Green Tire Market Worth $78.6 Billion By 2032 | CAGR 9.7% - By FMI

The global green tires market size is projected to increase from US$ 31.1 Bn in 2022 to US$ 78.6 Bn by 2032, accelerating at a CAGR of 9.7% between 2022 and 2032. Rising demand for fuel efficient vehicles and vehicle components to reduce environmental pollution is a key factor driving the global green tires market.

Green tires are essential for lowering the price and fuel efficiency of automobiles. Changes in customer preferences for sustainable transportation options and strict laws are driving up demand for tires that are both energy-efficient and environmentally friendly.

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Green tires assist in minimizing the energy lost as a result of tire-to-rolling surface friction. Silica is used in the manufacturing of these tires to create low rolling resistance, which may eliminate tire friction on any given surface. It increases the energy efficiency of tires and raises the general level of tire and vehicle safety.

Changing consumer preferences for fuel-efficient automobiles, government regulations on carbon emissions, as well as a growth in demand from the e-commerce and logistics industries, would all boost the global market for green tire during the forecast period.

Key Takeaways of Green Tire Market Study

By tire size, the 18" tire size segment is projected to increase at a value CAGR of 9.1% during the forecast period.
In terms of vehicle type, passenger vehicles are anticipated to account for more than 68% of the global market.
Based on application, on-road segment is projected to grow at a value CAGR of 9.6% through 2032.
With implementation of stringent government regulations in the automotive industry, green tires market in Europe is projected to expand at 9.0% CAGR over the next ten years.
The green tire market in China is poised to expand at a value CAGR of 3% from 2022 to 2032.

"The market for green tire is expected to be supported by rising government regulations, and changing consumer preference for fuel-efficient tires. Besides this, product development with sustainable materials by prominent players coupled with adoption of strategies like collaborations and partnerships will bode well for the market." says Future Market insights analyst

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Competitive Landscape

Market players are attempting to increase their market share by developing eco-friendly materials-based green tires and modernizing existing product lines. To increase their sales channels in the market, the major corporations are looking to partner with distributor networks and vehicle manufacturers.

Leading manufacturers of green tires also adhere to important supply trends including the introduction of new products and significant expenditures on R&D.

Continental AG, Bridgestone, Goodyear Tire & Rubber Company, Michelin Group, Pirelli & C S.p.A are a few of the market's major participants.

Key Segments Covered in Green Tire Industry Analysis

Green Tire Market by Tire Size:

Below 15"
16"
17"
18"
19"
Above 19"

Green Tire Market by Vehicle Type:

Passenger Vehicle
LCV
HCV

Green Tire Market by Application:

On-Road
Off-Road

Green Tire Market by Sales Channel:

OEM
Aftermarket

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Find More Valuable Insights

The research report analyzes the market demand trends of green tire. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of green tire. As per Future Market Insights' research scope, the green tire market has been studied and segmented on the basis of tire size, vehicle type, application, and sales channel. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.