The green tire market is forecasted to garner revenue of US$ 85.79 Billion by 2033, up from US$ 33.68 billion in 2023, advancing at a CAGR of 9.8% from 2023 to 2033.
Germany is expected to account for approximately 7.7% of the European market by 2033, owing to growing environmental concerns, favorable government support, the rising popularity of green tire technology, increased spending on regional transportation projects, and vehicle utilization in mobility services.
According to FMI, Germany’s green tire industry is poised to become a major player in Europe as consumer demand for energy-efficient vehicles grows.
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Key Takeaways from the Green Tire Market Report:
- The green tire market value reached US$ 31.13 billion in 2022, with a CAGR of 8.2% from 2018 to 2022.
- The market in the United States is projected to account for a 17.6% share by 2033 on a global level.
- The United Kingdom’s green tire industry is projected to advance at 9.3% CAGR from 2023 to 2033.
- The value share for the green tire industry in Japan accounts for around 7.2% by 2033.
- India’s market for green tires is predicted to progress steadily, with a CAGR of 9.6% during the projected period.
How is the Competition Structured in the Green Tire Industry?
The competition in the green tire industry is structured around several key factors. Firstly, tire manufacturers compete based on their ability to develop and offer innovative and sustainable tire technologies that meet the stringent requirements of environmental regulations and consumer demands.
Secondly, competition exists in pricing and cost-efficiency, as manufacturers strive to balance using sustainable materials while keeping their products competitive in the market. Market players compete through effective branding, marketing strategies, and distribution networks to capture market share and establish themselves as leaders in the green tire segment.
Continuous research and development efforts, collaborations, and strategic partnerships also play a crucial role in shaping the competitive landscape of the green tire industry.
Leading Key Players:
- Michelin Group
- Continental AG
- Goodyear Tire and Rubber Company
- Bridgestone Corporation
- Hankook Tire & Technology Co. Ltd
- Pirelli & C S.p.A
- The Yokohama Rubber Co. Ltd
- Toyo Tire corporation
- Kumho Tire
- Sumitomo Rubber Industries Ltd.
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Green Tire Market Segmentation:
By Tire Size:
- Below 15
- 16
- 17
- 18
- 19
- Above 19
By Vehicle Type:
- Passenger Vehicle
- LCV
- HCV
By Application:
- On-Road
- Off-Road
By Sales Channel:
- OEM
- Aftermarket
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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