Top 13 World’s Biggest Tire Companies– Based on the annual report of the company in 2020, there are 13 World’s Biggest Tire Companies. These companies have huge revenue of income with trillion US dollars of Assets. Statistically, some people in the world know these companies, or probably, we use these tire products in our vehicles (cars, motorcycles, or bicycles).
Tires are devices that cover the wheels of a wheel. Commonly, Tires are an indispensable part of vehicles (cars, motorcycles, or bicycles) and are 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 facilitate movement. Most tires that exist today, especially those used for motor vehicles, are manufactured from synthetic rubber, although they can also be used from other materials such as steel.
In 2020, there are thirteen 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 2020. Overall, this data of revenue and income of each company was obtained from the annual report of the company in 2020. Basically, the annual report is a published report of a company that usually describes the business, financial, operational performance in the specific year annually.
The Rank of 13 World’s Biggest Tire Companies According to Net Income
| Rank | Companies | Revenue | Revenue | Net Income | Net Income |
|---|---|---|---|---|---|
| Origin Currency | US Dollar | Origin Currency | US Dollar | ||
| 1 | Goodyear | 12.3 Billion US Dollar | 12.3 Billion | 1.2 Billion US Dollar | 1.2 Billion |
| 2 | Michelin | 20.4 Billion Euro | 23 Billion | 625 Million Euro | 706 Million |
| 3 | Yokohama | 570 Billion Yen | 5 Billion | 26 Billion Yen | 228 Million |
| 4 | Cheng Shin Rubber | 96 Billion TWD | 3.4 Billion | 5.9 Billion TWD | 212 Million |
| 5 | Sumitomo Tires | 790 Billion Yen | 6.9 Billion | 22.6 Billion Yen | 198 Million |
| 6 | Hankook | 820 Billion KRW | 688 Million | 179 Billion KRW | 150 Million |
| 7 | Toyo Tires | 343 Billion Yen | 3 Billion | 11 Billion yen | 96 Million |
| 8 | Nokian Tyres | 1.3 Billion Euro | 1.4 Billion | 86 Million Euro | 93 Million |
| 9 | Pirelli | 4.3 Billion Euro | 4.8 Billion | 42.6 Million Euro | 48 Million |
| 10 | Apollo | 169 Billion INR | 2.1 Billion | 3.5 Billion INR | 45 Million |
| 11 | MRF | 15,921 Rs Crores | 206 million | 1,216 Rs Crores | 15 Million |
| 12 | Bridgestone | 2,994 Billion Yen | 25.9 Billion | (-19.7 Billion Yen) | (-173 Million) |
| 13 | Continental | 37.7 Billion Euro | 42.6 Billion | (-918 Million Euro) | (-1 Billion) |
| Source : Annual Report, 2020 | |||||
| Origin Currency : Currency at the Annual Report | |||||
| Currency Rate : | |||||
| 1 Japanese Yen (JPY) = 0.0088 US Dollar (USD) | |||||
| 1 Euro = 1.13 US Dollar (USD) | |||||
| 1 Korean Won (KRW)= 0.00084 US Dollar (USD) | |||||
| 1 Rupee India (INR) = 0.013 US Dollar (USD) | |||||
| 1 Rs Crores = 10 Million Indian Rupee | |||||
| 1 Taiwan Dollar (TWD) = 0.036 US Dollar (USD) | |||||
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 are in the balance sheet of the annual report. Here are thirteen world’s biggest tire companies based on the assets of each company
The Rank of 13 World’s Biggest Tire Companies According to Assets
| Rank | Companies | Assets | Assets | Liabilities | Liabilities |
|---|---|---|---|---|---|
| Origin Currency | US Dollar | Origin Currency | US Dollar | ||
| 1 | Continental | 39.6 Billion Euro | 44.7 Billion | 26.9 Billion Euro | 30.3 Billion |
| 2 | Bridgestone | 4,189 Billion Yen | 36 Billion | 1,994 Billion Yen | 17 Billion |
| 3 | Michelin | 31.6 Billion Euro | 35.7 Billion | 19 Billion Euro | 21 Billion |
| 4 | Goodyear | 16.5 Billion USD | 16.5 Billion | 13.2 Billion USD | 13.2 Billion |
| 5 | Pirelli | 13.7 Billion Euro | 15.4 Billion | 9.2 Billion Euro | 10.3 Billion |
| 6 | Sumitomo Tires | 947 Billion Yen | 8.3 Billion | 507 Billion Yen | 4.4 Billion |
| 7 | Yokohama | 860 Billion Yen | 7.5 Billion | 437 Billion Yen | 3.8 Billion |
| 8 | Cheng Shin Rubber | 151 Billion TWD | 5.4 Billion | 70 Billion TWD | 2.5 Billion |
