Top 10 Tire Manufacturers by Revenue (2013-2024): In this article we delve into the dynamic world of tire manufacturing, a sector that’s as competitive as it is crucial to global transportation. Spanning a critical decade, this analysis offers a comprehensive look at the industry’s major players who have not only shaped the market but also set benchmarks in revenue generation.
From 2013 to 2024, these top 10 tire manufacturers have navigated through technological innovations, environmental challenges, and evolving consumer demands to emerge as leaders in revenue. Join us as we explore how these companies have succeeded in maintaining their edge in a constantly evolving industry, revealing not just numbers, but the strategies and innovations that have propelled them to the top.
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Top 10 Tire Manufacturers by Revenue (2013-2024)
Over the past decade, the tire industry has witnessed remarkable fluctuations in the revenue of its leading manufacturers. This dynamic period, marked by technological innovations, environmental challenges, and significant disruptions like the COVID-19 pandemic, offers a rich landscape for understanding the industry’s evolution. Here’s a concise summary, with percentage differences, for each year from 2013 to 2023.
2013
Bridgestone led with €21.57 billion, while Michelin followed at €19.84 billion, showing a 8.7% lower revenue than Bridgestone. Goodyear was third with €14.22 billion, approximately 32.8% behind Michelin.
2014
Bridgestone remained on top in 2014 with €21.30 billion. Michelin’s €19.16 billion was about 10.1% lower. Goodyear, at €14.94 billion, was 22.0% behind Michelin.
2015
Bridgestone’s revenue peaked at €24.23 billion in 2015. Michelin, at €20.78 billion, earned 14.2% less. Goodyear, with €15.10 billion, was 27.3% behind Michelin.
2016
In 2016, Bridgestone led with €22.41 billion. Michelin followed with €20.49 billion, 8.6% lower. Goodyear’s €14.38 billion was 29.8% behind Michelin.
2017
Bridgestone topped the chart in 2017 with €22.56 billion, closely trailed by Michelin with €21.52 billion, 4.6% lower. Goodyear maintained the third spot with €12.82 billion, a substantial 40.4% behind Michelin.
2018
Bridgestone continued its lead in 2018 with €24.25 billion. Michelin was second with €21.59 billion, 11.0% less. Goodyear, with €13.52 billion, was 37.4% behind Michelin.
2019
Bridgestone led again in 2019 with €24.22 billion, while Michelin was slightly behind at €23.65 billion, 2.4% lower. Goodyear, at €13.13 billion, was 44.5% behind Michelin.
2020 (COVID Year)
The COVID-19 pandemic significantly impacted the industry in 2020. Michelin led with €20.06 billion, followed by Bridgestone at €19.65 billion, only 2.0% less. Continental, at €10.16 billion, was 49.3% behind Bridgestone, overtaking Goodyear.
2021
Post-pandemic recovery was evident in 2021. Michelin reached €23.32 billion. Bridgestone, at €23.03 billion, was just 1.2% lower. Goodyear regained third with €15.43 billion, 33.8% behind Bridgestone.
2022
In 2022, Michelin reached €28.02 billion, while Bridgestone followed with €27.03 billion, 3.5% less. Goodyear, at €19.51 billion, was 27.8% behind Bridgestone.
2023
In 2023, tire manufacturers experienced lower revenues compared to the recovery year of 2022, with most companies reporting a decrease. Michelin still takes top spot with a revenue of €26,728 million. The new entry in the top ten list is Sailun Group, which ranked 10th with a revenue of €3,309 million.
This decade-long journey reflects the resilience and strategic adaptability of these top manufacturers in the face of industry-wide challenges and changes.
Key Challenges & Innovations over the last 10 years
Over the last decade, the tire industry has navigated a tumultuous landscape, marked by both significant challenges and remarkable innovations. The period from 2013 to 2022 was characterized by a series of highs and lows that profoundly impacted the sector.
Challenges:
- Environmental Regulations: Increasingly stringent environmental regulations forced manufacturers to invest heavily in sustainable production methods. The push towards eco-friendly materials and processes presented both a challenge and an opportunity for innovation.
- Raw Material Volatility: The industry faced volatility in the prices and availability of raw materials like rubber, oil, and steel. This unpredictability often led to fluctuating production costs and margins.
- Global Economic Fluctuations: Economic downturns in key markets, including the recession in Europe and slowdowns in emerging economies, impacted tire sales and revenue.
