When you’re on the lookout for top-notch tyres in India, it’s essential to know about the leading companies that manufacture them. India is home to several world-class tyre manufacturers who are known for their commitment to quality and innovation. These companies have played a significant role in shaping the country’s automotive industry over the years.
Among these, there are ten standout firms that truly excel in terms of technology, durability, and performance. Whether searching for car or bike tyres, your quest will inevitably lead you towards these industry leaders. They’ve carved out a reputation not just within India’s borders but also on an international scale.
In this article, we’ll explore these top 10 tyre companies in India, delving into their histories and what makes their products so sought after. By the end of your read, we guarantee you’ll be well-equipped with all the information you need to make an informed tyre purchase decision!
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Tyre Industry in India
- In 2022, the India tyre market attained a volume of 179.16 million units.
- The market is expected to grow at a CAGR of 6.68% from 2023 to 2028, reaching a volume of 263.26 million units by 2028.
- India’s tyre industry is projected to more than double its revenue to $22 billion by FY32 from $9 billion in FY22.
- The industry’s turnover is estimated to increase by 100 basis points to 3.4% of India’s manufacturing GDP by FY32 compared with 2.2% in FY22.
- Indian tyre manufacturers have invested close to Rs 350 billion in capex for expanding capacities and debottlenecking in the last three years.
- The Indian tyre industry manufactured 177.16 million units in 2022, and this number is expected to go up to 263.3 million units in 2028, a 6.7% CAGR during 2023-28.
- India’s global market share in the tyre industry is expected to reach 6% by 2030 from the current 3%.
- India’s top 10 tyre manufacturers account for around 80% of the total market share.
- The India tyre market size reached 188.9 Million Units in 2022 and is expected to reach 225.6 Million Units by 2028, exhibiting a CAGR of 3.1% during 2023-2028.
- Indian tyre manufacturers are likely to double their global market share from 3% to 6% by 2030.
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Tyre Companies in India
- MRF Limited
- Apollo Tyres
- Bridgestone
- CEAT Tyres
- Goodyear Tire & Rubber Company
- JK Tyre
- TVS Eurogrip (TVS Tyres)
- Continental
- Michelin
- Yokohama
| Company | Revenue in 2022 |
|---|---|
| MRF Limited | ₹1,96,337 crores |
| Apollo Tyres | ₹24,568 crores |
| Bridgestone | ₹2,86,770 crores |
| CEAT Tyres | ₹11,301 crores |
| Goodyear Tire & Rubber Company | ₹15,60,375 crores |
| JK Tyre | ₹14,681 crores |
| TVS Eurogrip (TVS Tyres) | ₹2,873.26 crores |
| Continental AG | €39.4 billion |
| Michelin | ₹2,50,450 crores |
| Yokohama Rubber | ₹4,92,098 crores |
1. MRF Limited
Let’s dive into the details of MRF Limited, also known as Madras Rubber Factory or, more commonly, MRF Tyres. You’ve probably seen their brand on numerous vehicles since they’re an Indian multinational tyre manufacturing company and hold the title of the largest manufacturer of tyres in India.
Last fiscal year (FY22), MRF saw a revenue of ₹1,96,337 crores. That’s a 19.9% increase from FY21, when it was ₹1,63,731 crores. However, net profit for FY22 was down by 47.6% to ₹6,692 crores from ₹12,771 crores in FY21. The company has a strong workforce with 18,180 employees as of 2022.
Their product range is extensive, too:
- They manufacture tyres for two-wheelers and four-wheelers along with OTR tyres (Off The Road tires). Motorcycles and bike tyres are part of their speciality, too. They also produce treads, tubes and conveyor belts.
The nerve centre of operations is situated in Chennai:
- Their headquarters can be found at New No 114 Old No 124, MRF House on Greams Road in Thousand Lights district in Chennai.
They have notable achievements under their belt:
- Team MRF Tyres clinched victory at the European Rally Championship 2022 Awards held by the Federation Internationale de l’Automobile (FIA) Gala.