| 9 | Toyo Tires | 445 Billion Yen | 3.9 Billion | 222 Billion Yen | 1.9 Billion |
| 10 | Apollo | 260 Billion INR | 3.3 Billion | 192 Billion INR | 2.4 Billion |
| 11 | Hankook | 3.7 Trillion KRW | 3.1 Billion | 291 Billion KRW | 224 Million |
| 12 | Nokian Tyres | 2.3 Billion Euro | 2.5 Billion | 815 Million Euro | 920 Million |
| 13 | MRF | 22,259 RS Crores | 289 Million | 9,080 Rs Crores | 118 Million |
| Source : Annual Report, 2020 | |||||
| Origin Currency : Currency at the Annual Report | |||||
| Currecy Rate | |||||
| 1 Japanese Yen (JPY) = 0.0088 US Dollar (USD) | |||||
| 1 Euro = 1.13 US Dollar (USD) | |||||
| 1 Korean Won (KRW)= 0.00084 US Dollar (USD) | |||||
| 1 Rupee India (INR) = 0.013 US Dollar (USD) | |||||
| 1 Rs Crores = 10 Million Indian Rupee | |||||
| 1 Taiwan Dollar (TWD) = 0.036 US Dollar (USD) | |||||
Brief Description of 13 World’s Biggest Tire Companies
1.Continental
Histocally, Continental was founded in Hanover in 1871 as the stock corporation “Continental-Caoutchouc- und Gutta-Percha Compagnie”. They have manufactured at the main factory in Hanover included soft rubber products, rubberized fabrics, and solid tires for carriages and bicycles. Today, Continental is the top 5 automotive suppliers worldwide. As a supplier of brake systems, systems, and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires, and technical elastomers, Continental strives to contribute to enhancing safe driving and global climate protection. Along with the development of the company’s business, these companies have some products of the tire. Some of 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 39.6 billion Euro. In 2020, this company generated revenue of 37.7 billion Euro or equivalent to4 2.6 billion US Dollars but suffered negative performance with a net loss of -918 Million Euro or equivalent with -1 Billion US Dollar.
2. Bridgestone
Bridgestone Corporation is one of the biggest manufacturers of tires 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 in Japan. Along with the development of the company, this company has 180 manufacturing plants and R&D Facilities spread out the nation. With employees of more than 143 thousand people, this company still moving forward with innovative products. Operationally, based on the product, this company market some product, namely Ecopia, Turanza, Potenza, Dueler, Blizzak, Battlax, and other tire brand. Financially, in 2020, based on the annual report, the company generates revenue of 2,994 billion Yen or equivalent to 25.9 billion but suffered negative result with a net loss of -19.7 Billion Yen or equivalent to -173 Million US Dollar.
3. Michelin
Michelin is a 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 development of the company, Michelin has 117 production sites in 26 countries, commercial offices in 170 countries, with total employees around the world, reaching 124 thousand people. Financially in 2020, with the pandemic of Covid-19, this company still gets positive performance with revenue of 20.4 billion Euro or equivalent with 23 billion US Dollar and net income of 625 million Euro or equivalent with 706 million US Dollar.
4. Goodyear
The Goodyear Tire & Rubber Company is an 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 a central office in Akron, Ohio, United States of America (USA). Along with the development of the company’s business, Goodyear has some brands of tires. these brands are Goodyear Eagle, Goodyear Excellence, Eagle F1 Sport, Super Road Lug, S200+, Assurance Triplex. Financially, this company generates revenue of 12.3 billion US dollars and net income of 1.2 billion US dollars.
5. Pirelli
Pirelli & C. S.p.A.is one of the biggest tire manufacturers in 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, ChemChina with 45.5% of share ownership and Marco Tronchetti Provera with 10.05% of share are the biggest of Pirelli share. Financially, this company generates revenue of 4.3 billion euros o equivalent to 4.8 billion US dollars, and net income of 42.6 million Euro or equivalent to 48 million US dollars.
