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Automotive Green Tires Market Report 2024-2033 | Size, Share, Trends, Growth Demand, Overview
Automotive Green Tires Market Trends
As per the report, the automotive green tires market size has grown strongly in recent years. It will grow from $10.16 billion in 2023 to $10.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The automotive green tires market size is expected to see strong growth in the next few years. It will grow to $14.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
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Electric Vehicle Surge Fuels Expansion of Automotive Green Tires Market
The growing adoption of electric vehicles is expected to propel the growth of the automotive green tires market going forward. Electric vehicles refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. The adoption of electric vehicles (EVs) is growing due to advancements in technology, environmental concerns, government incentives, and decreasing costs. Electric vehicles use automotive green tires to maximize range efficiency and minimize environmental impact due to reduced rolling resistance and eco-friendly materials. For instance, in July 2023, according to the Electric Vehicle Council, an Australia-based national body for the electric vehicle industry, electric vehicle (EV) sales in Australia surged in the first half of 2023, surpassing the total sales for the entire year 2022. By the end of June 2023, 46,624 EVs had been sold, marking a remarkable 269% increase compared to the same period in 2022. This growth has elevated EVs to 8.4% of all new car sales in Australia, a significant 120.5% rise from the previous year's total. Therefore, the growing adoption of electric vehicles is driving the growth of the automotive green tires market.
Innovative Sustainable Tires Lead Automotive Green Tire Market
Major companies operating in the automotive green tire market are developing innovative products, such as next-generation sustainable tires, to better serve customers with environmentally friendly options. Next-generation sustainable tires refer to advanced tires designed with innovative materials and technologies to enhance environmental sustainability, performance, and efficiency. For instance, in March 2024, GRI Tires, a Sri Lanka-based industrial tire manufacturer, launched the GREEN XLR EARTH series and ULTIMATE GREEN XT tires, featuring remarkable sustainable material content. The Green XLR Earth series (for agriculture) contains 87.3% sustainable materials, while the Ultimate Green XT (for material handling) boasts 93.5% sustainable content. Notably, the Ultimate Green XT includes 86.4% bio-sourced and recycled materials, with a tread compound using highly dispersible silica and no carbon black, which reduces abrasion loss and particle release into the environment.
The automotive green tires market covered in this report is segmented -
1) By Type: Bias Tire, Radial Tire
2) By Material: Silica, Low-Aromatic Oils, Synthetic Rubber, Natural Rubber, Other Materials
3) By Propulsion Types: Electric, Hybrid, Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs), Other Propulsion Types
4) By End Users: Individual Consumers, Fleet Operators, Original Equipment Manufacturers (OEMs), Other End Users
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Major companies operating in the automotive green tires market are Bridgestone Corporation, Continental AG, Michelin, Goodyear Tire and Rubber Company, Maxxis International Inc., Sumitomo Rubber Industries Ltd., Giti Tire Pte Ltd, Pirelli & C.S.p.A, Hankook Tire & Technology Co. Ltd., Yokohama Rubber Company, MRF Tyres, Apollo Tyres Limited, Cooper Tire & Rubber Co, Kumho Tire, Nexen Tire Corp, CEAT Limited, Nokian Tyres plc, The Triangle Group, Linglong Americas Inc, Zhongce Rubber Group
Contents of the report:
1. Executive Summary
2. Automotive Green Tires Market Report Structure
3. Automotive Green Tires Market Trends And Strategies
4. Automotive Green Tires Market - Macro Economic Scenario
5. Automotive Green Tires Market Size And Growth
…..
27. Automotive Green Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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