Top 13 World’s Biggest Tire Companies in 2023

Top 13 World’s Biggest Tire Companies in 2023- Based on the annual report of company in 2023, there are 13 World’s Biggest Tire Companies. These companies have billions of US Dollar of revenues and net income as well as assets. Statistically, some people in the world maybe know these tire companies or probably still use these tire products. 

   

Tires are devices that cover the wheels. Commonly, Tires are an indispensable part of vehicles (cars, motorcycle, or bicycle) and used to reduce vibration caused by road surface irregularities, protect the vehicle from damage, and provide stability between the vehicle and the ground to increase acceleration and movement. Most tires that exist today, especially those used for vehicles, are manufactured from synthetic rubber, although it can also be used from other materials such as steel.

In 2023, there are 13 world’s biggest tire companies and commonly we know these companies because we usually used their products. Here are thirteen worlds’ biggest tire companies based on the net income that they earned in 2023. Overall, this data of revenue and income of each company was obtained from the annual report of the company in 2023. Basically, the annual report is a published report of a company that usually describe the business, financial, operational performance in the specific year annually.

The Rank of 13 World’s Biggest Tire Companies According to Net Income in 2023

As additional data, we also add some data related to the company’s financial position. These data are assets and liabilities from each company. Assets and liabilities express the financial condition of each company. Commonly, these indicators can be found in the balance sheet of annual report. Here are 13 world’s biggest tire companies based on the assets.

The Rank of 13 World’s Biggest Tire Companies According to Assets in 2023

Brief Description of 13 World’s Biggest Tire Companies in 2023

1.Continental

Histocally, Continental was founded in Hanover in 1871 as the stock corporation “Continental-Caoutchouc- und Gutta-Percha Compagnie”. They have a main factory in Hanover which making some tire products including soft rubber products, rubberized fabrics, and solid tires for carriages and bicycles.  Today, Continental is one of the top 5 automotive suppliers worldwide and operates numerous tire manufacturing facilities with a strong market presence in Europe, North America, and Asia.  Along with the development of the company's business, these companies have some products of tire. Some of the brand tires of continental are Uniroyal, Semperit, Barum, General Tire, Viking, Gislaved, Mabor, Matador and Sportiva brands.

Financially, Continental was the tires company with the biggest asset of 37.7 billion Euro in 2023. Based on the business performance, this company generated revenue of 41.42 billion Euro or equivalent to 45.5 billion US Dollar but succesfully gained performance with net income of 1.1 billion Euro or equivalent with 1.2 billion US Dollar.

 

2.Bridgestone

Bridgestone Corporation is one of the biggest manufacturers of tire in the world. Historically, this company was founded by Shojiro Ishibashi in 1931 with the name of Bridgestone Tire Co in the city of Kurume, Fukuoka Prefecture, Japan. Along with development of company, this company has 180 manufacturing plants and R&D Facilities spreading out the nations. With employees of more than 143 thousand people, this company still moves forward with innovative products. Operationally, based on the product, this company markets some tire product with different brands, namely Ecopia, Turanza, Potenza, Dueler, Blizzak, Battlax and the other tire brand. Financially, in 2023, based on the annual report, the company generates revenue of 4,313 billion Yen or equivalent to 29.3 billion USD and succesfully gained positive result of 331 billion Yen or equivalent to 2.5 billion US Dollar.

 

3.Michelin

Michelin is global tire company from Clermont-Ferrand, France. Historically, this company was founded by Édouard Michelin and André Michelin on May 26th, 1889. Along with the business development of the company, Michelin has 117 production sites in 26 countries, commercial office in 170 countries, with total employee around the world reaching 124 thousand people. Financially in 2023, this company still get positive performance with revenue of 28.3 billion Euro or equivalent with 31.3 billion US Dollar and net income of 1.9 billion Euro or equivalent with 2 billion US Dollar.

4.Goodyear

The Goodyear Tire & Rubber Company is American-based Tire company. Historically, this company was founded on August 29th, 1898, by Frank Seiberling. The name comes from Charles Goodyear, the creator of vulcanized rubber. Today, this company still has central office in Akron, Ohio, United States of America (USA). Along with the business development of the company, Goodyear has several brands of tires. These brands include Goodyear Eagle, Goodyear Excellence, Eagle F1 Sport, Super Road Lug, S200+, Assurance Triplemax. Financially, in 2023, this company generates revenue of 20 billion US Dollar but suffered net loss of 689 million US Dollar.

5.Pirelli

Pirelli & C. S.p.A.is one of the biggest tire manufacturers from Milan, Italy. Historically, this company was founded by Giovanni Battista Pirelli in 1872. Along with the development of the company, Pirelli has around 31 thousand employees. Today, structurally, based on the ownership, ChemChina still has highest proportion of share with 45.5% of share ownership and Marco Tronchetti Provera with 10.05% of share. Financially, in 2023 this company generates revenue of 6.6 billion Euro or equivalent to 7.2 billion US Dollar and net income of 630 million Euro or equivalent to 0.69 billion US Dollar.  

6.Sumitomo Tires

Sumitomo Rubber Industries, Ltd is Japanese-based rubber manufacturer company with revenue of 1,177 billion Yen or equivalent to 8 billion UD Dollar and net income of 38.5 billion Yen or equivalent with 0.2 billion US Dollar in 2023. Along with development of company, this company has employees around 39,298 people and sales around 108 million tires in 2023. In 1963, the Sumitomo Group officially acquired Dunlop Japan and changed its name to Sumitomo Rubber Industries Ltd.  In Japan, Sumitomo Rubber holds the rights to the Dunlop brand.

