Top 10 Companies in the Global Tyre Market, Driven by Growing Automobile Production

In 2023, the global demand for tyres reached nearly USD 333.86 billion. During the forecast period of between 2024 and 2032, the tyre market is expected to grow at a CAGR of 6.3% to reach around USD 578.57 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing sale of vehicles.

The tyre market share is expected to increase due to rising vehicle sales and expanding tire demand in emerging markets. In developing nations, the number of middle-class population is growing, which has increased car ownership and, in turn, raised the need for lightweight vehicle tires. Furthermore, the enforcement of strict laws by governmental entities is serving as a notable factor that stimulates the market growth.

The growing inclination for high-performance and customized tires is one of the factors driving the need for tires in the industry. In addition, the tire market growth is expected to be driven due to the development of tires specifically made for electric vehicles (EVs), which reflects the automotive industry's shift towards electrification.

There is rise of autonomous vehicles which is a major trend. It is expected that there will be around 5 million autonomous vehicles on the roads by 2026 and an additional 30 million by 2030. This shift highlights the significance of smart tires, which allow for sensors to collect, process, and communicate data between the vehicle and its environment. For well-established tire producers, this technical advancement is vital since it helps them differentiate their goods and guarantee safety, which fuels the expansion of the global market for tyres.

According to the global tyre market analysis, technological advancements in tyres for passenger vehicles and SUVs is changing nowadays. Leading companies are advancing the design and manufacture of tyres in an effort to stay ahead of the competition. Additionally, in order to stay competitive, producers are concentrating on creating tire models that are more robust and adaptable.

In 2024, Sumitomo Rubber Industries innovated a technique in which the noise resulting from the interaction of tyre and vehicle vibrations can be forecasted. It uses a simulation of tyre rolling motion. It will help both tyre and vehicle manufacturers to decrease noise levels, which will enhance passenger comfort and streamlining development processes which will minimize dependence on physical prototypes.

Top 10 Tyre Companies Globally:

Bridgestone Corporation

Bridgestone Corporation is renowned globally for their dedication towards sustainable mobility and advanced solutions. They manufacture, distribute, and retail a broad range of original equipment and replacement tyres. They also offer mobility and tyre-centric solutions. They are also known for their various diversified rubber-related products designed to enhance both social and customer value. Under the reputable Bridgestone and Firestone brands, they sell their top-tier products which cater to consumers and fleet customers worldwide.

Michelin Group

The Michelin Group is a renowned company globally which supplies tyres to more than 170 nations. It is known for tailoring its products to local needs and road conditions. They have around 70 manufacturing plants worldwide. It is dedicated towards manufacturing the most suitable tyres and safest tyres for various needs. It has enhanced mobility for both people and goods. As the foremost tyre manufacturer, Michelin excels in manufacturing and distributing tyres and services for various vehicle like airplanes, bikes, cars, among others as the foremost tyre manufacturer.

Continental AG

Continental is at the forefront for developing innovative technologies and services which are aimed at achieving sustainable and connected mobility for people and goods. The company is known for providing secure, cost-effective, and intelligent tyres for various applications, like vehicles, traffic, machinery, and transportation. They also offer technologies for passive safety, chassis, braking systems, motion, and motion control systems. They have an extensive portfolio in networking technologies, vehicle electronics, among others.

Pirelli & C. S.p.A

Pirelli is one of the global brands which is recognized for its advanced technology, innovative spirit rooted, and superior production quality in its Italian heritage. They are one of the leading tyre manufacturers worldwide. Pirelli is exclusively dedicated toward the consumer tyre market, and includes tyres for cars, bicycles, and motorcycles in their portfolio. The company is also focusing on enhancing its brand reputation via participation in motorsport events, and cultural endeavors.

Goodyear Tire & Rubber Company

Goodyear stands among the globe's top tyre manufacturers. It has around 57 production facilities across 23 countries. They are dedicated towards creating cutting-edge products and services which have led the industry in performance and technology. Goodyear is known for their diverse range of tyres worldwide. Their brands provide drivers advanced technology, superior performance, dependable all-weather options and cost-effective quality.

Yokohama Rubber Co., Ltd.

Yokohama Rubber specializes in producing and selling tyres. The company has several divisions Tyres, Alliance Tyre Group (ATG), Multiple Business (MB), and others. The Tyres division is known for manufacturing tyres for various vehicles like passenger cars, buses, trucks, and construction, industrial, and mining vehicles. They also offer aluminum alloy wheels and other products. Their MB segment includes diverse range of products like conveyor belts, marine fenders, rubber plates, marine hoses, air springs, highway joints, rubber molded products, among others. Whereas their ATG segment manufacture tyres specifically for agricultural machinery, construction and industrial vehicles.

Sumitomo Rubber Industries

Sumitomo Rubber Industries, part of Sumitomo Group, is one of the leading global companies which is known for their specialization in rubber products. They have an extensive product portfolio which includes vehicle tyres, tennis balls and golf balls. They have their brands DUNLOP and FALKEN under which, they manufacture and retails different tyre types for cars, buses, trucks, motorcycles, among others. They cater to both domestic and global markets.

Giti Tire Pte Ltd.

Giti Tyre is a global leader in the tyre industry. They are known for providing a wide range of high-quality tyres and services. They are serving in over 130 countries worldwide. They focus on three main areas, first is producing top-notch and innovative tyres, other is fostering employee growth and innovation, and last one is upholding corporate social responsibility. Their tyre portfolio is focused on passenger cars, 4x4s, SUVs, commercial vans, buses, trucks motorsports, and others, which caters to various road conditions.

Toyo Tire Corp.

Toyo Tires is a premier global tyre manufacture. They are renowned for their commitment to innovation, performance, quality, and exceptional service. They have established a wide sales and distribution network which have reached more than 100 countries and regions. Toyo Tires is known for their passion towards creating outstanding products and innovative solutions which cater to their customers' needs.

Maxxis International

Maxxis International is known for offering high-quality, high-performance tyres which are used by both everyday consumers and elite professional drivers and riders. Maxxis first focused on manufacturing bicycle tyres but then they expanded their range to include tyres for different vehicles like automobiles, ATVs, trucks, motorcycles, among others. Maxxis is now operating in around 180 countries worldwide.