Overview and Scope
A green tire refers to a round-shaped part of an automotive tire that has all of its components assembled and is made of environmentally friendly rubber but has not yet been cured or given treads. When compared to other tyres such as semi-aromatic, styrene-butadiene rubbers or polycyclic hydrocarbons, green tyres improve fuel efficiency and lower greenhouse gas emissions.
Sizing and Forecast
The green tires market size has grown rapidly in recent years. It will grow from <b>$100.9 billion in 2023 to $112.87 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. </b> The growth in the historic period can be attributed to environmental awareness, government regulations, consumer demand for eco-friendly products, rise in disposable income, increased demand for mobility services.
The green tires market size is expected to see rapid growth in the next few years. It will grow to <b>$180.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. </b> The growth in the forecast period can be attributed to growth of electric vehicles, emergence of autonomous vehicles, rising urbanization, economic growth. Major trends in the forecast period include smart tire technology, electrification-optimized tires, cross-industry collaborations, tire-as-a-service models.
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Segmentation & Regional Insights
The green tires market market covered in this report is segmented –
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
2) By Size: <10 Inch, 10-20 Inch, 20-30 Inch
3) By Sales Channel: Aftermarket, Original eEquipment Manufacturer (OEM)
4) By Application: On-Road, Off-Road
<b>Europe</b> was the largest region in the green tyre market in 2023. The regions covered in the green tires market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in environmental awareness among consumers is driving the green tyre market. To create more awareness among people, many countries, such as the USA, China, South Korea, and Japan, have implemented tyre standards, ratings, labeling, and correct pressure programs. Due to the rising benefits of using green tires, such as eco-friendliness, high durability, fuel efficiency, and carbon emission reductions, consumers are opting for green tyres compared to conventional tires. For instance, in September 2023, according to The Roundup, a US-based non-profit organization, 78% of consumers felt that environmental sustainability was important, and 55% of consumers were willing to pay more for eco-friendly brands. And in 2021, 50% of worldwide consumers reported adopting more eco-friendly practices in the preceding six months. Therefore, the rise in environmental awareness related to the use of eco-friendly tyres will propel the growth of the green tyre market.
Key Industry Players
Major companies operating in the green tires market market include <b> Compagnie Générale des Établissements Michelin, Bridgestone Corporation, Goodyear India Limited, Continental AG, Hankook Tire & Technology Co. Ltd., Pirelli & C. S.p.A., Apollo Tyres Ltd., Cheng Shin Rubber Ind. Co. Ltd., Kumho Industry Co. Ltd., Nokian Tyres plc, Zhongce Rubber Co. Ltd., Sailun Group Co. Ltd., Shandong Linglong Tire Co. Ltd., The Yokohama Rubber Co. Ltd., Kenda Rubber Industrial Company, Linglong Americas Inc., Guizhou Tyre Co. Ltd., Barez Industrial Group Company Public Joint, PT Gajah Tunggal Tbk, Toyo Tire & Rubber Co. Ltd., Cooper Tire & Rubber Co., Madras Rubber Factory Ltd., Giti Tire Pte Ltd., Shandong Fengyuan Tyre Co. Ltd., Southern Rubber Industry Co., Specialty Tires of America Inc., Sumitomo Rubber Industries Ltd., Nexen Tire Corporation, Hangzhou Zhongce Rubber Co. Ltd., Double Coin Holdings Ltd. </b>
The green tires market report table of contents includes:
1. Executive Summary
2. Green Tires Market Characteristics
3. Green Tires Market Trends And Strategies
4. Green Tires Market – Macro Economic Scenario
5. Global Green Tires Market Size and Growth
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26. South America Green Tires Market
27. Brazil Green Tires Market
28. Middle East Green Tires Market
29. Africa Green Tires Market
30. Green Tires Market Competitive Landscape And Company Profiles
Top Major Players:
- Compagnie Générale des Établissements Michelin
- Bridgestone Corporation
- Goodyear India Limited
- Continental AG
- Hankook Tire & Technology Co. Ltd.
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