The figures, supplied to Deutsche Bank by Michelin, show the huge fall was prompted by a 50% drop in OE demand, but could also be seen in a 20% drop in replacement sales.

Deutsche Bank analysts pointed out that the figures are the worst for 30 years, compared to a 3.5% fall in 1991 and a 16% drop in the fourth quarter of 2008. The analyst put the falls down to people driving roughly 5% less; postponing their tyre purchases; and dealers reducing their inventories. Michelin sales volumes are expected to be approximately 15% lower than 2008 in the first quarter of 2009, according to Deutsche Bank.

The marked collapse in demand is said to be reflected across both the truck tyre and passenger car tyre segments and in both Europe and North America. Only China attained single digit growth.