Green Tires Market which delivers detailed overview of the global green tires market in terms of market segmentation by product size, by vehicle type, by distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global green tires market is anticipated to grow with a CAGR of ~9% during the forecast period, i.e., 2023-2033. The market is segmented by vehicle type into passenger vehicle, light commercial vehicle and heavy commercial vehicle. Out of these segments, the heavy vehicle segment is anticipated to garner the largest market share over the forecast period, owing to the increasing demand of freight transport. In addition, increasing adoption of green tires among transport industry is also expected to boost the growth of the segment in the coming years
Green Tires Market Statistics –
- USD 80 Billion revenue in 2033
- The market size is projected to record a valuation of over USD 80 Billion by 2033
- The Green Tires Market is slated to observe 9% growth rate through 2023-2033
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The global green tires market is estimated to garner a revenue of ~USD 80 billion by the end of 2033, backed by the increasing use of green tires worldwide. Various features provided by green tiers, including reduction in the amount of friction created by their movement are also projected to boost sales of these tiers in the coming years. Moreover, increasing investment in energy transition as well as rising investment on transport infrastructure is also projected to propel the growth of the market during the forecast period.
Geographically, the global green tires market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Europe is estimated to garner the largest market share over the forecast period, owing to the rising adoption of renewable energy.
Major players include in the global Green Tires Market market:
- Bridgestone Corporation,
- Continental AG,
- Manufacture Française des Pneumatiques Michelin,
- Goodyear Tire & Rubber Company,
- The Yokohama Rubber Co., Ltd.,
- Pirelli Tyre S.p.A.,
- Hankook Tire Co., Ltd.,
- Toyo Tire Corporation,
- Nokian Tyres plc,
- Kumho Tire Company
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Number of Vehicles to Drive the Market Growth
According to the data, in Europe, there were more than 400 million vehicles, spread across EU and non-EU countries, in the first quarter of 2022.
The rising number of vehicles as well as adoption of zero-carbon solutions are expected to accelerate the market growth in the coming years, as green tiers reduce fuel consumption and are also eco-friendly. Moreover, the increasing technological advancements as well as the increasing road transport emissions are also expected to drive the growth of the global green tires market during the forecast period.
However, the low awareness regarding the benefits of green tires in the industry and availability of alternate cost-effective substitutes are expected to operate as key restraints to the growth of global green tires market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the of global green tires market which includes company profiling of Bridgestone Corporation, Continental AG, Manufacture Française des Pneumatiques Michelin, Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Pirelli Tyre S.p.A., Hankook Tire Co., Ltd., Toyo Tire Corporation, Nokian Tyres plc, Kumho Tire Company.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global green tires market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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