NEWARK, Del, Sep 02, 2022 (GLOBE NEWSWIRE) — The global green tire market is expected to reach a value of US$78.6 billion in 2032 while growing at a robust CAGR of 9.7% over the period of Forecast from 2022 to 2032 Valued at 28.6 billion US$ in 2021, the green tire market is expected to reach approximately 31.1 billion US$ by the end of 2022. fuel has fueled the green tire market to expand at a rapid rate during the projected period. The growth of the green tire market is further influenced by the prevailing trends in the passenger vehicle segment in the coming years.
Low rolling resistance tires that save fuel are categorized as green tires. These are tires that have all the pieces together but are not cured or have the treads not yet added. Many automotive manufacturers are increasing their investment in green tires due to increased demand for fuel efficient vehicles. An increase in disposable income coupled with a growing middle class and a shift in consumer preferences has resulted in an increase in fuel efficient vehicles. This has led to the expansion of the green tire market. In addition to this, progress in infrastructure investment and road development is likely to have a positive influence on the market.
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Additionally, government policies regarding pollution control and sustainability are also expected to drive the market growth. The implementation of stringent government regulations regarding automobile carbon emissions further prompts the use of green tires. Furthermore, the rising awareness for environmental conservation, eco-friendly and sustainable lifestyle is also encouraging the expansion of the green tire market during the projected period 2022 to 2032.
“An upsurge in the adoption of natural rubber-based green tires is expected to boost global green tire sales over the forecast period,” an IMF analyst said.
Key points to remember:
- The emergence of natural green tires along with the growing demand for fuel efficiency is driving the growth of the market.
- The automotive sector is expected to drive the market growth in China over the assessment period.
- Germany is to acquire 23% of the global market share over the projected period.
- Based on size, the 17″ and 18″ size segments are estimated to represent 47% of the global market share.
- By vehicle type, the value of passenger vehicles is expected to increase by 9.4%.
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Michelin Group, Continental AG, Goodyear Tire and Rubber Company, Bridgestone Corporation, Hankook Tire & Technology Co. Ltd, Pirelli & C SpA, The Yokohama Rubber Co. Ltd, Toyo Tire corporation, Kumho Tire, Sumitomo Rubber Industries Ltd., Nokian Tires Plc., NANKANG RUBBER TIRE CORP., LTD., among others, are some of the major green tire market players which are profiled in the full version of the report.
In a fairly competitive market, major players are using methods such as launching new products and expanding manufacturing facilities. These companies also engage in collaborations, acquisitions and mergers, in order to maintain a competitive advantage in the market.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
The table of contents continued…
More information about the Green Tires Market report
In its latest report, FMI offers an unbiased analysis of the Global Green Tires Market, providing historic data from 2017 to 2021 and forecast statistics from 2021 to 2031. To understand the potential, growth, and scope of the global market, the market is segmented by size (under 15″, 16″, 17″, 18″, 19″, over 19″), vehicle type (passenger vehicle, LCV, HCV), application (on-road, all- field), sales channel (OEM, aftermarket) and region.
According to the latest IMF reports, based on the region, the green tire market in China is likely to offer multiple lucrative market opportunities over the forecast period. The regional market is expected to witness a prolific CAGR of 11.3% from 2022 to 2032. Favorable government policies along with an ever-expanding automotive sector will propel the green tire market to grow in China during the assessment period .
In Germany, the green tire market will hold a staggering 23% market share in Europe. The country is expected to lead the green tire market growth in Europe. The immense popularity of the green tire technology along with an increase in spending in the country’s transportation projects will aid in the growth of the green tire market in this region.
Based on segmentation, by tire size, the 17″ and 18″ segment is expected to register strong demand while the passenger vehicle segment will register a US$30.9 billion market opportunity. Based on the application, the road segment is expected to generate a US$40.5 billion opportunity throughout 2032.
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Market Share of Low Rolling Resistance Tires: Low rolling resistance tires are gaining popularity with increasing focus on improving vehicle performance as a catalyst for growth.
Automotive Tires Market Size: Data recently released by Future Market Insights forecasts the global automotive tires market to reach US$366,092 million in 2021.
Automatic Tire Inflation System Market Trends: According to a study by Future Market Insights (IMF), the Automatic Tire Inflation System market is expected to grow at over 5% CAGR through 2031.
Retread Tire Market Outlook: Growing demand for cost-effective and economical tires has contributed to the expansion of the retread tire market.
Ultra-High Performance (UHP) Tire Market Demand: The demand in the ultra-high performance (UHP) tire market is expected to grow at a robust CAGR of 10.9% between 2021 and 2031.
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