Growing in a complex, uncertain environment 01 Growing in a complex, uncertain environment Manufacturing in a world full of challenges AN UNCERTAIN GLOBAL ECONOMIC ENVIRONMENT A TENSE GEOPOLITICAL ENVIRONMENT AN EVER-CHANGING REGULATORY AGENDA FAR-REACHING SOCIAL AND ENVIRONMENTAL TRANSFORMATIONS PROFOUNDLY CHANGING END-MARKETS contrasting growth trends among the major economic regions, with Europe particularly held back by energy costs access to raw materials dependent on global geopolitical developments vehicle environmental standards designed to reduce greenhouse gas emissions from road traffic growing stakeholder awareness of sustainability issues an automobile fleet that is aging, with the average passenger car 12 years old, but moving upmarket, with SUVs accounting for almost half of all new car purchases worldwide in 2024, versus one-third in 2014 persistently fluctuating, uncertain interest rates, which have turned upwards in certain regions even as inflation remains under control supply chains disrupted by international tensions and conflicts traceability standards for sourcing raw materials, in particular to counter imported deforestation a gradual shift from ownership to usership a road transportation market increasingly polarized between commoditization on the low end and upmarket premiumization (driven by the desire for greener performance and the latest technology) Growing in a complex, uncertain environment 14 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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