The global green tire market share is projected to increase from US$ 31.1 Billion in 2022 to US$ 78.6 Billion by 2032, accelerating at a CAGR of 9.7% between 2022 and 2032. Rising demand for fuel efficient vehicles and vehicle components to reduce environmental pollution is a key factor driving the global green tires market.
The demand for Green Tires is expected to increase significantly in the future due to several factors such as environmental concerns, government regulations, and advancements in tire technology.
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Green Tires, also known as eco-friendly tires, are designed to reduce rolling resistance, increase fuel efficiency, and decrease carbon emissions. These tires use materials such as natural rubber, silica, and renewable oils to replace the traditional petroleum-based materials, which make them more sustainable and environmentally friendly.
One of the major factors driving the demand for Green Tires is the increasing awareness of environmental issues and sustainability. Consumers are becoming more conscious of the impact of their actions on the environment and are actively seeking products that have a lower carbon footprint. As a result, Green Tires have become a popular choice among environmentally conscious consumers.
In addition, many governments around the world are implementing regulations to reduce carbon emissions from vehicles, which is further driving the demand for Green Tires. For instance, the European Union has introduced strict regulations that require vehicle manufacturers to reduce the CO2 emissions of their vehicles. To comply with these regulations, vehicle manufacturers are increasingly using eco-friendly tires, which have a lower rolling resistance and thereby reduce fuel consumption and emissions.
Key Takeaways of Green Tire Market Study
- By tire size, the 18” tire size segment is projected to increase at a value CAGR of 9.1% during the forecast period.
- In terms of vehicle type, passenger vehicles are anticipated to account for more than 68% of the global market.
- Based on application, on-road segment is projected to grow at a value CAGR of 9.6% through 2032.
- With implementation of stringent government regulations in the automotive industry, green tires market in Europe is projected to expand at 9.0% CAGR over the next ten years.
- The green tire market in China is poised to expand at a value CAGR of 3%from 2022 to 2032.
“The market for green tire is expected to be supported by rising government regulations, and changing consumer preference for fuel-efficient tires. Besides this, product development with sustainable materials by prominent players coupled with adoption of strategies like collaborations and partnerships will bode well for the market.” says Future Market insights analyst
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Competitive Landscape
Market players are attempting to increase their market share by developing eco-friendly materials-based green tires and modernizing existing product lines. To increase their sales channels in the market, the major corporations are looking to partner with distributor networks and vehicle manufacturers.
Leading manufacturers of green tires also adhere to important supply trends including the introduction of new products and significant expenditures on R&D.
Continental AG, Bridgestone, Goodyear Tire & Rubber Company, Michelin Group, Pirelli & C S.p.A are a few of the market’s major participants.
Key Segments Covered in Green Tire Industry Analysis
Green Tire Market by Tire Size:
- Below 15″
- 16″
- 17″
- 18″
- 19″
- Above 19″
Green Tire Market by Vehicle Type:
- Passenger Vehicle
- LCV
- HCV
Green Tire Market by Application:
- On-Road
- Off-Road
Green Tire Market by Sales Channel:
- OEM
- Aftermarket
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Find More Valuable Insights
The research report analyzes the market demand trends of green tire. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of green tire. As per Future Market Insights’ research scope, the green tire market has been studied and segmented on the basis of tire size, vehicle type, application, and sales channel. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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