Pittsburgh Steelers Coach Mike Tomlin is often quoted as saying, "the standard is the standard," and that's certainly the case in our 38th annual Global Tire Report (GTR).
Tire makers rising in Top 75 global sales rankings
Group Michelin heads our Top 75 tire makers rankings, followed by Bridgestone at No. 2. Goodyear and Continental are comfortably positioned at No. 3 and No. 4. The top four haven't changed since Michelin overtook Bridgestone in the 2020 GTR (based on 2019 sales stats). In fact, the Top 11 in the rankings remained unchanged from last year.
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The standard is the standard. Our Top 75 isn't static, though. Many tire companies are making moves to rise in the rankings and set the new standard.
Sailun Group Co. Ltd. also continues to grow, thanks to its aggressive North America program. While most Chinese tire makers dropped in the Top 75, largely due to domestic downturn and the impact of U.S. import duties, Sailun gained ground, moving up to No. 12 from No. 14 last year. The company is nipping at No. 11 Toyo Tire Corp.'s heels.
Another tire maker seeing the benefits of the North American market is Quincy, Ill.-based Titan International Inc. The farm and OTR tire maker rose to No. 21 from No. 28 in the GTR.
Companies ranked in the Top 75 this year are based in 18 nations, with China (31) having the most. Other countries represented are India with eight companies; Japan, South Korea, Taiwan and the U.S. with four each; Italy and Turkey, three each; Pakistan, Russia and Vietnam, two each; and one each from Argentina, Belarus, Finland, France, Germany, Iran, Singapore and Thailand.
Hankook Tire & Technology Co. Ltd., No. 7 in the GTR Top 75, gained ground on No. 6 Pirelli & C. S.p.A. Hankook said it is on a mission to breaking into the Top 5.
Hankook has a goal of $13 billion in sales by 2030 — in this year's GTR, that would rank it ahead of No. 4 Continental A.G. ($12.4 billion).
"Obviously to do that, we have to focus on the major markets, like North America and Europe," Rob Williams, Hankook Tire America Corp. president, told us.
"The main thing we have to do is to continue to strengthen the partnerships we have with our dealer network," Williams said.
The "wild card" in the deck is Yokohama Rubber Co. Ltd. (No. 8), whose acquisition of Trelleborg Wheel Systems — concluded in May — eventually will boost the Japanese tire maker's full-year revenue by $1 billion or more.
Zodo Tire Co. Ltd., a Heze City, Shadong, China-based enterprise that combines the assets of at least three tire makers: Shandong Weifang Yuelong Rubber Group, Huadong Tire Co. Ltd. and Shandong Kaixuan Rubber Co. Ltd. Zodo debuted at No. 44 with fiscal 2022 sales of $371 million.
Tianjin Wanda Tire Group ranked No. 60 with sales of $239 million. Founded in 1998, Tianjin Wanda operates three tire plants in Tianjin and Hebei provinces, producing two-wheeler and passenger tires. It goes to market under the Armor, Hakuba, Halberd, Journey and WDT brands.
Panther Tyres Ltd. ranked No. 74 with fiscal 2021 sales of $126 million. Formerly known as Mian Tyres, the Lahore, Pakistan-based company's fiscal year ends June 30 and, as such, hasn't reported 2022-23 fiscal-year sales yet.
Ralson Tyres Ltd. at No. 75 with fiscal 2021 sales of $122.8 million. The Ludhiana, India-based company is likely to be shown much higher in coming years as its export-oriented venture into truck/bus tires ramps up.
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