They’re not just about manufacturing; they’re expanding through acquisitions, too:
- In an interesting move towards diversification, MRF entered into an agreement to acquire a significant stake (19.10%) in First Energy 4 Private Limited, which is scheduled for completion in 2023.
A little bit about its history: K.Mammen Mapillai founded this iconic company back in 1946, right here in Chennai.
They’ve also been recognised for their excellence multiple times: Winning JD Power awards twelve times over isn’t easy, but that’s what makes them stand out! Plus, they’ve been voted as India’s most trusted tyre company!
To enhance its renewable power supply source, MRF acquired stakes in Green Infra Wind Energy Limited (6.94%) and First Energy 3 Private Limited (7.80%).
Finally, the face behind this massive brand: Virat Kohli, the famous cricketer, has been proudly associated with them as their brand ambassador since he signed up way back in 2015!
2. Apollo Tyres
Apollo Tyres, an industry-leading tyre manufacturer, has made notable strides in its performance. In the financial year 2022-2023, the company reported a whopping 73% growth in net profit to ₹1,105 crore and a 17.3% increase in revenue to ₹24,568 crore.
| Financial Year | Net Profit (₹ Crore) | Revenue (₹ Crore) |
|---|---|---|
| 2022-2023 | 1105 (73% Growth) | 24568 (17.3% Growth) |
With an employee strength of over 19,112, they’re one of the largest employers in the tyre industry and one of the most varied manufacturers. Their product portfolio includes tyres for passenger, commercial, off-highway, and two-wheelers under two key brands: Apollo and Vredestein.
Their customer base extends beyond Indian shores as they cater to both global and Indian original equipment auto players. From being headquartered in Gurugram, Haryana, India, Apollo’s influence now spreads across three continents, marking their remarkable transformation from a domestic commercial vehicle tyre manufacturer to a global entity.
A brief history lesson on Apollo Tyres reveals that it was founded back in 1972, with its first plant commissioned in Perambra, Thrissur Kerala, India, in 1975. Today, they boast five manufacturing units spread across India, along with one each stationed in the Netherlands and Hungary.
The diversity of their market is evident when you see that while 69% of revenues come from India itself, Europe contributes significantly with 26% whilst other countries chip in by about 5%.
Innovation is key for this dynamic company, as seen through their two global R&D centres, which help them stay ahead of the competition.
Recognition for their excellent work environment comes through accolades like being certified as a Top Employer for 2023, not just domestically but extending to the Netherlands and Hungary, too!
Their growth strategy also involves successful acquisitions like that of Netherlands-based tyre maker Vredestein Banden B.V., later renamed as Apollo Vredestein B.V.
Finally, yet important are the personalities spearheading this behemoth – Chairman Onkar Kanwar along with Vice Chairman & MD Neeraj Kanwar, who have been instrumental in steering Apollo towards continued success.
3. Bridgestone
When thinking of quality tyres, Bridgestone is a name that likely pops to mind. It’s one of the leading tyre companies not only in India but worldwide.
According to the reports, 2022, Bridgestone’s revenue was a whopping ¥4,110.1 billion (approximately ₹2,86,770 crores), which marked an impressive 27% increase from the previous year. Their adjusted operating profit also saw a rise of 22%, amounting to ¥482.6 billion (approximately ₹33,780 crores).
Here’s some data for you:
| Year | Revenue (¥ billion) | Profit (¥ billion) |
|---|---|---|
| 2022 | 4110.1 | 482.6 |
A workforce of over 129,262 employees globally contributes to this success story.
Primarily known for their superior quality tyres catered towards various vehicles such as passenger cars, trucks and motorcycles, they’re also manufacturers of diversified products like sporting goods and industrial materials.
Having clients across sectors, including car manufacturers and individual consumers alike, it won’t be wrong to say that Bridgestone has left its mark in every corner of the globe, with its headquarters situated in Tokyo, Japan.
Their journey started back in 1931 by Shojiro Ishibashi and since then, there has been no looking back with remarkable achievements like launching the first overseas plant post-war in Malaysia and winning prestigious awards like the Deming Application Prize under their belt.
