Research Report on the Top 75 Global Tire Manufacturers in 2024

I. Introduction

As an important supporting industry for the automotive industry, the tire industry plays a vital role in the development of global transportation. In 2024, the ranking of the top 75 global tire companies released by the US "Tire Business" provides an important reference for us to deeply understand the competitive landscape and development trends of the tire industry. This research report analyzes the top 75 global tire manufacturers in 2024 based on the list data and related industry information.

II. General Overview of the Top 75 Tire Manufacturers

According to statistics from "Tire Business", the total sales of the top 75 global tire manufacturers in 2023 was US$179.267 billion. Among these top 75 companies, the following characteristics are presented:

1. Wide geographical distribution: companies come from all over the world, among which China has the largest number of shortlisted companies, reaching 38 (34 in mainland China and 4 in Taiwan, China), reflecting the important position of China's tire industry in the world. In addition, companies from countries and regions such as Japan, South Korea, the United States, and Europe also occupy an important share in the list.

1. Obvious advantages of leading enterprises: The top 10 tire companies account for more than 60% of the total sales of the top 75. These leading enterprises have strong competitiveness in technology research and development, brand influence, market share, etc., leading the development of the tire industry.

III. Analysis of Top 10 Tire Manufacturers

1. Michelin - France: Ranked first with tire sales of US$27.577 billion. As a leader in the global tire industry, Michelin has excellent product quality, technological innovation and strong brand influence. Its products are widely used in passenger cars, trucks, motorcycles and other fields, and occupy an important position in the high-end tire market.

1. Bridgestone - Japan: Sales of US$25.453 billion ranked second. Bridgestone is one of the world's largest tire manufacturers with a rich product system, covering tires for passenger cars, trucks and buses, and engineering vehicles. The company has production bases in many countries around the world and also has an important position in the Chinese market.

1. Goodyear - United States: Sales of $17.262 billion, one of the world's largest tire manufacturers, with operations around the world. After acquiring Cooper, Goodyear's sales revenue increased significantly, and its brand has a high reputation in the US market.

1. Continental - Germany: Sales of $12.50 billion, Continental Tire is a world-renowned tire manufacturer. Its passenger car and light truck tire business is highly competitive in the global market, and it also has multiple production bases in the Chinese market.

1. Pirelli - Italy: Sales of $7.189 billion, Pirelli has a unique positioning in the high-value tire market, with high-tech and customization as product features, and is the original equipment tire for many luxury car brands.

1. Sumitomo Rubber Industries - Japan: Sales of $7.165 billion, Sumitomo Rubber has a long history and rich experience in the tire industry, and its products have a certain share in the global market.

1. Hankook Tire - South Korea: Sales of $6.643 billion. Hankook Tire has a wide sales network around the world. Its products have won the trust of consumers with good quality and stable performance, and provide supporting products for many automobile manufacturers.

1. YOKOHAMA - Japan: Sales of $6.228 billion. Yokohama has invested heavily in tire technology research and development, and its products have a high level in performance and quality.

1. Zhongce Rubber - China: Sales of $4.772 billion. As one of the leading companies in China's tire industry, Zhongce Rubber owns many well-known brands, such as Chaoyang Tire and Weishi Tire, which have a high reputation and reputation in the domestic and foreign markets.

1. Sailun - China: Sales of $3.604 billion. Sailun Tire has developed rapidly in recent years, and its ranking has risen year by year. Through close brand promotion and product research and development layout, it has successfully entered the top 10 in the world and become the fastest growing company among the top ten.

IV. Sales growth and decline

1. Growing companies: There are 13 companies with a year-on-year growth of more than 20%. Among them, Eagle Tire had the largest increase, an increase of US$467 million over the previous year, a year-on-year increase of 219.25%. Zhongyi Rubber and Jinyu Tire also had a large increase in sales, both exceeding 50% year-on-year. Among the tire companies with sales growth, the vast majority are Chinese companies, which is inseparable from factors such as the recovery of the Chinese market in 2023, the government's consumption stimulus policy, and the company's active sales strategy.

1. Declining companies: There are 7 companies with a sales decline of more than 10%, of which Trelleborg's sales decreased by US$675 million, a year-on-year decline of 57.45%, mainly due to Trelleborg's sale of its wheel system business to Yokohama in 2023, which led to a decline in the tire sector's business.

V. New Entrants

This year's tire list has added 4 new tire companies, 3 of which are from China, namely Yongsheng Rubber, Xiongying Tire and Shandong Xinghongyuan Tire, and the other is Mahansaria Tire from India. The addition of these new entrants has brought new vitality and competition to the global tire industry.

VI. Performance of Chinese tire companies

1. Quantity advantage: Chinese companies account for the highest proportion of the Top 75, reaching 38, reflecting the scale and development potential of China's tire industry.

1. Sales share: Chinese tire companies account for about 18% of sales. Although there are many companies, their sales volume is generally low, and there is still a big gap compared with international leading tire companies. This also shows that Chinese tire companies still need to make continuous efforts in brand building, technology research and development, etc. to enhance the added value and market competitiveness of their products.

1. Companies with rising rankings: 17 Chinese companies have risen in ranking compared with last year, including Sailun, Triangle, Double Coin, Prinx Chengshan, etc. These companies have gradually improved their position in the global tire market by continuously improving their own technical level and management capabilities.

VII. Conclusion

The ranking of the top 75 tire manufacturers in the world in 2024 reflects the competitive landscape and development trend of the tire industry. The leading enterprises still occupy a large market share and competitive advantage. Chinese tire companies have advantages in quantity, but they still need to improve their sales and brand influence. In the future, the tire industry will face many challenges such as technological innovation, market competition, and fluctuations in raw material prices. Enterprises need to continuously strengthen technological research and development, improve product quality, and optimize market layout to adapt to the development and changes of the industry. At the same time, with the continuous development of the global automotive industry and the popularization of new energy vehicles, the tire industry will also usher in new opportunities and development space.