6. Sumitomo Tires
Sumitomo Rubber Industries, Ltd is a Japanese-based rubber manufacturer company with a revenue of 790 billion Yen or equivalent to 6.9 billion UD Dollar and net income of 22.6 billion Yen or equivalent to 198 million US Dollar in 2020. Along with the development of the company, this company has employees of around 39,298 people and sales of around 108 million tires in 2020. 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 in Japan. Historically, this company was founded on October 13th, 1917, and still has its main office in Tokyo, Japan. Some of the tire brands from this company are YOKOHAMA, ALLIANCE, GALAXY, PRIMEX, and AICHI tires. Financially, in 2020, based on the annual report, the company generates revenue of 570 billion Yen or equivalent to 5 billion and net income of twenty-six billion Yen or equivalent to 228 million US Dollars.
8. Cheng Shin Rubber
Cheng Shin Rubber Ind. CO., LTD. Has a primary office in Tatsun Hsiang, Changhua, Taiwan, and has 5,904 total employees across all its locations. Financially, in 2020, this company generates revenue of Ninety-six billion Taiwan Dollars or equivalent to 3.4 billion US dollars and a net income of5.9 billion Taiwan dollars or equivalent to 212 million US dollars.
9.Toyo Tires
Toyo Tire Corporation has a primary office in Itami, Hyogo, Japan. Historically, this company established since August 1st, 1945. Today, the company has 12 thousand employees. Operationally, Toyo Tire has manufactured tires in four countries, namely Japan, the US, China, and Malaysia. Financially, the company generates revenue of 343 billion Yen, or equivalent to 3 billion US dollars, and net income of eleven billion yen or equivalent to ninety-six million US dollars.
10. Apollo
Apollo Tyres Limited is an Indian tire manufacturing company headquartered in Gurugram, Haryana. Historically, this company started operationally in 1972. Along with the 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 of employees reaches 18,734 people. Financially, this company generates 169 billion Indian Rupee or equivalent to 2.1 billion US Dollar and net income reach 3.5 billion Indian Rupee or equivalent to 45 million 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 the development of the 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 number of employees of the company reaches 20 thousand people. Financially, in 2020, the company generates revenue of 820 billion KRW or equivalent to 688 million US dollars, and net income reaches 179 billion KRW or equivalent to 150 million US dollars.
12.Nokian Tires
Nokian Tyres plc is a tire company headquartered in Nokia, Finland, and has been established in 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 employees. Financially, in 2020, this company generates revenue of 1.3 billion Euro or equivalent to 1.4 billion US Dollars and net income of eighty-six million Euro or equivalent with 93 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, the total number of employees of the company reaches 16,194 people. Financially, in 2020, based on the annual report, this company generates 15,921 Rs Crores or equivalent to 206 million US Dollar, and net income reach 1,216 Rs Crores or equivalent to 15 million US Dollar.
Bibliography of 13 World’s Biggest Tire Companies
Continental. Annual Report 2020. Accessed via https://www.continental.com/en/investors/reports/ on November 20th, 2021
Bridgestone. Annual Report 2020. Accessed via https://www.bridgestone.com/ir/ on November 20th, 2021
Michelin. Annual Report 2020. Accessed via https://www.michelin.com/en/annual-report/ on November 20th, 2021
Goodyear. Annual Report 2020. Accessed via https://corporate.goodyear.com/us/en/investors/financial-reports/annual-reports.html on November 20th, 2021
Pirelli. Annual Report 2020. Accessed via https://corporate.pirelli.com/corporate/en-ww/investors/financial-publications/financial-reports on November 20th, 2021
Sumitomo Tires. Annual Report 2020. Accessed via https://www.srigroup.co.jp/english/ir/library/financial-report/index.html on November 20th, 2021
Yokohama. Annual Report 2020. Accessed via https://www.y-yokohama.com/global/ir/library/areport/ on November 20th, 2021
Cheng Shin Rubber. Annual Report 2020. Accessed via https://www.wsj.com/market-data/quotes/TW/2105/financials on November 20th, 2021
Toyo Tires. Annual Report 2020. Accessed via https://www.toyotires-global.com/ir/library/annual/ on November 20th, 2021
Apollo. Annual Report 2020. Accessed via https://corporate.apollotyres.com/investors/financial-reporting/ on November 20th, 2021
Hankook. Annual Report 2020. Accessed via https://m.hankooktire.com/global/company/finance/financial-reports.html on November 20th, 2021
Nokian Tyres. Annual Report 2020. Accessed via https://www.nokiantyres.com/company/publications/annual-reports/ on November 20th, 2021
MRF. Annual Report 2020.Accessed via https://www.mrftyres.com/downloads/Annual-Report-2020-2021.pdf on November 20th, 2021