They also made notable partnerships – just last year, they invested $250 million to expand their manufacturing plant in Heredia, Costa Rica, aiming to increase production capacity by a strong 36% by the year 2026, providing over 160 new permanent jobs!
It’s clear that innovation forms part of their DNA – this fact is cemented by them bagging the ‘Product of the Year’ title for Potenza Sport tyre recently as part of their heavy investment in R&D activities focusing on sustainable solutions.
On top of all these accomplishments, Bridgestone has been acknowledged with numerous other awards, including internal recognitions through Bridgestone Group Awards, representing the highest level within the organization.
In recent news, Bridgestone Americas completed the acquisition of Azuga Holdings Inc., valued at $391 million, which will bolster the company’s efforts to develop comprehensive fleet management solutions.
Whether partnering with renowned Olympians & Paralympians or holding significant global market share competing against big names like Michelin & Goodyear, Bridgestone continues to make strides towards becoming the world leader in tyre technology!
4. CEAT Tyres
Stepping into the world of CEAT Tyres, you’re exploring the domain of an Indian multinational tyre manufacturing giant. Owned by the RPG Group and established in 1958, it’s an esteemed name among India’s top tyre brands. With its extensive presence, CEAT serves over 110 countries globally.
When we talk numbers, they’re quite impressive, too. In the financial year 2022, CEAT reported a total revenue of INR 11,301.92 crores with a robust net profit of INR 418 crores.
| Revenue (INR Crores) | Profit (INR Crores) |
|---|---|
| 11,301.92 | 418 |
In terms of manpower, CEAT is no slouch, employing between 5,001 and 10,000 dedicated personnel across India.
Taking a look at what they offer; from scooters to bikes to three-wheelers and cars – you’d see tyres for every vehicle imaginable rolling out from their factories. They also cater to commercial transport means such as buses and trucks while not forgetting earthmovers or forklifts.
Their key competitors include renowned names like MRF, Apollo Tyres and JK Tyre. Headquartered in Mumbai, Maharashtra – this is where all major decisions are made.
A critical feather in their cap is that they are the first tyre company outside Japan to earn the prestigious Deming Prize, a testament to their commitment towards quality and excellence.
The journey did not stop there! In partnership with Yokohama Rubber Company since ’93, they started manufacturing radial tyres at their Nashik unit, which was a significant milestone.
Fast forward from its establishment in ’58 till today, producing over 165 million tyres annually signifies its massive market share presence in India’s tyre industry.
CEAT also boasts a dedicated Research and development unit set up at Bhandup Works – constantly innovating to bring forth superior product offerings for consumers.
Over time, they’ve received numerous awards, including the Deming Prize, again underlining their consistent pursuit of perfection.
Venturing out globally through joint ventures like CEAT, Kelani partnered with Asia MotorWorks (AMW) and Kelani Tyres, which has allowed them to spread their wings even further, especially within Sri Lanka’s market.
Arnab Banerjee, who serves as the Managing Director & CEO, steering this colossal ship, enjoys an approval rating of 82%.
5. Goodyear Tire and Rubber Company
Unveiling the spotlight on the Goodyear Tire & Rubber Company, it’s apparent why they’ve made it to our top 10 tyre companies in India. Established in 1898 by Frank Seiberling, this Akron, Ohio-based company has been setting standards in the tire industry for over a century.
In recent figures shared from 2022, Goodyear reported revenue of a whopping $20.805 billion (₹15,60,375 crores), underscoring their robust financial health. Their workforce is equally impressive, with approximately 72,000 employees contributing to the company’s success.
Goodyear, as one of the world’s largest tyre manufacturers, offers an extensive product range. They’re known for selling tyres under several brand names like:
- Goodyear
- Kelly
- Dunlop
- Fulda
- Debica
- Sava
These encompass consumer tyres and speciality tyres, amongst others.
