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 refers to the segment of the tire industry focused on the production and adoption of environmentally friendly tires designed to reduce environmental impact throughout their lifecycle, including manufacturing, usage, and disposal. Green tires, also known as eco-friendly tires or low-rolling-resistance tires, incorporate innovative materials, technologies, and manufacturing processes aimed at improving fuel efficiency, reducing emissions, and promoting sustainability.
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Market drivers for the green tire market include:
- Environmental Regulations and Sustainability Initiatives: Stringent regulations aimed at reducing greenhouse gas emissions and promoting sustainable practices in the automotive industry drive demand for green tires as automakers seek to meet regulatory requirements and enhance their environmental credentials.
- Consumer Awareness and Demand: Increasing consumer awareness of environmental issues and the desire for eco-friendly products drive demand for green tires as consumers prioritize sustainability and fuel efficiency when purchasing tires for their vehicles.
- Corporate Sustainability Goals: Tire manufacturers and automotive OEMs set corporate sustainability goals to reduce carbon footprint and promote sustainability across their operations, leading to investments in green tire technologies and initiatives.
- Rising Fuel Prices: Fluctuations in fuel prices and the desire to reduce operating costs incentivize consumers and fleet operators to invest in fuel-efficient tires, driving demand for green tires that offer improved fuel efficiency and cost savings over the tire’s lifespan.
- Technological Advancements: Ongoing advancements in tire materials, manufacturing processes, and tread designs enable the development of green tires that offer superior performance, durability, and sustainability compared to traditional tires.
Overall, the green tire market is expected to experience significant growth as tire manufacturers and consumers alike prioritize sustainability, fuel efficiency, and environmental responsibility in the automotive industry.
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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.
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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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