The global green tire market is poised for substantial growth, expected to reach USD 85.79 billion by 2033, rising from USD 33.68 billion in 2023, driven by a compound annual growth rate (CAGR) of 9.8% over the forecast period. This momentum is propelled by increasing environmental awareness, government incentives, and the adoption of sustainable tire technology worldwide.
Germany is projected to account for roughly 7.7% of the European green tire market by 2033, thanks to rising environmental regulations, governmental support, regional transportation investments, and a focus on sustainable mobility. As consumer demand for eco-friendly and energy-efficient vehicles grows, Germany is set to play a vital role in Europe’s green tire market expansion.
In-Depth Market Analysis: A Complete Report
Key Takeaways from the Green Tire Market:
- The market reached a valuation of USD 31.13 billion in 2022, registering a CAGR of 8.2% from 2018 to 2022.
- By 2033, the United States is expected to hold a 17.6% share of the global green tire market.
- The United Kingdom’s green tire market is forecasted to grow at a 9.3% CAGR between 2023 and 2033.
- Japan is projected to account for approximately 7.2% of the green tire market by 2033.
- India’s green tire sector is anticipated to expand steadily, with a projected CAGR of 9.6% throughout the forecast 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.
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
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