Their clientele spreads across various sectors, such as automobile manufacturers, commercial truck companies and even race cars and aeroplanes! If you’ve got heavy earth-mover machinery needing tires – Goodyear’s got you covered there too!
Goodyear marked its 125-year anniversary on August 29th, 2023 – a major achievement that speaks volumes about their longevity and resilience in a competitive market.
Partnerships play a significant role at Goodyear; their association with NASCAR is noteworthy. This cooperation showcases their commitment to performance excellence and innovation within high-intensity environments.
Speaking of innovation – nestled in Akron, Ohio and Colmar-Berg Luxembourg are two dedicated Innovation Centres where cutting-edge products and industry-leading services come to life!
Lastly yet importantly – maintaining operations across most regions globally, notably within its 57 facilities spanning 23 countries, truly cements Goodyear’s place amongst India’s top tyre companies.
6. JK Tyre
Let’s talk about JK Tyre, a top-notch tyre company that has made significant strides in the Indian market and beyond. With its headquarters nestled in New Delhi, India, this firm stands tall as one of the leading tyre manufacturers countrywide and is also ranked among the top 25 globally.
Established back in 1970, JK Tyre has grown exponentially over the years. As of 2023, it boasts an impressive headcount of 5,904 employees who work tirelessly to keep the wheels turning.
The fiscal year 2022-23 proved quite fruitful for JK Tyre, with their net profit soaring by a whopping 31% to ₹263 crore compared to ₹201 crore in FY22. Their total income saw an increase too – going up to ₹14,681 crore from ₹12,020 crore in FY21.
| Fiscal Year | Net Profit (in Cr) | Total Income (in Cr) |
|---|---|---|
| 2021-22 | 201 | 12,020 |
| 2022-23 | 263 | 14,681 |
When it comes to products and services offered by JK Tyre, you’re looking at a vast range of tyre products, including truck/bus radial and bias tyres, passenger car radials and even speciality tyres for racing or military use. It’s no wonder then that they’ve become the preferred manufacturing partner for big names like Volkswagen, Maruti Suzuki and General Motors, to name a few.
JK Tyre hasn’t been left behind when it comes to technology, either. They introduced India’s first-ever ‘Smart Tyre’ technology with ‘Tyre Pressure Monitoring Systems’ (TPMS), further cementing their position as pioneers within this industry.
Their achievements haven’t gone unnoticed either; they’ve bagged the title of ‘India’s only Tyre Superbrand’, clinching the Consumer Superbrand title six times consecutively!
Adding another feather to its cap is its recent partnership with the International Finance Corporation (IFC). In this deal worth INR240 crores (£24 million), IFC invested via compulsory convertible debentures (CCDs).
To wrap up our look into JK Tyres, let’s not forget about their subsidiaries – Cavendish Industries and JK Tornel, located in Mexico, both showing promising growth trajectories.
7. TVS Eurogrip (TVS Tyres)
Stepping into the sphere of TVS Eurogrip, it’s worth noting that this esteemed brand falls under the umbrella of TVS Srichakra Ltd. Recognised as a key player in manufacturing two-wheeler, three-wheeler, and off-highway tyres, TVS Eurogrip forms an integral part of the illustrious TVS Group – India’s largest auto ancillary group boasting a turnover exceeding USD 8.5 billion.
Let’s delve into some noteworthy aspects of this company:
- In the fiscal year of 2022, the total revenue tallied up to INR 2,873.26 crores for TVS Srichakra. Impressively, Q4 saw a net profit amounting to INR 336 crores for TVS Motor Company.
- The workforce at TVS Eurogrip is currently made up of 364 hardworking employees.
- Apart from manufacturing two-wheeler tyres and three-wheeler tyres, their product range extends to ultra-light truck tyres, agricultural tyres, industrial tyres, and OTR tyres.
Peering into their repertoire further:
- Major vehicle manufacturers like Bajaj Auto and Hero MotorCorp prefer using tires from TVS Eurogrip. Honda Motors Cycles, India Yamaha Motor, and Mahindra are also featured on this client roster.
