Green Tires Market - Global Industry Share, Growth, Trends and Forecast Analysis For 2024

Global Green Tires Market:

Vehicles are among the most prolific contributors to air pollution due to their large-scale use of fossil fuels. Even though individual vehicles do not produce a large amount of pollutants, their global popularity means that the cumulative contribution of the automotive sector is enormously high. Tires constitute one of the crucial components of a vehicle in terms of determining the amount of pollutants released by the vehicle. The rolling resistance of a vehicle, i.e. the friction between the tires and the surface, is crucial in this respect. The higher the rolling resistance of a vehicle, the more energy it requires to overcome the friction, and the more pollutants it releases.

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Due to the crucial contribution of automotive tires in the pollution caused by the vehicle, green tires have been conceptualized and designed. Green tires aim to reduce the rolling resistance of vehicles to a point where the amount of pollutants is kept in check, but the reduction in friction is not dangerous for the drivers.

The report examines the global green tires market from every angle, in order to compile a precise and comprehensive overview of the market. Readers are provided data regarding the market’s past performance in different regions, the performance of the various types of tires on offer in the global green tires market, as well as an overview of the competitive landscape of the green tires market. The 360-degree analysis provided in the report will help readers formulate beneficial strategies keeping in mind the direction the global green tires market is expected to take in the coming years.

Global Green Tires Market: Key Trends and Opportunities

The primary driver for the global green tires market is the rising acknowledgment of the environmental damage caused by cars and the inroads that can be made into it by changing the way tires are designed. Not only is the cumulative amount of pollutants released by vehicles harmful for the environment as well as human health, but the problem is also compounded by the rising scarcity of natural petroleum reserves. While incorporation of green tires is, in relative terms, a small step toward reducing the global threat of pollution, it is a necessary step and, more importantly, an easily implementable step.

The global green tires market has also been propelled by the increasingly common occurrence of governments and people being united in their support for environmental conservation and protection measures. The rising environmental awareness among the global population has increased the preference for green tires among private automobile owners and commercial fleet owners, while several governments have incentivized the usage of green tires.

On the other hand, the prime restraint acting on the global green tires market is the lack of technological knowhow about the development of green tires. While many companies have stepped up their research efforts to reduce their ecological footprint, green tires are very much a low-priority product for most tire manufacturers. This situation will take some time to change despite public and governmental support, owing to the popularity of regular tires.

Global Green Tires Market: Geographical Overview

The global green tires market originated in Europe, where the use of silica in tire treads laid the foundation of the market in the 1990s. The region is still the dominant market for green tires and is among the major research hubs. North America has also been quick to incorporate green automotive technologies and the market for green tires in the region is now second only to Europe.

Europe and North America will remain the two largest regional markets for green tires due to the strong presence of preeminent automotive giants such as Mercedes, BMW, Audi, Volkswagen, Ford, and GM. The dynamic automotive industry in Asia Pacific is expected to drive the green tires market in countries such as Japan, China, and India in the coming years.

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Major companies in the global green tires market include Goodyear Tire and Rubber Co., Pirelli Tyre S.p.A., Michelin North America Inc., PPG Industries Inc., and Bridgestone.

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