- Technological Disruption: The rise of electric and autonomous vehicles presented a challenge to traditional tire designs, necessitating R&D investments to create tires suited for these new vehicle types.
- COVID-19 Pandemic: Perhaps the most significant challenge was the COVID-19 pandemic in 2020, which disrupted supply chains, halted production, and led to a drop in sales as global travel diminished.
Innovations:
- Eco-Friendly Tires: In response to environmental concerns, manufacturers developed more sustainable tires using eco-friendly materials and production processes, reducing the carbon footprint of their products.
- Advanced Tire Technologies: The decade saw advancements in tire technology, including increased fuel efficiency, longer lifespan, and improved safety features. The development of smart tires equipped with sensors also gained traction, enhancing vehicle performance and safety.
- Adaptation to Electric and Autonomous Vehicles: Tire companies innovated to meet the specific needs of electric and autonomous vehicles, such as low rolling resistance for increased battery efficiency and reinforced structures to handle heavier loads.
- Strategic Global Expansion: Many companies expanded their global footprint, establishing new production facilities in emerging markets to reduce costs and improve access to growing consumer bases.
- Online Sales and Digitalization: The industry adapted to digital trends, enhancing online sales platforms and digital marketing strategies, especially important during the pandemic when traditional sales channels were disrupted.
The last ten years in the tire industry have been a period of significant evolution, with companies facing numerous challenges but also seizing opportunities to innovate and adapt. These developments have not only reshaped the industry but also set the stage for future advancements in the automotive sector.
Future of the tire industry
In 2024, the competition for dominance in the tire industry is expected to be fierce, with Michelin and Bridgestone at the forefront. Michelin, a leader in previous years, remains strong due to its focus on sustainable practices and technological advancements. Bridgestone also continues to be a formidable competitor, driven by its global reach and significant investments in research and development, especially for electric and autonomous vehicles.
However, the landscape is becoming increasingly competitive with the rise of Chinese companies like Sailun and ZC Rubber. These companies are rapidly expanding their market presence and pose a significant threat to the established leaders. Their aggressive strategies and growing influence could reshape the industry’s dynamics. The key to success for all players will be their ability to adapt to changing market demands and capitalize on technological innovations in the tire sector.
Data: Top 10 Tire Manufacturers by Revenue (2013-2023)
| Year | Rank | Tire Manufacturer | Revenue (Million €) |
| 2023 | 1 | Michelin | 26,728 |
| 2023 | 2 | Bridgestone | 25,690 |
| 2023 | 3 | Goodyear | 18,159 |
| 2023 | 4 | Continental | 13,958 |
| 2023 | 5 | Pirelli | 6,650 |
| 2023 | 6 | Sumitomo | 6,439 |
| 2023 | 7 | Hankook | 6,236 |
| 2023 | 8 | Yokohama | 5,597 |
| 2023 | 9 | ZC Rubber | 4,458 |
