Green Tires Market Growth Segments - Business Size with Forthcoming Developments

Market Values:

The Green Tires Market is poised to reach a substantial US$ 166.29 Bn by 2029, experiencing notable growth from US$ 89.23 Bn in 2022, at an impressive CAGR of 9.3% during the forecast period.

Report Scope:

The comprehensive report explores the Green Tires Market dynamics, driving forces, and challenges, providing valuable insights for decision-makers. It encompasses detailed research methodologies, market segmentation, and regional analyses to offer a holistic view of the industry.

Research Methodology:

The research methodology involves thorough data acquisition from diverse sources, including industry reports, government regulations, and statistical data. Rigorous analysis, validation, and consultation with industry experts ensure the accuracy and credibility of the findings. The report aids decision-makers in understanding emerging market trends, opportunities, and challenges.

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Green Tires Market Dynamics:

Drivers:

Energy Efficiency and Environmental Sustainability

Green tires, treated with ingredients like silica, reduce rolling resistance, enhancing energy efficiency and overall safety. The market is driven by the industry's shift towards eco-friendly products, promoting sustainable mobility, improving fuel economy, and minimizing greenhouse gas emissions. Stringent government regulations and growing consumer awareness of environmental impact further propel the market.

Rolling Resistance Advancements

Green tires significantly reduce rolling resistance, minimizing energy wastage and improving fuel efficiency. In light vehicles, these tires enhance fuel economy by 2-4%, while heavy-duty vehicles benefit from a 7-10% fuel efficiency boost. The long-term cost savings through reduced fuel consumption make green tires a cost-effective and environmentally friendly choice.

Opportunities:

Climate Change Concerns and Global Warming

Rising concerns about climate change and greenhouse gas emissions from traditional tire production present opportunities for green tire demand. With benefits like a 30% reduction in greenhouse gas emissions and rolling resistance, along with 5-7% fuel consumption improvement, green tires contribute to sustainable transportation.

Innovations and Regulatory Compliance

Advancements in materials and manufacturing methods, coupled with stringent regulations like the National Emission Standards for Hazardous Air Pollutants (NESHAP) and Clean Air Act (CAA), offer growth opportunities. Collaborations between tire producers and automakers for eco-friendly tire development are expected to boost market demand.

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Regional Insights:

Europe: The European market, worth USD 8.01 billion in 2022, is expected to grow rapidly due to government legislation targeting carbon emission reduction. Increased demand for low-emission vehicles and components, along with the emphasis on green tires by European manufacturers, supports market growth.

Asia Pacific (APAC): With over half of global car manufacturing in 2019 and China as the world's largest car producer, APAC is a major contributor to the market. Favorable factors include raw material availability, economic development, rising discretionary income, cost-effective labor, government initiatives, and significant investments.

Green Tires Market Segment Analysis:

Sales Channel:

OEM
Aftermarket

The after-market segment, accounting for 63% of revenue in 2022, experiences significant growth due to fleet owners' preference for green tires. Increasing demand for enhanced vehicle performance and cosmetic factors fuels market growth.

Vehicle Type:

Passenger Cars
Light Commercial Vehicle
Heavy Duty

The passenger car segment, with a 2022 market share, is expected to grow at a CAGR of 12.4% between 2022 and 2029. The focus on reducing fuel consumption and increasing consumer awareness drives demand for green tires in passenger cars.

by Application

On-Road
Off-Road

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Competitive Landscape: Key Players Driving Industry Evolution

1. PPG Industries Inc.
2. Pirelli Tyre SpA
3. Bridgestone
4. Green Arc Tire Manufacturing
5. Goodyear Tire & Rubber
6. Michelin
7. Continental
8. Maxxis
9. Hankook
10.Kumho
11.Pyrolyx AG
12.Lanxess
13.Vittoria
14.Apollo Vredestein
15.CST
16.Sailun
17.LINGLONG TIRE
18.Kenda Tires
19.CRAIN COMMUNICATIONS INC.
20.Cooper Tire & Rubber Company

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Table of content for the Green Tires Market includes:

Part 01: Executive Summary

Part 02: Scope of the Green Tires Market Report

Part 03: Global Green Tires Market Landscape

Part 04: Global Green Tires Market Sizing

Part 05: Global Green Tires Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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