New York, June 07, 2023 (GLOBE NEWSWIRE) -- The green tires market size is anticipated to surpass USD 80 billion by 2033 and is projected to attain 9% growth rate till 2033, as per latest study by Research Nester.
The rapidly growing automotive sector as well as the rising number of cars, passenger vehicles, and commercial vehicles globally are encouraging leading tire brands to invest more in green tire technology and the development of sustainable auto parts. The total revenue generated by the global automotive industry in 2021 amounted to about USD 2.80 trillion, with automobile sales reaching 66.5 million units across the globe in the same year.
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Increasing manufacturing of fuel-efficient cars to boost industry growth
The massively increasing number of wheels on the world’s roads, which almost reached nearly 35 billion globally in 2022, along with the rising competition amongst the global car manufacturers and leading green tire manufacturing to develop fuel-efficient cars by reducing rolling resistance and improving many non-powertrain technologies, together with the development of eco-friendly tires that are made with the help of silica/silane systems that are said to ensure vehicular safety under extreme weather conditions besides enhancing global fuel economy, are estimated to be some of the major growth drivers propelling the growth of the global green tires market in the assessment period. As found in the investigation, it is anticipated that the green tires featuring the silica/silane system can facilitate a reduction of ~8% in fuel consumption globally. Furthermore, 1 to 2% in fuel can also be saved with a 10% reduction in rolling resistance or energy loss.
Rising investment in building a climate-resilient green economy to drive growth in Europe
The green tires market in Europe is estimated to garner the largest revenue by the end of 2033. The presence of a strong mobility network in the region, as well as rising investment in a sustainable transport system that employs state-of-the-art special technologies, as well as the development of eco-friendly tires with green tire caps and the use of silica in tire treads that aid in the development of best gas mileage cars, are factors contributing to the green tires market growth in the region.
The automotive industry is the largest investor in research and development (R&D) in the European Union, spending more than USD 71 million on innovation each year.Also, it is anticipated that all new buses in the Netherlands will use 100% renewable energy from 2025 onward, and all buses are expected to become fully emission-free from 2030.
Growing exploitation of renewable resources to foster North American Growth
The green tires market in North America is estimated to garner the highest CAGR by the end of 2033. The growth of the market in the region over the projected time period can be attributed to the swiftly increasing investment in renewable energy as well as the rising exploitation of renewable energy sources to reduce the elevated carbon footprint in the region, with the automotive sector being no exception. It was found that the United States had the second-highest clean energy investments in 2019 with around USD 55 billion in investments.
Furthermore, the increasing adoption of green automobile technologies, in addition to the increasing manufacturing of green cars and green tires in the region, is further expected to boost regional market growth. Currently, North America is the second-largest market for green tires after Europe.
Market Segmentation by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle)
The heavy commercial vehicle segment is anticipated to hold the largest share of the green tires market by 2033. The increasing demand for freight transport for internal and international trade, as well as the growing number of heavy commercial vehicles such as trucks and trailers worldwide, as well as increased investment in commercial fleets to improve fuel efficiency in long-distance operations on the road toward sustainable fleet management, are expected to drive segment growth in the coming years. The production of commercial vehicles worldwide reached around 23 million units in 2021 and is slated to grow tremendously in the upcoming years. Moreover, it is anticipated that by 2050, the need for freight transport will almost double to 300 tons-kilometer globally, compared to the demand of 135 tons-kilometer in 2015.
Market Segmentation by Product Size (Below 15”, Below 16"-19", Above 19")
The 16"-19" segment is expected to account for largest revenue share of the global green tires market by 2033. The factors applicable to the growth of the segment include the growing production of cars alongside eco-friendly cars and green cars as well as the increasing demand for luxury cars along with the rising sale of motorcycles together with the heightening demand for SUVs and CUVs, facilitating the burgeoning demand for medium and larger-diameter tires. It was observed that global car sales in 2021 nearly hit a volume of over 66 million units.
Furthermore, in a study, it was revealed that it was technically and economically feasible to reduce the average rolling resistance of replacement tires by 10%, improving the fuel economy of passenger cars by ~1% to ~2%, saving around 1.2 to 2.3 billion gallons of fuel annually.
Top companies in the global green tires market are Bridgestone Corporation, Continental AG, Manufacture Française des Pneumatiques Michelin, Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Pirelli Tyre S.p.A., Hankook Tire Co., Ltd., Toyo Tire Corporation, Nokian Tyres plc, Kumho Tire Company.
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