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Goodyear SWOT & PESTLE Analysis

ID : 52653453| Apr 2020| 15 pages

COMPANY PROFILE -Goodyear

Business Sector :Tire Manufacturing

Operating Geography :United States, North America, Global

About Goodyear :

The Goodyear Tire & Rubber Company is an American tire manufacturing Company that was founded in 1898. The company was started by Frank Seilberling and has its headquarters located in Akron, Ohio. The company deals in manufacturing of tires for a wide range of vehicles like motor cycles, automobiles, light trucks, SUVs, commercial trucks, airplanes, race cars, heavy earth mover machines and farm equipment. The company was named after American Charles Goodyear, inventor of vulcanized rubber. Goodyear Tire and Rubber Company sell its products through a network of independent dealers, regional distributors, retail outlets, and retailers. Apart from this the company provides services like retreading truck, aviation and off-road tires. The company manufactures and sells tread rubber and other tire retreading materials and also manufactures chemicals used in the rubber industry. A segment of the company business is also involved in providing commercial truck and automotive with maintenance and repair services. Natural rubber products are also available from the company.
Goodyear's mission “is to be the number one tire company by all measures." Goodyear’s vision statement reads “Become a market-focused tire company providing superior products and services to end-users and to our channel partners, leading to superior returns for our shareholders.
For the better part of a century, Goodyear's corporate values have been centered on the phrase, "Protect Our Good Name." The USP or unique selling point of Goodyear is growing into one of the world's largest tire companies, with one of the most recognized brand names.

Goodyear Revenue :

$14.74 billion – FY ending Dec 31st 2019 (y-o-y growth negative 4.6%) $15.47 billion – FY ending Dec 31st 2018

Competitive Analysis of Goodyear

SWOT
PESTLE
The SWOT analysis of Goodyear Tire and Rubber Company is presented below:
Strengths
Weaknesses
1. Amongst the leading tire makers
2. Broad lineup of consumer and commercial tires and services
3. Recognizable brand name globally
4. Strong focus innovation and technology
1. Loss recorded in FY2019
Opportunities
Threats
1. Increased business due to new mobility ecosystem
2. High market potential for premium segment tires
3. Capitalizing on emerging markets
1. Stiff competition from rivals
2. Volatility in raw material prices
3. Coronavirus pandemic in China and globally
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Goodyear

 

Strength

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Weakness

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Opportunity

1. Increased business due to new mobility ecosystem: The rapidly changing consumer attitudes and behavior are driving a shift from individual vehicle ownership to ride-sharing as well as the adoption of connected, autonomous and electric vehicles. This shift in preference will create a New Mobility Ecosystem that takes advantage of technology, reduces cost and improves safety to give consumers more personalized transportation options. Goodyear is well positioned to take advantage of these opportunities created in the New Mobility Ecosystem. The value of the technology and expertise offered by the company will help increase its value and generate more business for it in the marketplace. In this regard the company has designed another innovative product i.e. The EfficientGrip Performance with Electric Drive technology, a prototype tire for the growing electric vehicle market and the same will be on the road by 2019 in Europe.

2. High market potential for premium segment tires: The growth in the global consumer tire industry is strongest in the premium segment, where Goodyear can distinguish itself from its competitors. In the U.S. and EMEA consumer replacement markets, industry growth in the 17 inch and larger segment tires was 7 percent in 2017. The customer survey in these countries reveal that they prefer high value-added tires both from a performance and style perspective. So this could be a potential area for luxury tire makers like Goodyear to prospect and grow its business.

3. Capitalizing on emerging markets: There is a demand for tires in the emerging economies as the market for cars and two-wheelers are increasing there. Research shows that there will be a boom in the replacement tires market at 5% CAGR from 2017-2020 and the company has growth plans for the same. The growth plan of Goodyear is supported by investments in assets and capability for 2018 and beyond. Goodyear has led the foundation for growth in emerging markets like India and China through retail network expansion plans, through ecommerce partnerships and introduction of new products.

Threat

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Major Competitors :

Major Brands :

  • Goodyear.
  • Dunlop Tires.
  • Kelly Tires.
  • Debica.
  • Fulda.
  • Sava.
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Goodyear Analysis Report

1. Goodyear 2019 Annual Report - https://corporate.goodyear.com/documents/annualreports/2019-annual-report.pdf

2. Goodyear 2019 Annual Report - https://corporate.goodyear.com/documents/annualreports/2018-annual-report.pdf

3. Global industry tire volume to reach 2.7 billion units by 2022: https://www.smithers.com/resources/2017/dec/global-industry-tire-volume-to-reach-2-7-billion

4. Goodyear Strengthens Commitment To Sustainable Natural Rubber -https://corporate.goodyear.com/en-US/media/news/goodyear-strengthens-commitment-to-sustainable-natural-rubber.html

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2020). Goodyear SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/goodyear/ [Accessed 28 May, 2020].

In-text: (SWOT & PESTLE.com, 2020)

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Goodyear Tire and Rubber Company SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.

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Goodyear SWOT & PESTLE Analysis
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