Company
Hankook Tire is now the sixth largest tire manufacturer in the world
2021. 06. 22
- Hankook Tire’s ranking improved from 7th in 2019 to 6th in 2020 among global leading tire companies, announced by the British tire magazine Tyrepress with sales of KRW 6.454 trillion
- Growth credited to increased sales of high-inch tires (18 inches and higher), expanded partnership with premium car makers and expansion into the electronic vehicle tire segment
Seoul, Korea, June 22, 2021 - Global leading tire company Hankook Tire announced the company is now ranked sixth in the 2020 global leading tire manufacturers released by the renowned British tire magazine Tyrepress, improving from the seventh place a year ago.
Tyrepress’ ranking of the world’s top tire companies is based on the revenue. Hankook Tire recorded global sales of KRW 6.454 trillion in 2020 to become the sixth largest tire maker in the world. This achievement adds significance as the industry navigated through a difficult year highlighted by the challenges brought by the COVID-19 pandemic.
More significantly, Hankook Tire’s operating profit also rose by 15.5% in 2020 year-on-year, proving the company’s qualitative growth. With solid foundation supported by top-notch technology and excellence in product quality, Hankook’s sales of high-inch tires (18 inches and higher) increased 3%p year-on-year to account for 35% of the total sales of passenger car tires, which helped solidify the company’s leading role in the industry.
In addition to Hankook’s place in the global rankings published by Tyrepress, the company gained remarkable recognition for its technology excellence in 2020. Hankook received top ratings in several tire tests from the most rigorous institutions in Germany and the United Kingdom, and was ranked as the best-selling brand across three categories from all-season to summer and winter tires in the European e-commerce platform, Tyre24, where the result was based on consumer preference survey.
Hankook continues to strengthen its standing as a premium brand by expanding its partnership with premium car makers, including the OE supply to Porsche's first high-performance electric sports car, Porsche Taycan, to Audi’s top model in the Q product line, Audi RS Q8 as well as to Audi’s RS line up that includes Audi RS7 Sportback and Audi RS6 Avant.
[Reference] Tyrepress 2020 ranking of the world’s top tire manufacturers(Unit: Million Euro)
| No | Company | Sales |
|---|---|---|
| 1 | Michelin | 20,059 |
| 2 | Bridgestone | 19,649 |
| 3 | Continental | 10,158 |
| 4 | Goodyear | 10,040 |
| 5 | Sumitomo | 5,376 |
| 6 | Hankook Tire | 4,830 |
| 7 | Pirelli | 4,302 |
| 8 | Yokohama | 3,775 |
| 9 | Hangzhou Zhongce Rubber | n/a |
| 10 | Maxxis | 2,790 |
| 11 | Toyo Tires | 2,427 |
| 12 | Linglong Tire | n/a |
| 13 | Giti Tire | n/a |
| 14 | Cooper Tires | 2,054 |
| 15 | Apollo Tyres | n/a |
| 16 | Sailun | 1,920 |
| 17 | MRF | n/a |
| 18 | KUMHO TIRE | 1,600 |
| 19 | Nokian Tires | 1,313 |
| 20 | NEXEN TIRE | n/a |
[Reference] Hankook Tire & Technology Global Financial Result
(Unit: Billion KRW)
| FY 2190 | FY 2020 | YoY | |
|---|---|---|---|
| Sales | 68,832 | 64,540 | -6.2% |
| Operating Profit | 5,439 | 6,284 | 15.5% |
| Operating Profit Ratio | 7.9% | 9.7% | - |
