Michelin is a French tire manufacturer headquartered in Clermont-Ferrand, France. It was founded in 1889. It is among the three largest tire manufacturers in the world. Michelin is known for its innovative removable tires, pneurail (tire meant for rails) and radial tires. Michelin makes tires for aircrafts, motorcycles, bicycles and space shuttles. Apart from tires Michelin also makes tour guides, it has published two guidebook series. Michelin also publishes a variety of road maps, mostly of France but also of other European countries, Africa, Thailand and the United States. It has presence in 170 countries and operates 68 production facilities. It has been ranked on Number 1 spot by Forbes Magazine Annual survey on “America’s best large employers”. The company has over 124,760 employees globally as of January 2022.
The USP or unique selling proposition of Michelin is that it is the second largest tyre manufacturer in the world. Michelin mission is to “enhance its clients’ mobility, sustainably; designing and distributing the most suitable tires, services and solutions for its clients’ needs; providing digital services, maps and guides to help enrich trips and travels and make them unique experiences; and developing high-technology materials that serve the mobility industry”.
Business Sector
Tires, Auto Ancillaries, Industrial Materials, Travel Guides
Operating Geography
France, Europe, Global
Revenue
€ 23,795 million – FY ending December 31, 2021 (year-on-year growth of 16.3%)
€ 20,469 million – FY ending December 31, 2020
SWOT
SWOT Matrix for Michaels
Strength
Weakness
One of the largest manufacturers of tires globally
Strong brand equity and high market share
Strong R&D Teams with culture of innovation
Solid global footprint and increasing demand
High operational costs leading to low profits
Sluggish Replacement volumes due to higher prices
Opportunity
Threat
Potential of capturing demand for electric vehicle tires through strategic partnerships
High growth opportunities in passenger cars light commercial vehicle segment
Opportunity to become market leader through M&A
Reinforce their position as class leader through exclusive partnership
Volatility in raw material prices
Fierce competition from global players
Battling capacity of production challenges
Detailed SWOT Analysis of Michaels
The detailed SWOT analysis for Michaels Stores Inc is presented below:
Strength
One of the largest manufacturers of tires globally: Michelin produces over 187 million tires in 123 production facilities in 26 countries. Michelin contributes to social and economic activity in 170 countries. It has 4,150 dealerships and service centers. It is world leader in energy efficient tires, and leader in Europe for maps, guides and digital-travel support services. The sustained market share gain in 18-inch and larger tires increased brand sales by 19% in a segment up by 13%, due to price positioning. New product launches led to strong sales of all-season tires firm throughout the year, with strong growth of 4% in Europe.
Strong brand equity and high market share: Rich legacy of Michelin built over time has led to very strong brand equity in the tire segment and has enabled it to influence the industry as a market leader. Its market share is amongst the top three players in the industry. The brand equity boosted its technological leadership which grew and record high net income of €2,966 million despite the challenging market conditions. They also have scope to expand their business in industries different from automobile original equipment to businesses for end market by leveraging the brand value it has built through quality and safe products which have neither been recalled nor shown any major defect for several years in a row. It has $17.15 billion market share as of 2022.
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Weakness
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Opportunity
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Threat
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PESTLE
PESTLE Matrix for Michaels
Political
Economic
Impact of import tariffs in US
Impact of Brexit on Michelin starred restaurants
Axing power production through gas as a result of Russia Ukraine war
Impact of macroeconomic conditions prevailing in operating regions
Social
Technological
Increasing popularity of E-commerce
Ace Customer support and employee engagement build a trustable brand
Michelin rating considered prestige and quality symbol for restaurants across the globe
Focus of businesses on digitization
Innovation and R&D initiatives
Legal
ENVIRONMENTAL
Burdensome laws and regulations
Improving Intellectual Property laws and consumer protection laws to prevent Litigation risks
Commitment to reduce carbon emissions
Impact of weather conditions on business
Detailed PESTLE Analysis of Michaels
The detailed PESTLE analysis for Michaels Stores Inc is presented below:
POLITICAL
Impact of import tariffs in US: US have imposed 10 percent tariff on aluminum imports and a 25 percent tariff on steel. The effect of tariff on steel import in US can affect it as most of the steel its manufacturers use in making tires in North America is not available in North America. Thus, they are dependent on steel imports. The production of cars and trucks will be hit as steel and aluminum are key components. This will increase their prices and can cut down sales which will exert pressure on tire demand too.
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ECONOMIC
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SOCIAL
This section is available only in the 'Complete Report' on purchase.
TECHNOLOGICAL
This section is available only in the 'Complete Report' on purchase.
LEGAL
This section is available only in the 'Complete Report' on purchase.
ENVIRONMENTAL
This section is available only in the 'Complete Report' on purchase.
More Info
Major Competitors
Goodyear
Continental
Bridgestone
Pirelli
Major Brands
Michelin
BFGoodrich
Kleber
Riken
Kormoran
Tigar
Uniroyal (United States)
Table of Contents
Company Overview
1.1 About the Company
1.2 Business Sector
1.3 Operating Geography
1.4 Revenue
SWOT Analysis
2.1 SWOT Table/ SWOT Matrix
2.2 SWOT Overview
2.3 Detailed SWOT Analysis
2.4 Strength, Weakness, Opportunity and Threat
PESTLE Analysis
3.1 PESTLE Table/ PESTLE Matrix
3.2 PESTLE Overview
3.3 Detailed PESTLE Analysis
3.4 Political, Economic, Social, Technological, Legal and Environmental
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Michelin: In a challenging business environment, sales stood at €6.5 billion in the first three months of 2022, a rise of 19% - https://www.globenewswire.com/en/news-release/2022/04/26/2429451/0/en/Michelin-In-a-challenging-business-environment-sales-stood-at-6-5-billion-in-the-first-three-months-of-2022-a-rise-of-19.html
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Michaels Stores Inc SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.
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