Global trends within the tire industry play to Goodyear Tire & Rubber Co.’s strengths, the tiremaker said during a recent shareholder’s meeting.
“The accelerating shift to high-value-added tires for both consumer vehicles and commercial trucks is the main product trend shaping the future of the tire industry,” said Rich Kramer, CEO and president of Goodyear.
In passenger tires this trend is best represented by the growth of tires with rim diameters of 17 inches and larger, he said. This market segment has doubled in size since 2010 and is expected to double again by 2020.
Goodyear’s connected business model—including its OE relationships, marketing, and distribution network—gives the tiremaker advantage over competitors, Kramer said.
“Some tire companies are strong in one or a few of these areas, but very few can manage all the elements of complexity within a connected business model like Goodyear,” he said.
Also during the annual meeting, 13 members were re-elected to the company’s board of directors, PricewaterhouseCoopers was confirmed as the company’s independent registered public accounting firm, and Goodyear’s 2017 Performance Plan was approved.
