The global automotive green tires market size is projected to grow from USD 11.5 billion in 2023 to USD 15.8 billion by 2028, at a CAGR of 6.5%. There is a rise in concern regarding the various factors affecting the fuel efficiency and emissions of greenhouse gases into the atmosphere. In order to combat this, governments across the globe have started several initiatives to reduce fuel consumption and release of greenhouse gases. The use of green tires will significantly work toward achieving these targets, as these tires help reduce CO2 emissions.
The green tires market is dominated by major players such as Michelin (France), Bridgestone Corporation (China), Goodyear (US), Continental (Germany) and Pirelli (Italy), and others. In July 2023, Pirelli launched P Zero E tires which is a sustainable tire which is composed of 55% sustainable and recycled materials. It has also high rating for efficiency and wet braking. These players have already loyal customer base and supply contracts with major automotive giants such as Honda, Hyundai, BMW, Audi, Ford Motor Company, Chevrolet, Volkswagen, and others as of July 2022.
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Bridgestone Corporation is one of the leading manufacturers of tires and rubber products. The company has about 180 manufacturing plants and R&D facilities in 25 countries and sells products in more than 150 countries worldwide in various regions such as Europe, North America, and APAC. The company offers a wide range of tires for passenger cars, trucks, buses, aircraft, construction equipment, and motorcycles. Bridgestone Corporation also produces a variety of tire-related products, such as wheels, tubes, and accessories.
Michelin is a leading company having expertise in tire technology and using its experience in high-tech materials; the company delivers better high-quality products and services. Michelin is involved in the production of not just automobiles but also heavy equipment, motorcycles, bicycles, and aircraft and space shuttles. Apart from tires, the company also provides digital services, maps, and guides. Michelin is also focused on developing sustainable mobility solutions. The company has set ambitious goals to reduce its carbon footprint. It actively invests in R&D to create innovative products and technologies to support the transition to a more sustainable future.
The company is a leading manufacturer and distributor of tires. It has three segments: Americas; Europe, Middle East and Africa (EMEA), and Asia Pacific. The company has considerable experience in manufacturing of rubber-related chemicals for various applications. It is involved in the manufacturing of a broad range of rubber tires for automotive, heavy trucks, airplanes, motorbikes, earthmoving and mining equipment, and various other applications. The company offers its tire products online and offline with approximately 1,000 company-owned outlets. It also offers repair and other services across the globe. Its tires are used for original equipment (OE) as well as replacement applications across the globe. Goodyear owns several brands, such as Dunlop, Kelly, Debica, Sava, Fulda, and private-label brands.
Pirelli is involved in the manufacturing of consumer tires. Pirelli produces tires for cars, motorcycles, bicycles, and other vehicles. The company is focused on the development and marketing of innovative tires and specialties and super specialties tires for its comprehensive product portfolio. Pirelli Labs is active in the fields of nanotechnology-based optical devices, materials and processes for tires, sensors and remote monitoring, and materials for fuel cells. Pirelli is investing in other related innovative technologies. The company has partnered with Geotab (Canada), a leading provider of fleet management solutions, to provide real-time tire data to Geotab's cloud-based platform. This collaboration aims to improve fleet management by enabling the monitoring of tire performance and maintenance, thus reducing costs and downtime. The company carries out its principal activity of tire manufacture with operations through 23 plants in 12 countries as of December 2022.
Continental is a leading German automotive manufacturing company. The company develops pioneering technologies and services for sustainable and connected mobility of people and their goods. The company is engaged in the manufacturing of automotive components such as tires, brake systems, interior electronics, automotive safety, powertrain and chassis components, and tachographs. It makes tires for small, medium-size, and full-size vehicles, SUVs and light trucks. It specializes in tires and brake systems.
Automotive Green Tires Market by Vehicle Type (PC, LCV, Trucks and Buses), Rim Size (13-15”, 16-18”, 19-21” and >21”), Propulsion Type (ICE and EV), Application (On-road and off-road), Sales Channel & Region - Global Forecast to 2028
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