NEWARK, Del, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The global green tire market is anticipated to reach a value of US$ 78.6 Bn in 2032 while growing at a robust CAGR of 9.7% over the forecast period of 2022 to 2032. Valued at US$ 28.6 Bn in the year 2021, the green tire market is predicted to reach an estimated US$ 31.1 Bn by the end of 2022. Soaring demand for eco-friendly, lightweight, and fuel-efficient tires has fueled the green tire market to expand at a rapid pace during the projected period. The market growth of green tires is further influenced by the prevailing trends in the passenger vehicle segment in the upcoming years.
Low rolling resistance tires that lead to fuel efficiency are categorized as green tires. These are tires that have all the parts together but aren’t cured or haven’t had the treads added to them yet. Many manufacturers in the automobile sector are increasing their investment in green tires owing to the heightened demand for fuel-efficient vehicles. A surge in disposable income coupled with growing middle class and a shift in consumer preferences has culminated in an increase in fuel-efficient vehicles. This has resulted in expansion of the green tire market. In addition to this, advancing investment in infrastructure and road development will presumably have a positive influence on the market.
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Moreover, government policies regarding pollution control and sustainability are also expected to drive market growth. Implementation of stringent government regulations pertaining to automotive carbon emissions further invites the usage of green tires. Besides, rising awareness about environmental preservation, eco-friendly and sustainable living also encourage market expansion of green tires over the projected period of 2022 to 2032.
“An upsurge in the adoption of natural rubber-based green tires is expected to augment the global sales of green tires over the forecast period,” says an FMI analyst.
Key Takeaways:
- Emergence of natural green tires along with increasing demand for fuel efficiency foster market growth.
- Automotive sector to drive market growth in China over the assessment period.
- Germany to acquire 23% of the global market share during the projected period.
- Based on size, the size 17” and 18” segments are estimated to account for 47% of the global market share.
- On the basis of vehicle type, passenger vehicles are likely to grow in value by 9.4%.
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Competitive Landscape
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., among others are some of the major players in the green tire market that are profiled in the full version of the report.
In a fairly competitive market, leading players are employing methods like new product launches, and expansion of manufacturing facilities. These businesses also engage in collaborations, acquisitions, and mergers, to maintain a competitive edge in the market.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
More Insights into the Green Tire Market Report
In its latest report, FMI offers an unbiased analysis of the global green tire market, providing historical data from 2017 to 2021 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and range, the market is segmented based on size (below 15”, 16”, 17”, 18”, 19”, above 19”), vehicle type (passenger vehicle, LCV, HCV), application (on-road, off-road), sales channel (OEM, aftermarket), and region.
According to the latest FMI reports, based on region, the green tire market in China will presumably offer multiple lucrative market opportunities over the forecast period. The regional market is expected to exhibit a prolific CAGR of 11.3% from 2022 to 2032. Favorable government policies along with an ever-expanding automotive sector will propel the green tire market to grow in China during the assessment period.
In Germany, the green tire market will hold a staggering 23% of the market share in Europe. The country is expected to lead green tire market growth in Europe. Immense popularity of the green tire technology as well as an increase in spending on the country’s transportation projects will contribute to this region’s green tire market growth.
Based on segmentation, by tire size, the 17” and 18” segment is likely to record a high demand while passenger vehicle segment will register a market opportunity of US$ 30.9 Bn. On the basis of application, the on-road segment is estimated to generate an opportunity of US$ 40.5 Bn throughout 2032.
Have a Look at Related Reports of Automotive Domain
Low Rolling Resistance Tire Market Share: Low rolling resistance tires are acquiring significant popularity, with heightened emphasis on improving vehicular performance outcomes catalyzing growth.
Automotive Tire Market Size: Newly released data by Future Market Insights predicts the global automotive tire market to reach US$ 366,092 Mn in 2021.
Automatic Tire Inflation System Market Trends: According to a study by Future Market Insights (FMI), the automatic tire inflation system market is set to expand at over 5% CAGR through 2031.
Retread Tire Market Outlook: The rising demand for cost effective and economical tires have been aiding the expansion of the retread tires market.
Ultra-High Performance (UHP) Tire Market Demand: Demand in the ultra-high performance (UHP) tire market is projected to increase at a robust 10.9% CAGR between 2021 and 2031.
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