Press release
Green Tires Market Report 2023: Sales Channel Analysis, Advancement, Industry Size Forecast to 2032
Green Tires Market Analysis
The Business Research Company's Green Tires Global Market Report 2023 identifies increase in environmental awareness among consumers as the major driver for the Green Tires market's growth in the forecast period. To create more awareness among people, many countries, such as the USA, China, South Korea, and Japan, have implemented tyre standards, ratings, labeling, and correct pressure programs. Due to the rising benefits of using green tires, such as eco-friendliness, high durability, fuel efficiency, and carbon emission reductions, consumers are opting for green tyres compared to conventional tires. In 2020, the European Commission published the final European Tyre Labelling Regulation, which provides consumers with awareness by providing information such as fuel efficiency, safety, rolling resistance, wet grip, and external rolling noise to consumers.
The global green tires market size grew from $90.81 billion in 2022 to $101.25 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The green tires market size is expected to grow to $157.43 billion in 2027 at a CAGR of 11.7%.
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Major competitors in the Green Tires market are Michelin, Bridgestone, Goodyear Tire and Rubber, Continental, Hankook, Pirelli, Apollo Tyres Ltd., Cheng Shin Rubber Ind. Co. Ltd., Kumho Tire, Nokian Tyres Plc., ZC Rubber, Sailun Tires, Shandong Linglong Tire Co. Ltd., The Yokohama Rubber Co. Ltd., and Kenda Tires.
A key trend in the Green Tires market includes Biobased rubber for green tyre manufacturing. Companies are coming up with new technologies that utilise natural, renewable sources such as corn, grasses, and trees to obtain isoprene, the main ingredient in synthetic rubber.
Read More On The Global Green Tires Market Report Here:
https://www.thebusinessresearchcompany.com/report/green-tires-global-market-report
The Green Tires market is segmented -
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
2) By Application: On-Road, Off-Road
3) By Size:
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