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Green Tires Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Green Tires Market
According to The Business Research Company's, The green tires market size has grown rapidly in recent years. It will grow from $100.9 billion in 2023 to $112.87 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to environmental awareness, government regulations, consumer demand for eco-friendly products, rise in disposable income, increased demand for mobility services.
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Market Drivers and Trends:
Increasing demand for electric vehicles is expected to propel the growth of the green tires market going forward. Electric vehicles (EVs) are automobiles powered by electricity, which is stored in rechargeable batteries or other energy storage devices. Green tires are used in electric vehicles to maximize energy efficiency, extend driving range, minimize environmental impact, and meet the eco-friendly expectations of EV owners. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is nearly 9% of sales share, and increased by 4 percentage points in 2021 as well, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the green tires market.
Major companies operating in the green tire market are developing innovative products such as FALKEN e. ZIEX to meet the growing demand for electric vehicles across Europe. Falken e.ZIEX is a new replacement tire for electric vehicles (EVs). It has been developed specifically to meet the needs of EVs, with a focus on low rolling resistance, long wear life, and quiet performance. For instance, in March 2023, Sumitomo Rubber Industries Ltd., a Japan-based automobile company, launched the FALKEN e.ZIEX, a new replacement tire for electric vehicles (EVs). It helps to improve the range and efficiency of EVs. Long wear life is important for EV owners, as EVs tend to be heavier than gasoline-powered vehicles, which can put more wear and tear on the tires. They also have low rolling resistance, long wear life, quiet performance, and are available in a variety of sizes.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Compagnie Générale des Établissements Michelin; Bridgestone Corporation; Goodyear India Limited; Continental AG; Hankook Tire & Technology Co. Ltd.; Pirelli & C. S.p.A.; Apollo Tyres Ltd.; Cheng Shin Rubber Ind. Co. Ltd.; Kumho Industry Co. Ltd.; Nokian Tyres plc; Zhongce Rubber Co. Ltd.; Sailun Group Co. Ltd.; Shandong Linglong Tire Co. Ltd.; The Yokohama Rubber Co. Ltd.; Kenda Rubber Industrial Company; Linglong Americas Inc.; Guizhou Tyre Co. Ltd.; Barez Industrial Group Company Public Joint; PT Gajah Tunggal Tbk; Toyo Tire & Rubber Co. Ltd.; Cooper Tire & Rubber Co.; Madras Rubber Factory Ltd.; Giti Tire Pte Ltd.; Shandong Fengyuan Tyre Co. Ltd.; Southern Rubber Industry Co.; Specialty Tires of America Inc.; Sumitomo Rubber Industries Ltd.; Nexen Tire Corporation; Hangzhou Zhongce Rubber Co. Ltd.; Double Coin Holdings Ltd.
Green Tires Market 2024 Key Insights:
• The green tires market size is expected to grow to $180.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Surging Demand For Electric Vehicles Accelerates Growth In The Green Tires Market
• Sumitomo Rubber Industries Unveils Innovative Falken E.Ziex Tire, Catering To The Growing Demand For Electric Vehicle Tires In Europe
• Europe was the largest region in the green tyre market in 2023
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