- Their base operations are situated in Madurai in Tamil Nadu,
They’ve successfully established a global footprint with products available across over 85 countries. Besides broadening its horizons geographically, there have been substantial investments made towards technology enhancement and capacity expansion specifically for off-highway tires.
Noteworthy collaborations include one with Pronar Wheels, enabling Pronar to vend complete wheels inclusive of tires for agricultural & industrial machines.
Tracing back its origin story reveals that it was launched by TVS Srichakra Ltd, which is a subsidiary born out of the well-established parent company known as ‘TVS Group’, founded way back in 1911.
While specific market share data isn’t accessible currently for TVS Eurogrip, it’s widely regarded as one of the fastest-growing global brands in powered two-wheelers’, three-wheelers’, and off-highway tire segments.
Investments have been directed towards global R&D initiatives alongside design development & technological advancements catering primarily to millennial customers.
Quality certifications such as ISO 9001:2008 continue to be held by them along with ISO-Ts16949 MDU N, further bolstering their reputation for ensuring consistent quality workmanship ultimately leading towards heightened customer satisfaction.
8. Continental
Let’s delve into the rich history and immense success of Continental, a global leader in tyre manufacturing. With its roots tracing back to 1871, this company is a titan in the world of automobile suppliers.
In 2022, Continental AG reported impressive consolidated sales amounting to €39.4 billion while enduring a challenging year with net income standing at €67 million, which marked a significant decrease from the previous year.
Yet, they’ve made their mark on the industry with an expansive workforce. Currently employing nearly 199,000 people worldwide, it’s clear that Continental is no small player in this competitive field.
Their product portfolio spans three main sectors: Tires, ContiTech and Automotive. In each of these segments, they’re committed to providing cutting-edge solutions:
- Their tyres are designed for safe and efficient mobility.
- The ContiTech sector offers cross-material products for various industries, including automotive and agriculture.
- As part of their Automotive wing, they focus on sustainable technologies for assisted driving and in-car entertainment systems.
With such comprehensive offerings, it’s not surprising that Continental maintains relationships with high-profile clients like BMW Group. They have also formed partnerships with Universal Technical Institute (UTI) and Major League Soccer, among others.
Hanover, Germany, is where Continental AG has established its headquarters.
Amongst their accolades in 2022 were the coveted Automotive News PACE Award for their MK C2 brake-by-wire system as well as an Innovation Partnership Award earned through collaboration with BMW Group on ultra-wideband digital vehicle access technology.
This commitment to innovation extends into even more collaborations, such as those with Toyota Racing and Trelleborg Group – further underlining their dedication to pioneering new solutions within the automotive sector.
Research plays a pivotal role at Continental AG — areas such as end-of-life tyres and sustainable materials are just some examples of where investment has been focused. This emphasis on R&D has led them to be recognised by Forbes Magazine as one of America’s Best Large Employers, amongst other notable recognitions, including the PACE Technology Partnership Awards and FCA Awards.
An extensive network of subsidiaries bolsters their global presence; companies like Continental Automotive Changchun Co., Ltd., located in China or India-based Continental Automotive Components Private Ltd., contribute significantly to their international influence.
You’ll find partnerships between Continental AG and organisations like Major League Soccer or Jeep Jamboree, demonstrating how this esteemed brand integrates itself within different arenas across society.
9. Michelin
When you’re thinking about tyres, it’s hard not to think about Michelin. This French company, headquartered in Clermont-Ferrand, is one of the leading tyre manufacturers globally. Founded by Édouard and André Michelin in 1889, they’ve grown impressively over the years with a presence in 170 countries and 123 production sites spread across 26 nations.
With a workforce of approximately 132,200 employees, Michelin recorded an impressive revenue of €28.6 billion (₹2,50,450 crores) with a gross profit reaching $7.942 billion (₹69,544 crores) in 2022 alone.
But they don’t just manufacture tyres for cars; their product range extends to trucks, motorcycles, bicycles and aircraft, too! They also provide additional services like connected mobility services and fleet management solutions as part of their extensive portfolio.