| 2023 | 10 | Sailun | 3,309 |
| 2022 | 1 | Michelin | 28,018 |
| 2022 | 2 | Bridgestone | 27,029 |
| 2022 | 3 | Goodyear | 19,506 |
| 2022 | 4 | Continental | 14,005 |
| 2022 | 5 | Sumitomo | 6,682 |
| 2022 | 6 | Pirelli | 6,616 |
| 2022 | 7 | Hankook | 6,245 |
| 2022 | 8 | Yokohama | 5,371 |
| 2022 | 9 | Zc Rubber | 4,349 |
| 2022 | 10 | Toyo Tires | 3,241 |
| 2021 | 1 | Michelin | 23,319 |
| 2021 | 2 | Bridgestone | 23,030 |
| 2021 | 3 | Goodyear | 15,432 |
| 2021 | 4 | Continental | 11,808 |
| 2021 | 5 | Sumitomo | 6,174 |
| 2021 | 6 | Pirelli | 5,331 |
| 2021 | 7 | Hankook | 5,305 |
| 2021 | 8 | Yokohama | 4,497 |
| 2021 | 9 | Zc Rubber | 4,209 |
| 2021 | 10 | Maxxis | 3,229 |
| 2020 | 1 | Michelin | 20,060 |
| 2020 | 2 | Bridgestone | 19,649 |
| 2020 | 3 | Continental | 10,159 |
| 2020 | 4 | Goodyear | 10,041 |
| 2020 | 5 | Sumitomo | 5,377 |
| 2020 | 6 | Hankook | 4,831 |
| 2020 | 7 | Pirelli | 4,302 |
| 2020 | 8 | Yokohama | 3,776 |
| 2020 | 9 | Zc Rubber | 3,509 |
| 2020 | 10 | Maxxis | 2,790 |
| 2019 | 1 | Bridgestone | 24,218 |
| 2019 | 2 | Michelin | 23,652 |
| 2019 | 3 | Goodyear | 13,125 |
| 2019 | 4 | Continental | 11,728 |
| 2019 | 5 | Sumitomo | 6,295 |
| 2019 | 6 | Pirelli | 5,323 |
| 2019 | 7 | Hankook | 5,310 |
| 2019 | 8 | Yokohama | 4,293 |
| 2019 | 9 | Zc Rubber | 3,528 |
| 2019 | 10 | Maxxis | 3,254 |
| 2018 | 1 | Bridgestone | 24,247 |
| 2018 | 2 | Michelin | 21,587 |
| 2018 | 3 | Goodyear | 13,515 |
| 2018 | 4 | Continental | 11,352 |
| 2018 | 5 | Sumitomo | 6,104 |
| 2018 | 6 | Hankook | 5,317 |
| 2018 | 7 | Pirelli | 5,195 |
| 2018 | 8 | Yokohama | 3,612 |
| 2018 | 9 | Zc Rubber | 3,414 |
| 2018 | 10 | Maxxis | 3,120 |
| 2017 | 1 | Bridgestone | 22,561 |
| 2017 | 2 | Michelin | 21,521 |
| 2017 | 3 | Goodyear | 12,822 |
| 2017 | 4 | Continental | 11,326 |
| 2017 | 5 | Sumitomo | 5,605 |
| 2017 | 6 | Pirelli | 5,352 |
| 2017 | 7 | Hankook | 5,325 |
| 2017 | 8 | Yokohama | 3,567 |
| 2017 | 9 | Maxxis | 3,156 |
| 2017 | 10 | Zc Rubber | 3,063 |
| 2016 | 1 | Bridgestone | 22,413 |
| 2016 | 2 | Michelin | 20,489 |
| 2016 | 3 | Goodyear | 14,380 |
| 2016 | 4 | Continental | 10,717 |
| 2016 | 5 | Pirelli | 6,056 |
| 2016 | 6 | Sumitomo | 5,255 |
| 2016 | 7 | Hankook | 5,217 |
| 2016 | 8 | Yokohama | 3,858 |
| 2016 | 9 | Maxxis | 3,437 |
| 2016 | 10 | Cooper Tires | 2,775 |
| 2015 | 1 | Bridgestone | 24,233 |
| 2015 | 2 | Michelin | 20,775 |
| 2015 | 3 | Goodyear | 15,103 |
| 2015 | 4 | Continental | 10,388 |
| 2015 | 5 | Pirelli | 6,301 |
| 2015 | 6 | Sumitomo | 5,588 |
| 2015 | 7 | Hankook | 5,018 |
| 2015 | 8 | Yokohama | 3,820 |
| 2015 | 9 | Maxxis | 3,263 |
| 2015 | 10 | Giti | 2,762 |
| 2014 | 1 | Bridgestone | 21,301 |
| 2014 | 2 | Michelin | 19,162 |
| 2014 | 3 | Goodyear | 14,940 |
| 2014 | 4 | Continental | 9,784 |
| 2014 | 5 | Pirelli | 6,008 |
| 2014 | 6 | Hankook | 5,042 |
| 2014 | 7 | Sumitomo | 5,035 |
| 2014 | 8 | Yokohama | 3,426 |
| 2014 | 9 | Maxxis | 3,359 |
| 2014 | 10 | Cooper Tires | 2,821 |
| 2013 | 1 | Bridgestone | 21,574 |
| 2013 | 2 | Michelin | 19,842 |
| 2013 | 3 | Goodyear | 14,216 |
| 2013 | 4 | Continental | 9,583 |
| 2013 | 5 | Pirelli | 6,116 |
| 2013 | 6 | Hankook | 4,947 |
| 2013 | 7 | Sumitomo | 4,840 |
| 2013 | 8 | Yokohama | 3,423 |
| 2013 | 9 | Maxxis | 3,237 |
| 2013 | 10 | Giti | 2,937 |