Top Tires Companies in the World 2024 | IMARC Group

Tire manufacturing is a complicated process that involves several stages before reaching the finished product. It entails the selection and processing of raw materials, such as natural rubber, synthetic rubber, carbon black, and a variety of other chemicals, which are then mixed to form a rubber compound with the desired attributes such as durability, traction, and thermal resistance. The compound is then subjected to various shaping and curing procedures that make use of molds and heat to give the tire its final form and structure. After curing, the tire is inspected and tested to verify if it fulfills the quality requirements before being delivered to distribution facilities.

The global tire market size reached US$ 164.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 256.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.

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Many tire producing companies are frequently investing in research and innovation to better their product's performance, toughness, and efficiency. They are working on creating eco-friendly tires that make use of sustainable materials and manufacturing techniques to help reduce the environmental effect related to the production of tires. Also, companies like Michelin and Bridgestone are at the top of this trend as they are engaging in technologies like silica-based compounds and energy-efficient production procedures to make tires that have fewer rolling resistance and longer tread life. They are also concentrating on tire design innovations by using sophisticated tread patterns and materials that help in optimizing momentum, handling, and fuel efficiency.
 
Another major focus for tire producers is to make use of digital technology and data analytics tools to better their manufacturing operations and improve customer experience and satisfaction. For example, Continental and Goodyear are employing modern technologies, like smart manufacturing efforts that make use of the Internet of Things (IoT) gauges, machine learning (ML) computer programs, and cloud computing to track and evaluate production data in actual time. They use insights that are data-driven to discover inefficiencies, predict maintenance needs, and improve the quality and performance of tires. Also, digitization provides better coordination with supply chain partners and offers tailored services for companies, such as automatic upkeep and tire management systems. Furthermore, tire manufacturers are actively involved in addressing emerging challenges, like tire recycling and circular economy initiatives. They are allocating funds to technologies to recycle tires into new materials or repurpose them for other applications. Bridgestone, for instance, has launched initiatives like the "Bridgestone Group Global Sustainable Procurement Policy" to promote responsible sourcing and sustainable practices across its supply chain.

Top Tire Companies/Manufacturers in the World:

• The Michelin Group
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire and Rubber Company
• Sumitomo Corporation
• Pirelli Tyre S.p.A
• Yokohama Tire Corporation
• Hankook Tire and Technology Co., Ltd.
• Toyo Engineering Corporation
• Kumho Tyre (Australia) Pty Ltd.

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