Their clientele isn’t limited either – from automotive manufacturers to individual consumers – everyone benefits from their products and services. In particular, their partnership with IMSA since 2019 has been instrumental in developing innovative tyre technologies through performance monitoring and data capture.
One thing that sets Michelin apart is its commitment to innovation. They didn’t stop at inventing radial tyres but expanded into offering value-added services such as Michelin Fleet Solutions, catering specifically to large vehicle fleet operators. Their nine R&D centres worldwide stand as a testament to this relentless pursuit of advancement in tyre technology.
Despite fierce competition globally, Michelin holds a market share ranging between 2-7%. They have numerous awards under their belt for their exceptional products and services, including the prestigious Michelin Guide, which rates hotels and restaurants worldwide.
Beyond pure business metrics, though, lies an interesting aspect: it’s the iconic mascot Bibendum, or as we know him – The Michelin Man, who truly represents this brand globally!
In addition to all these achievements, Michelin owns several subsidiaries, including Kléber Tires Company. Over time, they have made various acquisitions, expanding both their product offerings and service provisions.
Do the Top Rubber Manufacturing Companies in India Also Produce Tyres?
Yes, many of the top rubber manufacturing companies in India also produce tyres. Companies like Apollo Tyres, MRF, CEAT, and JK Tyre are known for their high-quality tyre production, along with their expertise in rubber manufacturing. These companies are leaders in both industries, catering to a wide range of customers.
10. Yokohama
When you think of high-performance tyres, Yokohama is a name that’s sure to pop into your mind. A trailblazer in the tyre industry, Yokohama Rubber has secured its place as one of the top 10 tyre companies in India.
Taking a look at their financial success, it’s evident why they’ve gained such recognition. In 2022, Yokohama Rubber witnessed a whopping increase in sales revenue by 28.3% to ¥860.5 billion and an upsurge of business profit by 12.8% to ¥70.1 billion (£4,92,098 crores and £40,086 crores respectively).
The secret behind this impressive performance simply lies in their top-notch products and dedicated workforce. As of December 2021, Yokohama Rubber had a total of 666 employees at its head office, along with an additional 2,100 employees at its North American subsidiary – Yokohama Tire Corporation.
Their main expertise lies in manufacturing tyres for various vehicles like passenger cars, trucks and even industrial machinery such as mining and construction equipment. Their widely recognised tyre series include ADVAN, AVID, GEOLANDAR and iceGUARD.
Our beloved automakers are among their key client base alongside several tire distributors worldwide, which speaks volumes about their global reach.
Yokohama Rubber calls Tokyo home, with its head office located right in the heart of the Shimbashi area of Minato-ku.
Not just resting on laurels from past achievements but continually striving for excellence resulted in record-high sales revenue and business profit for them in 2022.
Throughout their journey since its establishment on October 13th,1917, they have been involved with numerous notable projects, including acquiring Alliance Tire Group B.V (ATG) back in 2016 – a company known for manufacturing tires for agricultural machinery and more.
One thing that sets them apart is their dedication to research & development, which led them to be the first Japanese tire manufacturer to receive ISO9001 certification – evidence of their commitment to quality.
“Team Yokohoma” comprises drivers, lifestyle athletes, and influencers who serve as brand ambassadors, adding another feather cap to this prestigious company!
Conclusion on Tyre Companies in India
Your journey through the top 10 tyre companies in India has now come to a close. You’ve seen how these industry giants have been shaping the automotive market with their quality products and innovative technologies. From MRF’s dominance to CEAT’s impressive growth, we’ve covered it all.
Well, when you’re buying tyres for your vehicle or investing in the stock market – understanding who dominates the industry can give you an edge. Each of these Indian tyre companies has its own unique strengths – whether it’s MRF’s rich history or Apollo’s global presence – making them worth considering for different reasons.
To sum up – whether you’re looking to buy new tyres or simply keen on knowing more about India’s automotive scene – having insight into these top players could prove invaluable.
