Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Green Tires Market by Vehicle Type (PC, LCV, Trucks and Buses), Rim Size (13-15", 16-18", 19-21" and >21"), Propulsion Type (ICE and EV), Application (On-road and off-road), Sales Channel & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive green tires market is poised for substantial growth, with its size projected to increase from USD 11.5 billion in 2023 to USD 15.8 billion by 2028, representing a robust CAGR of 6.5%
This study comprehensively covers the automotive green tires market across various segments, including green tire propulsion, vehicle type, rim size, application, sales channel, and region. The report aims to estimate the market size and growth potential of these segments. It also provides an in-depth competitive analysis of key market players, including their company profiles, product and business offerings, recent developments, and acquisitions.
The Asia Pacific region exhibits high growth potential for the automotive green tires market. China, known as a manufacturing hub for the automotive industry, is expected to drive market growth in the Asia Pacific region. Additionally, the region has witnessed a rising demand for luxury and premium segment vehicles in recent years.
Asia Pacific has emerged as a production hub for major tire manufacturing companies, such as Continental, Goodyear, Cooper, Pirelli, Michelin, Bridgestone Corporation, Yokohama, Hankook Technology Group Co. Ltd., Nokian, Apollo Tyres, and Sumitomo Rubber Industries, among others. Asahi Kasei, a Japanese company, announced plans to produce sustainable solution-polymerized styrene-butadiene rubber (S-SBR) for eco-friendly tires in 2021.
Market growth is primarily driven by governments worldwide implementing stricter regulations focused on fuel efficiency and emissions reduction. These regulations are fostering a burgeoning demand for green tires, designed to enhance fuel economy and reduce emissions. Green tires are manufactured using sustainable materials and offer the benefits of improved fuel efficiency, reduced emissions, and extended tire life. This growing demand for green tires is creating promising opportunities for tire manufacturers and suppliers.
In particular, the Heavy Trucks segment is expected to experience significant growth during the forecast period. Heavy trucks, including trailers and towing trucks, are utilized for transporting heavy goods and possess a higher weight-carrying capacity than Light Commercial Vehicles (LCVs). These trucks typically have more than four tires.
For instance, in August 2023, Bridgestone Corporation introduced the Greatec M703 Ecopia, an ultra-wide base tire designed for long-haul and regional commercial vehicles. This tire is engineered with a high-density, ultra-wide tread pattern and a long-wearing compound to provide extensive mileage over its service life. Green tires also offer a longer lifespan compared to traditional tires, resulting in cost savings, especially for vehicles involved in substantial hauling.
For example, in May 2022, Goodyear announced plans to eliminate petroleum-based materials from its high-end tires for heavy trucks. Stringent regulations and standards for vehicle safety, including tire quality and maintenance, in regions like Europe and the US further stimulate the adoption of higher-quality, more durable, and efficient tires.
The 16-18" segment is expected to dominate the automotive green tires market during the forecast period. The growing logistics industry is generating new opportunities for 16-18" tires, driven by increased sales of LCVs. Logistics companies require vehicles capable of handling heavy loads, especially in challenging terrains, and larger tires provide enhanced traction and performance.
As the logistics industry evolves, so do the types of vehicles used for transporting heavy loads. Emerging technologies have led to the development of new vehicles designed for more efficient and safe transportation of heavy loads. Many Original Equipment Manufacturers (OEMs) are developing innovative technologies such as run-flat tires and self-inflating tires, which are primarily offered in the 16-18" rim-size category. This trend is likely to fuel demand for these tires, given their advantages over traditional counterparts.
Leading players in the automotive green tires market include Bridgestone Corporation (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Continental (Germany), among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 212 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $11.5 Billion |
| Forecasted Market Value (USD) by 2028 | $15.8 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Premium Insights
- Increased Preference for Advanced Tire Technologies
- On-Road Segment to Acquire Largest Market Share by Value in 2028
- Passenger Cars to Secure Leading Market Position by Value During Forecast Period
- Ice to be Largest Segment by Value During Forecast Period
- 19-21" to be Fastest-Growing Segment by Value During Forecast Period
- Asia-Pacific to Secure Maximum Market Share in 2023
Case Studies
- Michelin, Axens, and Ifp Energies Nouvelles
- Bridgestone Corporation, Arlanxeo, and Solvay
- Michelin and Enviro
Market Dynamics
Drivers
- Government Initiatives to Reduce Carbon Emissions
- Increasing Preference for Long-Range Electric Vehicles
- High Demand for Fuel-Efficient Vehicles
- Rising Adoption of Low Rolling Resistance Tires
Restraints
- Lack of Awareness in Emerging Economies
- Longevity of Tires to Affect Aftermarket Sales
Opportunities
- Growing Replacement Tires Market
- Rising Focus on Environmental Sustainability
Challenges
- Compliance with Mandatory Tests for Commercialization of Tires
- Structural Limitations to Impede Future Adoption
Supply Chain Analysis
- Ecosystem Mapping
Technology Analysis
- Smart Tires
- 3D Printed Tires
- Run-Flat Tires
Insights on Materials Used in Green Tires
- Silica
- Natural Rubber
- Steel Belt
- Silane
- Bio-based Resin
Company Profiles
Key Players
- Michelin
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company
- Continental AG
- Pirelli & C. S.P.A.
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co. Ltd.
- Nokian Tyres PLC
- Cheng Shin Rubber Ind. Co. Ltd.
- Zhongce Rubber Group Co. Ltd.
- Kumho Tire Co. Inc.
Other Players
- Apollo Tyres Ltd.
- Shandong Linglong Tire Co. Ltd.
- Kenda Tires
- Giti Tire
- Cooper Tire & Rubber Company
- The Yokohama Rubber Co. Ltd.
- Nexen Tire
- Mrf Limited
- Petlas
- Balkrishna Industries Ltd.
- Toyo Tire Corporation
- Ceat Limited
For more information about this report visit https://www.researchandmarkets.com/r/qfp539
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