Top Players in the Global Tire Market

The global tire (tyre) market size reached US$ 164.9 Billion in 2023. Tires are flexible, ring-shaped automotive components that surround the rim of the wheels. They provide traction between the road and the vehicle and transfer the load of the automobile to the surface. They also absorb road shocks, transmit accelerating and braking forces to the ground, and help maintain or change the direction. As a result, tires are widely used to enhance the driving experience and improve the overall vehicle performance.

As per the analysis by IMARC Group, the top companies in the tire industry are engaged in research and development (R&D) activities to introduce innovative tires with enhanced design and rubber quality. They are also making heavy investments in product innovations, such as the development of ecological, flat-run, and nitrogen-based tires that are environment-friendly and provide superior fuel efficiency and inflation pressure. In addition, several key players are launching biodegradable 3D printed smart concept tires which are made from sustainable materials and integrated with sensors to provide real-time updates about the tire condition. Along with this, the introduction of non-pneumatic tires (NPT) or airless tires that do not deflate under any circumstances is propelling the market growth. Looking forward, IMARC Group expects the market to reach US$ 256.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.

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List of Top Tire Manufacturers and Companies Worldwide:

Michelin Group

Establishment: 1889
Headquarters: Clermont-Ferrand, France
Website: https://www.michelin.com/

Michelin Group is one of the leading tire manufacturers that primarily focuses on maintaining an optimal balance between personal fulfillment, economic development, and safeguarding the planet and its inhabitants. It introduced the VISION concept comprising a biodegradable 3D printed smart concept tire, which is airless, rechargeable, connected, customizable, and organic. Currently, the company operates nine research and development (R&D) centers worldwide, 116 production sites across 26 countries, a commercial presence in around 170 countries, as well as 1,24,000 employees across the globe.

Bridgestone Corporation

Establishment: 1931
Headquarters: Tokyo, Japan
Website: https://www.bridgestone.com/

Bridgestone Corporation is a leading provider of tires and tubes for passenger cars, aircraft, trucks, buses, motorcycles, scooters, construction and off-road mining vehicles, industrial and agricultural machinery, and other vehicles. The company introduced the next-generation fuel-efficient tire technology with high inflation pressure and superior fuel efficiency to mitigate the deformation of tires. It also focuses on its vision of delivering social and customer value as a sustainable solutions company.

Continental AG

Establishment: 1871
Headquarters: Hanover, Germany
Website: https://www.continental.com/en/

Continental AG is primarily engaged in developing pioneering technologies and services for sustainable and connected mobility of consumers and their goods. It has introduced ContiSense, which uses sensors to measure the tread depth and temperature, and alerts drivers about tire damage. It has also developed the ContiAdapt model that adjusts tire pressure and rim width to adapt to various road conditions.

The Goodyear Tire & Rubber Company

Establishment: 1898
Headquarters: Ohio, United States
Website: https://corporate.goodyear.com/

The Goodyear Tire & Rubber Company is one of the largest tire companies across the globe. It has two innovation centers located in Akron, Ohio and Colmar-Berg, Luxembourg, which strive to develop state-of-the-art products and services. In 2015, the company introduced the BH03 concept, wherein the tire produces electricity when it rolls under normal driving conditions.

Sumitomo Rubber Industries, Ltd.

Establishment: 1909
Headquarters: Hyogo, Japan
Website: https://www.srigroup.co.jp/

Sumitomo Rubber Industries, Ltd. provides a wide range of innovative and unique products in the field of sports and industrial products, along with tires. It is extensively investing in research and development (R&D) activities on its Smart Tyre Concept. It also strives to develop new tires and peripheral services that deliver enhanced performance.

Pirelli Tyre C. S.p.A

Establishment: 1872
Headquarters: Milan, Italy
Website: https://www.pirelli.com/

Pirelli Tyre C. S.p.A is a leading producer and seller of tires for cars, motorcycles, and bicycles. The company has a diversified geographical presence with 19 facilities in around 12 countries and a commercial footprint of about 17,000 points of sale in more than 160 countries across the globe. It primarily offers its products to the high-end consumer segment worldwide.

Yokohama Rubber Co., Ltd.

Establishment: 1917
Headquarters: Tokyo, Japan
Website: https://www.y-yokohama.com/

Yokohama Rubber Co., Ltd. was originally established as a joint venture between Yokohama Electric Cable Manufacturing Company and BFGoodrich Company of the United States. It primarily manufactures rubber products, such as automobile tires, tubes, and conveyor belts for industrial use. The company also produces passenger aircraft parts and sports goods and provides information processing services and real estate leasing.

Hankook Tire Co., Ltd.

Establishment: 1941
Headquarters: South Korea
Website: https://www.hankooktire.com/

Hankook Tire Co., Ltd. is a leading tire manufacturing company that produces, recycles, processes, and markets tires. It introduced the airless non-pneumatic tire (NPT) Hankook iFLex, made using eco-friendly materials. Apart from this, the company aims to pursue proactive leadership in passion, innovation, and collaboration globally.

Toyo Tire U.S.A. Corp.

Establishment: 1996
Headquarters: California, United States
Website: https://www.toyotires.com/

Toyo Tire U.S.A. Corp. delivers innovation, performance, quality, and excellent service globally. It provides a selection of premium replacement tires for every model, including high-performance cars, luxury vehicles, SUVs, light trucks, and commercial trucks. These tires are primarily manufactured in the United States at the company’s state-of-the-art facility in Bartow County, Georgia.

The Kumho Tire Company

Establishment: 1960
Headquarters: Gwangju, South Korea
Website: https://www.kumhotire.com/

The Kumho Tire Company offers an innovative approach to product development, market expansion, environmental awareness, and technical progression. It strives to provide its customers with safety and convenient mobility through the latest technology and solutions. Its primary products include automobile tires and tubes utilized in sedans, SUVs, RVs, trucks, and buses.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the global tire market and regional North America, GCC, Asia Pacific, Europe, Saudi Arabia, United States, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development