Global Automotive Green Tires Market Share 2024, Forecast To 2033
19 Sep, 2024
The automotive green tires market has witnessed strong growth, increasing from $10.16 billion in 2023 to $10.95 billion in 2024, with a CAGR of 7.8%. This growth is linked to regulatory pressures for reduced emissions, advancements in tire technology, and a shift toward sustainability. The market is expected to reach $14.84 billion by 2028, growing at a CAGR of 7.9%. Factors driving this trend include the rise of electric vehicles and consumer demand for environmentally friendly products. Major trends include stricter emission standards and advancements in battery technology.
Major Driver In The Automotive Green Tires Market
The automotive green tires market is anticipated to grow due to the rising adoption of electric vehicles (EVs). Electric vehicles are increasingly popular because of technological advancements, environmental benefits, government incentives, and decreasing costs. Green tires, with reduced rolling resistance and eco-friendly materials, are essential for maximizing range efficiency and minimizing environmental impact. The Electric Vehicle Council reported 46,624 EVs sold in Australia by June 2023, a 269% increase from the same period in 2022. This significant rise in EV adoption is fueling the growth of the automotive green tires market.
Request A Free Sample Of The Automotive Green Tires Market ReportAutomotive Green Tires Market Competitive Landscape
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
Key Automotive Green Tires Market Trend
Companies in the automotive green tire market are introducing next-generation sustainable tires to offer environmentally friendly options. These tires are made with innovative materials and technologies to improve sustainability and performance. For example, in March 2024, GRI Tires, a Sri Lanka-based manufacturer, launched the GREEN XLR EARTH series and ULTIMATE GREEN XT tires. The GREEN XLR Earth series contains 87.3% sustainable materials, while the Ultimate Green XT features 93.5% sustainable content, including 86.4% bio-sourced and recycled materials.
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Automotive Green Tires Market Segmentation
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
By Geography:The regions covered in the automotive green tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the automotive green tires market in 2023.
The Automotive Green Tires Global Market Report 2024 furnishes information about the global automotive green tires market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.