NEWARK, Del, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The green tire market is forecasted to garner revenue of US$ 85.79 billion by 2033, up from US$ 33.68 billion in 2023, advancing at a rate of 9.8% from 2023 to 2033.
The green tire market is experiencing significant growth and transformation as sustainability becomes a prominent trend in the automotive industry. With a focus on reducing carbon emissions, improving fuel efficiency, and using sustainable materials, green tires have gained momentum as a viable and eco-friendly solution.
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These tires, made from renewable resources and designed to enhance performance, are reshaping the market as consumers and manufacturers increasingly prioritize sustainability.
The rising demand for greener transportation options is driving the adoption of green tires, making them a crucial component of the industry's pursuit of a more sustainable future. The green tire industry is witnessing significant technological advancements and material innovations that enhance performance while minimizing environmental impact.
Tire manufacturers are investing heavily in research and development to create advanced tread designs, optimized rubber compounds, and innovative manufacturing processes.
The use of sustainable and renewable materials, such as natural rubber sourced from responsibly managed plantations, silica derived from rice husk ash, and bio-based materials, is becoming increasingly prevalent.
These advancements in technology and material innovation have led to green tires that offer excellent grip, durability, and fuel efficiency without compromising safety.
Government regulations and incentives play a crucial role in shaping the green tire market. Many countries have implemented stringent regulations on vehicle emissions and fuel efficiency standards, which in turn drive the demand for green tires.
Governments worldwide are also providing incentives and tax breaks to promote the adoption of eco-friendly technologies, including green tires. Such policies not only boost market growth but also encourage tire manufacturers to invest in research and development to create innovative and sustainable tire solutions.
While the market shows immense potential, it is not without its challenges. Limited availability and higher cost of sustainable materials, technological limitations, and lack of consumer awareness about the benefits of green tires are some hurdles that need to be overcome.
Green tire manufacturers and industry stakeholders are, however, actively working to address these challenges through continuous innovation and awareness campaigns.
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Key Takeaways:
- The green tire market value reached US$ 31.13 billion in 2022, with a CAGR of 8.2% from 2018 to 2022.
- The market in the United States is projected to account for a 17.6% share by 2033 on a global level.
- The United Kingdom's green tire industry is projected to advance at 9.3% CAGR from 2023 to 2033.
- The value share for the green tire industry in Japan accounts for around 7.2% by 2033.
- India's market for green tires is predicted to progress steadily, with a CAGR of 9.6% during the projected period.
“It is evident that environmentally sustainable tire technologies are gaining substantial traction in the automotive industry. The findings underscore a growing consumer preference for eco-friendly options, propelling the demand for green tires”, - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
How is the Competition Structured in the Green Tire Industry?
The competition in the green tire industry is structured around several key factors. Firstly, tire manufacturers compete based on their ability to develop and offer innovative and sustainable tire technologies that meet the stringent requirements of environmental regulations and consumer demands.
Secondly, competition exists in pricing and cost-efficiency, as manufacturers strive to balance using sustainable materials while keeping their products competitive in the market. Market players compete through effective branding, marketing strategies, and distribution networks to capture market share and establish themselves as leaders in the green tire segment.
Continuous research and development efforts, collaborations, and strategic partnerships also play a crucial role in shaping the competitive landscape of the green tire industry.
Key Companies Profiled:
- Michelin Group
- Continental AG
- Goodyear Tire and Rubber Company
- Bridgestone Corporation
- Hankook Tire & Technology Co. Ltd
- Pirelli & C S.p.A
- The Yokohama Rubber Co. Ltd
- Toyo Tire corporation
- Kumho Tire
- Sumitomo Rubber Industries Ltd.
- Nokian Tires Plc
- NANKANG RUBBER TIRE CORP., LTD.
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Segmentation Analysis
By Tire Size:
- Below 15
- 16
- 17
- 18
- 19
- Above 19
By Vehicle Type:
- Passenger Vehicle
- LCV
- HCV
By Application:
- On-Road
- Off-Road
By Sales Channel:
- OEM
- Aftermarket
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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