Automotive Green Tires Market Set to Reach US$ 25 Billion by 2034 with a CAGR of 4.5% | Future Market Insights, Inc.

NEWARK, Del, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The automotive green tires market had an estimated market size of US$ 11.5 billion in 2023 and is expected to reach a global market size of US$ 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 US$ 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 Market Analysis

• The global demand for automotive green tires reached US$ 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.

“Stringent government rules requiring decreased emissions and supporting environmentally friendly transportation alternatives are an important market driver. In order to comply with legislation and reach sustainability standards, automotive companies and tire makers are compelled to invest in green tire technology,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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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.

The key players in this market include:

1. Bridgestone Corporation
2. Continental AG
3. Michelin Group
4. Apollo Tyres Limited
5. Yokohama Tire Corporation
6. Goodyear Tire & Rubber Company
7. Pirelli & C. Spa
8. Toyo Tire Corporation
9. MRF Limited
10. CEAT Limited

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.

Report Scope

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Key Segments Profiled in the Automotive Green Tires Market

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
  
  

Authored By

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.

Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain

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Aircraft Tire Market Demand is projected to reach US$ 3.3 billion by 2033.

Retread Tire Industry Size is projected to reach US$ 20 billion by 2033.

Europe Automotive Tire Market Demand is likely to surpass a valuation of US$ 108.7 billion by 2033.

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Low Rolling Resistance Tire Industry Analysis in Western Europe is projected to rise at a CAGR of 9.50% through 2033.

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