Press release
Global Green Tires Market: A Rise in Eco-Awareness Driving Growth with a 2025 Projection of $125.5 Billion at 11.9% CAGR
Green Tires Market
What Is The Projected Market Size Of The Global Green Tires Market And Its Growth Rate?
o From a notable $112.19 billion in 2024, the green tires market is set to grow to $125.5 billion in 2025 reflecting a robust CAGR of 11.9%.
o Expectations for the green tire market to burgeon to $207.78 billion in 2029 with a 13.4% CAGR are strong.
What Is Driving The Growth In The Green Tires Market?
A surging environmental consciousness among consumers is fuelling the green tire market. Governments worldwide like those in the USA, China, South Korea, and Japan are implementing tire standards, ratings, labeling, and correct pressure programs to increase awareness. Green tires come with several advantages including eco-friendliness, high durability, fuel efficiency, and carbon emission reduction, making them an appealing alternative to conventional tires. A 2023 study by the US-based non-profit organization, The Roundup, revealed that 78% of consumers find environmental sustainability pertinent and 55% were more inclined towards eco-friendly brands. Moreover, 2021 saw 50% of worldwide consumers adopting more eco-friendly practices in six months. This heightened sense of eco-awareness and adoption acts as a propellant for the green tire market.
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Who Are the Key Players Driving Green Tires Market Growth?
Key companies operating in the green tires market include:
o Compagnie Générale des Établissements Michelin
o Bridgestone Corporation
o Goodyear India Limited
o Continental AG
o Hankook Tire & Technology Co. Ltd.
o Pirelli & C. S.p.A.
o Apollo Tyres Ltd.
What Are The Key Trends In The Green Tires Market?
Key future trends in the market include:
o Smart tire technology
o Electrification-optimized tires
o Cross-industry collaborations
o Tire-as-a-service models
What Are The Segments Of The Global Green Tires Market?
o By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
o By Size:
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