Global Green Tires Market
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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Global Green Tires Market
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