Top 10 Leading Manufacturers in Tire Market Worldwide | IMARC Group

Tire Market Outlook:

The IMARC Group’s latest research report, titled "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global tire market size reached 2,321.3 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 2,741.2 Million Units by 2028, exhibiting a growth rate (CAGR) of 2.88% during 2023-2028.

A tire is a round-shaped ring made of rubber, steel, and other materials, designed to fit around a wheel and provide the vehicle with a secure and cushioned grip on the road. It is essential for maintaining contact between the vehicle and the road and providing the vehicle with traction and stability. The tread pattern, composition, and air pressure of the tire are critical in ensuring a smooth and safe ride. Tires can improve energy efficiency, reduce emissions, and endure various terrains, weather conditions, and loads. 

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Tire Market Growth and Development:

The expanding automotive industry, supported by rising disposable incomes and improving standards of living, is facilitating the demand for tires. Furthermore, governments around the world are investing in infrastructure development, which is creating a demand for construction and mining equipment that requires heavy-duty tires. Apart from this, the market is witnessing an increasing demand for tires with advanced features, such as run-flat and self-sealing capabilities, which are designed to improve the safety and performance of vehicles. Moreover, due to growing environmental concerns, governments and consumers are becoming aware of the environmental impact of tires, which has created a demand for tires made with sustainable materials. Another factor driving the market growth includes the rise of e-commerce platforms and online marketplaces. 

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List of Top Tire/Tyre Manufacturers Worldwide:

1. Michelin Group

   Establishment: 1889
   Headquarters: Clermont-Ferrand, France

2. Bridgestone Corporation

   Establishment: 1931
   Headquarters: Tokyo, Japan

3. Continental AG

   Establishment: 1871
   Headquarters: Hanover, Germany

4. The Goodyear Tire & Rubber Company

   Establishment: 1898
   Headquarters: Ohio, United States

5. Sumitomo Rubber Industries, Ltd.

   Establishment: 1909
   Headquarters: Hyogo, Japan

6. Pirelli Tyre C. S.p.A

   Establishment: 1872
   Headquarters: Milan, Italy

7. Yokohama Rubber Co., Ltd.

   Establishment: 1917
   Headquarters: Tokyo, Japan

8. Hankook Tire Co., Ltd.

   Establishment: 1941
   Headquarters: South Korea

9. Toyo Tire U.S.A. Corp.

   Establishment: 1996
   Headquarters: California, United States

10. The Kumho Tire Company

    Establishment: 1960
    Headquarters: Gwangju, South Korea

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