwards of 8 percent for commercial and other tires will be implemented separately, the company said.
Bridgestone Americas Tire Operations will adjust prices on all tires up to 8 percent, effective March 1, and will vary by business unit and product line.