Global tyre industry expands 25% in 2010

1st September 2011

The global tyre industry rebounded last year after being severely affected by the recession in late 2008 and 2009, according to new research.

US tyre news website Tire Business has published its 2011 Global Tyre Report which shows that the tyre sector grew by around 20 percent in value last year to reach an estimated $152 billion (£93.6 billion).

For the third consecutive year, Bridgestone retained its position as market leader ahead of rivals Michelin, Goodyear and Continental.

The continued success of the Tokyo-based firm is partly attributed to its stake in other major tyre manufacturers across the world, including Turkish company Bridgestone Brisa and Finland's Nokian Tyres.

Overall, there are 25 'billion dollar' tyre companies in the 2010 rankings, compared to 19 in the previous year.

A significant milestone was also reached last year, as the ten largest tyre makers achieved collective sales of more than $100 billion (£61.6 billion) for the first time, a rise of 17 per cent from 2009. 

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Posted by Danielle Barge