$239 Billion Green Tires Market by Application, Vehicle Type, Sales Channel, Raw Material - Global Forecast to 2030 - ResearchAndMarkets.com

The "Green Tires Market, By Application, By Vehicle Type, By Sales Channel, By Raw Material, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The Global Green Tires Market size is estimated to reach USD 239.13 Billion from USD 97.62 Billion in 2021, delivering a CAGR of 10.6% through 2030.

Green tires or eco-friendly tires are those that offer low fuel consumption, minimize noise pollution and reduce carbon emissions. They are manufactured using sustainable materials such as natural rubber and are designed to tread lightly on the earth. Also, these tires enable significant reduction in a vehicle's carbon footprint.

The automotive industry has been witnessing a shift towards electric vehicles (EVs) in the past few years. The sale of EVs has been on the rise owing to the need for reduced carbon emissions and fuel economy. This has resulted in an increased demand for green tires as they are more efficient and reduce a vehicle's carbon footprint.

The market growth is driven by the increased demand for fuel-efficient tires, the rise in vehicle production, and the growing need for eco-friendly tires. The market is further driven by the government regulations regarding fuel efficiency and emission standards. However, the market growth is hindered by the high cost of green tires and the lack of awareness about these products.

Top players have adopted various growth strategies such as partnerships, expansions, acquisitions, and new product launches to strengthen their position in the market. Michelin has adopted the strategy of expansion to increase its market share. The company expanded its manufacturing facility in Thailand in 2017 to meet the growing demand for tires in Asia Pacific. Bridgestone has adopted the strategy of acquisition to expand its product portfolio.

The company acquired TomTom Telematics in 2018 to strengthen its position in the telematics market. Continental has adopted the strategy of new product launch to expand its product portfolio. The company launched a new fuel-efficient tire, ContiEcoPlus HT3, for commercial vehicles in 2017.

Further key findings from the report suggest

• On the basis of type, the green tires market is classified into fuel-efficient tires, low rolling resistance tires, and biodegradable tires. Fuel-efficient tires are expected to grow at the highest CAGR during the forecast period owing to their ability to reduce fuel consumption and emissions. Low rolling resistance tires help in reducing the energy required to rotate the tire, thereby reducing fuel consumption. Biodegradable tires are made from natural rubber and other eco-friendly materials that decompose over time.
• On the basis of application, the green tires market is classified into passenger cars, commercial vehicles, two-wheelers, and others. Passenger cars are expected to grow at the highest CAGR during the forecast period due to the increased demand for fuel-efficient and eco-friendly tires in this application.
• Based on raw materials, the silica incorporated rubber segment is estimated to witness major demand in the coming years as it holds outstanding performance attributes in the tire industry. Owing to the wide use of light trucks and SUVs, the all-season tires segment is projected to grow at a considerable pace over the forecast period.
• Based on vehicle type, the green tires market is categorized into passenger car, two-wheeler, all-terrain vehicle (ATV), light commercial vehicle (LCV), and heavy commercial vehicle (HCV). The passenger car segment is estimated to grow at a considerable pace over the forecast period. The LCV and HCV segments are projected to grow at significant rates in order to cater to the rising demand for these vehicles.
• The Asia Pacific region is expected to be the largest market for green tires, in terms of value and volume, during the forecast period. The market in the region is expected to be driven by the increasing demand for passenger cars and commercial vehicles in the countries such as China and India. In addition, the government initiatives to promote the use of EVs are also expected to drive the market for green tires in the region.

Company Profiles

• Bridgestone Corporation
• Continental AG
• Michelin SCA
• Goodyear Tire & Rubber Company
• Hankook Tire & Technology
• Pirelli & C. S.p.A
• Kumho Tire
• Zhongce Rubber Group Co. Ltd.
• Nokian Tyres Plc
• Cheng Shin Rubber Industry Co
• Kenda Rubber Industrial Company
• Madras Rubber Factory (MRF).

Industrial Outlook

Market drivers analysis

• Rising demand for fuel-efficient tires
• Increasing prices of gasoline and diesel
• Stringent government regulations regarding tire labeling and emissions

Market restraints analysis

• Lack of performance in winter season
• Fluctuating price of raw materials
• Lack of awareness regarding green tires among customers

Scope of the Report

Application Outlook (Revenue, USD Billion; 2019-2030)

• On-Road
• Off-Road

Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)

• Passenger Vehicles
• Commercial Vehicles
• Heavy Commercial Vehicles

Sales Channel Outlook (Revenue, USD Billion; 2019-2030)

• Original Equipment Manufacturer (OEM)
• Aftermarket

Raw Material Outlook (Revenue, USD Billion; 2019-2030)

• Silica Incorporated Rubber
• Butyl Rubber
• Silane Incorporated Rubber
• Others

Regional Outlook (Revenue, USD Billion; 2019-2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221013005601/en/