The automotive green tires market had an estimated market size of USD 11.5 billion in 2023 and is expected to reach a global market size of USD 25 Billion by 2034, increasing at a steady CAGR of 4.5% between 2024 and 2034. By 2024, the market for automotive green tires is likely to reach a valuation of USD 12.4 billion.
A key market driver is rising consumer awareness and demand for ecologically friendly products. Green tires are among the eco-friendly products that people are actively looking for as their knowledge of environmental degradation and climate change rises. Companies are compelled by this demand pressure to invest in sustainable tire solutions and develop in order to satisfy customer preferences.
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Growing market share in developing nations, where environmental issues are becoming more pressing combined with increased car ownership, presents a chance for growth. Companies may create strong footholds, capitalize on rising demand, and promote long-term success in the automotive green tire market. This can be done by providing inexpensive and eco-friendly tire solutions customized to the demands of these markets.
Key Takeaways from the Automotive Green Tires Market Report:
- The global demand for automotive green tires reached USD 8.2 billion in 2019.
- The passenger vehicle segment is anticipated to develop at a 7% CAGR during the projection period.
- It is expected that the OEM sector would reach a 51.2% global market share by 2024.
- It is projected that automotive green tires in the United States will advance at a CAGR of 7.5% by 2034.
- The market in the United Kingdom is anticipated to rise through 2034 at a 8.3% CAGR.
- It is projected that China’s automotive green tires ecosystem will evolve at a 7.8% CAGR between 2024 and 2034.
Competitive Landscape:
Companies in the global market for automotive green tires are utilizing innovative methods including bio-based materials, silica-based compounds, and creative tread patterns to improve tire performance and lessen their impact on the environment.
By reducing rolling resistance, these innovations increase fuel economy and tire life. In order to meet strict environmental standards and satisfy consumer expectations for sustainable mobility solutions, companies are investigating the use of renewable resources and environmentally friendly manufacturing processes, like low-rolling-resistance tire construction as well as eco-friendly tire labeling systems.
Startups in the automotive green tire market are pioneering new approaches to sustainability, concentrating on breakthrough materials, improved production processes, and disruptive business models. They want to challenge established competitors in the tire market by providing new solutions that promote environmental stewardship, efficiency, and performance.
Leading Key Players:
- Bridgestone Corporation
- Continental AG
- Michelin Group
- Apollo Tyres Limited
- Yokohama Tire Corporation
- Goodyear Tire & Rubber Company
- Pirelli & C. Spa
- Toyo Tire Corporation
- MRF Limited
- CEAT Limited
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Key Developments:
- In 2023, Bridgestone will invest in AI control technologies to boost efficiency and use knowledge and data in a digital production environment. The corporation will move more quickly toward its sustainability objectives with the use of these technologies, which include becoming carbon neutral by 2050.
- In 2023, JK Tyre and Industries created a new tyre using sustainable and recyclable materials. This is the consequence of the dedication of the company to sustainable development. The ‘UX Green’ tire provides performance that is on par with a typical radial tire. To verify the performance, the JK Tyre UX Green tire has undergone thorough testing on test tracks, on highways, and both indoors and outdoors. It is the result of internal design and development of JK Tyre.
Automotive Green Tires Market Segmentation:
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
By End User:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
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