Michelin Retains Top Spot as Most Valuable Tyre Brand for Sixth Year Running

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Brand Finance
Published on
April 11, 2023

French tyre company Michelin has held onto its title as the most valuable tyre brand in the world for the sixth year in a row, according to the latest edition of the annual “Auto 100” study produced by leading brand valuation consultancy, Brand Finance. The study also revealed that the value of the global tyre market is set to be impacted by sustainability-related trends in the coming years.

Michelin was valued at $7.9 billion, and was followed by Bridgestone with a brand value of $7 billion and Continental with a brand value of $4.1 billion, despite both of these brands seeing a decrease in their brand value year-on-year. Of the top 15 tyre manufacturers, only six saw an increase in their brand value year-on-year.

Despite facing significant challenges including high inflation, rising costs and supply chain issues, Michelin has managed to maintain its top spot with a marginal year-on-year brand value growth of 2%. The tyre maker’s growth has slowed in comparison to last year’s results (brand value up 15.6%).

Most valuable Tyre brands ranking for 2023 | Image: Brand Finance

Michelin’s high brand equity has helped the company remain resilient to difficult macroeconomic challenges. Its diverse offering of tyres for a multitude of vehicles, and large global presence, have allowed it to remain a reliable choice for tyres across its markets. Michelin is also known for its official mascot, Bibendum, more commonly referred to as the Michelin Man, which is an extremely recognizable figure used within the brand's marketing campaigns and seen across motorsports, car dealerships, and restaurants worldwide. This has undoubtedly helped create a high level of familiarity and awareness for the Michelin brand, two of the key metrics that make up brand strength.

In addition, Michelin has the highest Sustainability Perceptions Value at $255 million. The company has set a target of integrating 100% sustainable materials into its tyres by 2050, and is already producing a tyre that integrates 58% sustainable materials.

Goodyear and Dunlop follow Michelin in fourth and fifth place respectively. The next five positions from sixth to tenth remain unchanged starting with Pirelli, Hankook, Yokohama, Toyo Tires, and Giti.

The tyre industry will also be impacted by sustainability-related trends in the coming years. Consumers and regulators alike are increasingly demanding tyres that are constructed from sustainable materials, with lower rolling resistance, and that can be recycled or reused at the end of their lifecycle. As electric vehicle sales increase worldwide, there will be a greater demand for specialized tyres that can handle distinctive features such as high torque and regenerative braking systems. Tyre makers are also creating ‘smart’ tyres that can be digitally connected and deliver real-time data on tyre performance, wear and tear, road conditions, and other significant variables.

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