The tire is the most crucial component in an automobile. It not only lets the vehicle move but also affects fuel efficiency, vehicle load, acceleration and breaking, shock absorption, and vehicle performance. Modifying tread patterns on the tire such as streamlining ribs, blocks, and lugs can hugely affect the fuel efficiency of the vehicle. Different tires are used depending on vehicle type and end use. It can broadly be categorized into passenger tires, light truck tires, bus tires, specialty tires, and competition tires. The recent procurement market intelligence report published by SpendEdge ascertains the global tires market to be worth $166.6 billion. The report also attributes the market growth to rising sales of passenger vehicles and light and medium trucks mostly in APAC region due to a rise in disposable income. The report also analyzes that tire manufacturer across the world will benefit because of a dip in the global fuel prices which will increase the average number of miles driven per car resulting in growth of the replacement tires market.
Top 5 Tire Manufacturers
Bridgestone is a Japanese automotive part maker and the largest manufacturer of tires in the world. The company manufactures motorcycle tires, commercial tires, specialty tires, and other products including a conveyor belt, hydraulic hose, marine fender, EVA panels, and ultra-high purity fine ceramics. On October 24, 2017, Bridgestone announced that it was awarded global leader for its sustainable water management and it has been added to the year’s Water A list by CDP. The company reported revenues of $28.64 billion in the financial year of 2016. The company sells its products in across 150 countries.
MICHELIN or SCA Compagnie Générale des Établissements Michelin is a French company that manufactures and sells tires for automobiles, heavy-duty trucks, motorcycles, bicycles, and airplanes. It is the second largest tire manufacturer in the world with annual revenues of $23.12 billion in 2016. The company is also popular for Michelin stars which award restaurants for its excellence. The brand is well known by its mascot Michelin man. On November 13, 2017, the tire manufacturer announced the acquisition of PTG and Téléflow which deals with tire pressure control systems. The acquisition will help end-users to adapt and monitor tire pressures according to conditions and terrain.
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Goodyear is an American multinational tire manufacturer founded in 1898 that manufactures and sells tires for automobiles, light trucks, commercial trucks, passenger cars, heavy earth-mover machinery, and farm equipment. The company is the sole supplier for the NASCAR series and also used to supply tires for Formula One. In 2017, Goodyear acquired an automated tire inspection technology provider, Ventech Systems. The acquisition was made with a view to utilizing the technology to support its fleet services in Europe and other countries across the globe.
Continental is a German automotive and tire manufacturer that specializes in brake systems, powertrain, tires, and chassis components. The company manufactures tires for cars, vans, trucks, buses, motorcycle, and bicycle. The company introduces constant innovation in tire technology as it recently announced new technology that enables continuous monitoring of the tire’s conditions to help it adapt to prevalent road characteristics. The company is also ranked third in terms of total global OEM automotive part sales.
Pirelli is an Italian company that has 19 manufacturing sites across the globe that produce tires for passenger cars, racing cars, motorcycles, and bicycles. It is the fifth largest tire manufacturer with a presence in over 160 countries and a network of around 12,500 retailers and distributors generating revenues of $6.7 billion for the company. The tire manufacturer is actively involved in sponsorship of various football teams, Formula One titles, rally, and winter sports.
SpendEdge’s procurement report on the global tires category offers a detailed insight into top tire manufacturer along with sourcing strategies, pricing insights, category management and procurement challenges.If you are looking for some other information, request for a customized market report by getting in touch with our analysts.
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