Top 5 Leading Tire Manufacturers in the World
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 […]
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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