7.Yokohama

Yokohama Rubber Company is another biggest tire company from Japan. Historically, this company was founded on October 13th, 1917, and still has main office in Tokyo, Japan. Some of tire’s brand from this company are YOKOHAMA, ALLIANCE, GALAXY, PRIMEX, and AICHI tires. Financially, in 2023, based on annual report, the company generates revenue of 1,060 billion Yen or equivalent to 7.2 billion and net income of 74.5 or equivalent to 0.5 billion US Dollar.

 

8.Cheng Shin Rubber

Cheng Shin Rubber Ind. CO., LTD. has primary office in Tatsun Hsiang, Changhua, Taiwan and   has 5,904 total employees in total. Financially, in 2023, this company generates revenue of 17.4 billion Taiwan Dollar or equivalent to 0.5 billion US Dollar and net income of 7.1 billion Taiwan Dollar or equivalent to 0.2 billion US Dollar.

9.Toyo Tires

Toyo Tire Corporation has primary office in Itami, Hyogo, Japan. Historically, this company was established on August 1st, 1945. Today, the company has around 12 thousand employees. Operationally, toyo Tire has manufacturing tires in four countries, namely Japan, the US, China, and Malaysia. Financially, the company generates revenue of 552 billion Yen  or equivalent to 3.7 billion US Dollar and net income of 96 billion yen or equivalent to 0.6 billion US Dollar.

 

10.Apollo

Apollo Tyres Limited is an Indian tyre manufacturing company headquartered in Gurugram, Haryana.  Historically, this company was established in 1972. Along with development of company business, Apollo has 7 Manufacturing locations across India and Europe, 2 Global R&D centers, and served more than 100 countries. Today, the total number of employees reaches 18,734 of people. Financially, this company succesfully generate 253 billion Indian Rupee or equivalent to 3 billion US Dollar and net income reaching 17.2 billion Indian Rupee or equivalent to 0.2 billion US Dollar.

 

11.Hankook

Hankook Tire & Technology Group is a South Korean tire manufacturer headquartered in Seoul. Historically, this company was founded by Jae Hun Chung in 1941. Today, along with development of company, Hankook has 5 regional headquarters/divisions, 5 R&D Centers, 30 Sales Subsidiaries & Offices, 8 production facilities in Korea (2), China (3), USA, Hungary and Indonesia. Globally, the total employee of a company reaches 20 thousand people. Financially, in 2023, the company generates revenue of 1 trillion KRW or equivalent to 0.74 billion US Dollar and net income reaching 187 billion KRW or equivalent to 0.138 billion US Dollar.

12.Nokian Tyres

Nokian Tyres plc is tire company headquartered in Nokia, Finland and has established since 1898. Basically, this company produces tires for cars, trucks, buses, and heavy-duty equipment.  Today, this company operates in over 60 countries around the world with 4,700 of employees. Financially, in 2023, this company generates revenue of 1.1 billion Euro or equivalent to 1.2 billion US Dollar but suffered net loss of 325 million Euro or equivalent with  -357 million US Dollar.

13. MRF

Madras Rubber Factory (MRF) is an Indian multinational tire manufacturing company Headquartered in Chennai, Tamil Nadu, India. Historically, this company was founded by K. M. Mammen Mappillai in 1946. Today, along with the development of the company, total employee of company reaches 16,194 people. Financially, in 2023, based on annual report, this company generates 25,486 Rs Crores or equivalent to 3 billion US Dollar and net income reach 2.081 Rs Crores or equivalent to 2.4 billion US Dollar.

Bibliography of 13 World’s Biggest Tire Companies in 2023

 

Continental. Annual Report 2023. Accessed via https://www.continental.com/en/investors/reports/  on July 20th, 2024.

Bridgestone. Annual Report 2023. Accessed via https://www.bridgestone.com/ir/  on July 20th, 2024.

Michelin. Annual Report 2023. Accessed via https://www.michelin.com/en/annual-report/  on July 20th, 2024.

Goodyear. Annual Report 2023. Accessed via https://corporate.goodyear.com/us/en/investors/financial-reports/annual-reports.html  on July 20th, 2024.

Pirelli. Annual Report 2020. Accessed via https://corporate.pirelli.com/corporate/en-ww/investors/financial-publications/financial-reports  on July 20th, 2024.

Sumitomo Tires. Annual Report 2023. Accessed via https://www.srigroup.co.jp/english/ir/library/financial-report/index.html  on July 20th, 2024.

Yokohama. Annual Report 2023. Accessed via https://www.y-yokohama.com/global/ir/library/areport/  on July 20th, 2024.

Cheng Shin Rubber. Annual Report 2023. Accessed via https://www.wsj.com/market-data/quotes/TW/2105/financials  on July 20th, 2024.

Toyo Tires. Annual Report 2023. Accessed via https://www.toyotires-global.com/ir/library/annual/  on July 20th, 2024.

Apollo. Annual Report 2023. Accessed via https://corporate.apollotyres.com/investors/financial-reporting/   on July 20th, 2024.

Hankook. Annual Report 2023. Accessed via https://m.hankooktire.com/global/company/finance/financial-reports.html  on July 20th, 2024. Nokian Tyres. Annual Report 2023. Accessed via https://www.nokiantyres.com/company/publications/annual-reports/  on July 20th, 2024.

MRF. Annual Report 2023.Accessed via https://www.mrftyres.com/downloads/Annual-Report-2020-2021.pdf  on July 20th, 2024.