Top 75 Largest Tire Manufacturers (2024)

According to the results of 2023, the leading tire companies — Michelin, Bridgestone, Goodyear, and Continental — retained their positions in the ranking of the world's largest tire manufacturers, but further down the list, which is compiled annually by Tire Business, there were numerous changes. Thus, 23 companies improved their position, 17 of which are based in China. In addition, four newcomers appeared in the ranking, including three from the same China.

The French company Michelin occupies the first line for the fifth year in a row with a turnover of $27.6 billion (only tire sales are taken into account), followed by the Japanese Bridgestone, whose revenue was approximately $2 billion less. The American Goodyear remains in third place, despite a decline in sales of $600 million. It is expected that Goodyear's revenue will continue to decline in the future, as the company intends to sell part of its assets as part of its Goodyear Forward restructuring program. It has already been confirmed that the Japanese Yokohama will acquire Goodyear's off-the-road tire (OTR) business, which will reduce the American manufacturer's annual sales by approximately $675 million.

The German Continental again took the fourth place, slightly increasing its sales. At the same time, the share of the tire department accounts for less than a third of the company's turnover, while for other manufacturers in the top 12, this figure is 85% or more. The Italian Pirelli was able to overtake the Japanese Sumitomo Rubber Industries and took fifth place, but their sales were almost identical — $7.19 billion and $7.17 billion, respectively, so possibly the key role was played by fluctuations in the exchange rates of the dollar, euro, and yen, which were more favorable for Pirelli.

In 2024, almost every second company in the top 75 is based in China, and 17 of them have risen in the ranking. The greatest success was achieved by Sailun, which first entered the top ten with a turnover of $3.6 billion. Sailun overtook the Japanese Toyo and the Taiwanese Cheng Shin/Maxxis International, even despite the fact that the first company had a double-digit growth in sales (at Maxxis, revenue has been declining for the second year in a row).

The Chinese Triangle rose by four lines, taking 21st place, and the 22nd place was taken by Double Coin, which was 23rd a year earlier. One line below was Prinx Chengshan (+ four positions per year), which was helped by the fact that the company has factories outside of China, and when delivering their products, there is no need to pay high anti-dumping duties. The 25th place is occupied by Guizhou Tyre (offers tires under such brands as Advance), and the most significant rise in the ranking was made by another Chinese company — Jinyu Tire, which moved from 45th to 33rd place, increasing its revenue by more than half. Tianjin Wanda Tyre Group was also very successful, rising from 60th to 56th place.

Three Chinese newcomers were Shandong Yongsheng Rubber Group, Tercelo Tire Group, and Shandong Xinghongyuan Tyre, which took 36th, 45th, and 57th places, respectively. In addition, the Indian Mahansaria Tyres made its debut in the ranking, taking 70th place.

In total, there were 33 companies from China in the top 75, as well as nine from India, four from the USA, Taiwan, and Japan, three from Turkey and South Korea, two from Vietnam, Italy, and Russia, and one from Argentina, Germany, Iran, Pakistan, Singapore, Finland, France, and Sweden.

The Korean Kumho was also able to rise in the list, taking 13th place, overtaking the Indian Apollo Tyres and MRF, as well as the Singaporean Giti, which dropped to 14th, 15th, and 16th places, respectively. In turn, the Italian Prometeon Tyre Group (PTG) rose from 26th to 20th place, despite a decrease in sales of $200 million. The Indian Sun-Tire & Wheel Systems took 26th place.

The Finnish Nokian Tyres dropped seven lines due to a decrease in turnover of $500 million, which was associated with the manufacturer's withdrawal from Russia, but next year the company may improve its results due to the launch of a factory in Romania. The American Titan International (dropped from 21st to 31st place) also significantly worsened its position, but this company is also likely to rise in the ranking next year, as it was acquired by Carlstar Group, whose annual revenue is estimated at more than $600 million.

It is also expected that there will be other changes in the ranking next year, primarily due to the fact that the factories of foreign players who have left Russia are now owned by local manufacturers. Thus, Tatneft created a new company, Ikon Tyres, which operates on the former Nokian facilities in the Leningrad region. The plant in Vsevolozhsk was opened in 2005, and in 2021, the revenue of Nokian's Russian division was $378 million. Tatneft also has two more tire factories — in Uzbekistan (Birinchi Rezinotexnika Zavodi) and Kazakhstan (KamaTyresKZ, a joint venture with the local Allur GC). The second largest Russian tire manufacturer by nominal capacity is now Cordiant, which now includes five production sites (including the former Continental and Bridgestone factories), which should help the company rise in the ranking.