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 rate of 9.8% from 2023 to 2033.
The green tire market is witnessing substantial growth as the automotive industry prioritizes sustainability and environmental responsibility. Green tires, also known as eco-friendly tires, are designed with innovative materials and manufacturing processes to minimize environmental impact while offering enhanced performance, fuel efficiency, and longevity.
Drivers Increasing Demand in the Green Tire Market:
- Environmental Awareness: Increasing environmental consciousness among consumers and regulatory pressures to reduce carbon emissions drive demand for green tires. Green tires are manufactured using sustainable materials and processes, resulting in lower environmental footprint compared to traditional tires.
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- Stringent Regulations: Government regulations aimed at reducing vehicle emissions and improving fuel efficiency incentivize the adoption of green tires. Mandates such as fuel economy standards and emissions regulations push automakers and tire manufacturers to develop and promote eco-friendly tire solutions.
- Fuel Efficiency Concerns: Rising fuel prices and growing concerns over fuel consumption prompt consumers to seek tires that offer improved fuel efficiency. Green tires are engineered to reduce rolling resistance, resulting in lower fuel consumption and carbon emissions, making them an attractive choice for eco-conscious drivers.
- Performance Benefits: Green tires offer performance advantages such as better traction, shorter braking distances, and enhanced handling characteristics. Advanced tread designs, improved rubber compounds, and innovative construction techniques contribute to superior performance, driving demand for green tires among performance-oriented drivers.
- Cost Savings: While green tires may have a higher upfront cost compared to conventional tires, they offer long-term cost savings due to their improved fuel efficiency and longevity. The reduced rolling resistance of green tires translates to lower fuel consumption over the tire’s lifespan, resulting in overall cost savings for consumers.
Key Takeaways:
- 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.
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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.
Top Key Players in Green Tire Market:
- 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.
- Nokian Tires Plc
- NANKANG RUBBER TIRE CORP., LTD.
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Segmentation Analysis
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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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