Automotive Green Tires Market

Automotive Green Tires Market Size & Share - Future Growth Expectations

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 Automotive Green Tires Market is poised for substantial growth in the coming years, driven by several key factors:

  • Environmental Concerns and Sustainability
  • Stringent Regulatory Requirements
  • Rising Fuel Prices and Fuel Efficiency Demands
  • Advancements in Tire Technology
  • Increasing Adoption of Electric and Hybrid Vehicles
  • Corporate Sustainability Initiatives
  • Consumer Preference for Eco-Friendly Products
  • Rapid Urbanization and Infrastructure Development

These key factors collectively create a favorable market environment for the Automotive Green Tires Market, with substantial growth opportunities anticipated in the coming years as the automotive industry continues to prioritize sustainability, energy efficiency, and environmental responsibility.

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  • Environmental Concerns and Sustainability: Growing environmental concerns and increasing awareness of sustainability issues are driving the demand for green tires in the automotive industry. Consumers, governments, and businesses are increasingly focused on reducing carbon emissions, minimizing environmental impact, and promoting sustainable practices. Automotive green tires, with their energy-efficient designs and eco-friendly materials, align with these sustainability goals, driving market growth.
     
  • Stringent Regulatory Requirements: Stringent regulatory requirements and emissions standards imposed by governments worldwide are driving the adoption of green tires. Regulations aimed at reducing vehicle emissions, improving fuel efficiency, and promoting sustainable manufacturing practices incentivize automotive manufacturers to incorporate green tire technology into their vehicles. Compliance with regulatory mandates and eco-labeling requirements further drives market growth for automotive green tires.
     
  • Rising Fuel Prices and Fuel Efficiency Demands: Rising fuel prices and increasing fuel efficiency demands are driving the adoption of energy-efficient green tires. Automotive green tires, designed to minimize rolling resistance and improve fuel economy, offer cost savings for vehicle owners by reducing fuel consumption and extending tire life. As consumers seek ways to lower their fuel expenses and reduce their carbon footprint, the demand for automotive green tires is expected to rise.
     
  • Advancements in Tire Technology: Ongoing advancements in tire technology, including innovations in tire compounds, tread designs, and manufacturing processes, are driving the development of more efficient and sustainable green tires. Tire manufacturers are investing in research and development efforts to improve tire performance, durability, and environmental sustainability. Advanced materials, such as silica-based compounds and bio-based fillers, contribute to the development of green tires with superior fuel efficiency and lower emissions.
     
  • Increasing Adoption of Electric and Hybrid Vehicles: The increasing adoption of electric and hybrid vehicles is driving demand for green tires optimized for these alternative propulsion systems. Electric and hybrid vehicles place unique demands on tires, requiring designs that minimize rolling resistance, reduce weight, and maximize energy efficiency. Automotive green tires tailored to the specific needs of electric and hybrid vehicles contribute to the overall growth of the green tire market.
     
  • Corporate Sustainability Initiatives: Corporate sustainability initiatives and commitments to corporate social responsibility (CSR) are driving the adoption of green tires among fleet operators and corporate vehicle fleets. Companies seeking to reduce their environmental footprint and demonstrate their commitment to sustainability are prioritizing the use of green tires in their vehicle fleets. Green tire adoption supports corporate sustainability goals and enhances brand reputation as environmentally responsible organizations.
     
  • Consumer Preference for Eco-Friendly Products: Consumer preference for eco-friendly products and environmentally sustainable lifestyles is fueling demand for green tires in the automotive aftermarket. Increasingly, consumers are choosing green tires over conventional tires due to their environmental benefits, energy efficiency, and overall sustainability credentials. Tire retailers and service providers are responding to this demand by expanding their offerings of green tires and promoting their environmental advantages to consumers.
     
  • Rapid Urbanization and Infrastructure Development: Rapid urbanization and infrastructure development in emerging markets are driving demand for green tires in the automotive sector. As urban populations grow and transportation infrastructure expands, there is an increased need for sustainable mobility solutions that minimize environmental impact and reduce congestion. Green tires, with their energy-efficient designs and reduced emissions, play a key role in meeting the transportation needs of urban environments while addressing sustainability challenges.

Automotive Green Tires Market Share - Global Industry Landscape

  • Michelin (France)
  • Bridgestone Corporation (Japan)
  • Goodyear (US)
  • Continental (Germany)
  • Pirelli (Italy)

These companies compete based on factors such as product innovation, performance, sustainability, and brand reputation to maintain and grow their market share in the Automotive Green Tires Market.

  • Michelin (France): Michelin is one of the world's largest tire manufacturers and a leading provider of automotive green tires. The company has a strong commitment to sustainability and environmental stewardship, reflected in its innovative green tire technologies. Michelin's green tire offerings include energy-efficient designs, eco-friendly materials, and advanced tread compounds aimed at reducing rolling resistance and improving fuel efficiency. With a global presence and reputation for quality and innovation, Michelin holds a significant market share in the Automotive Green Tires Market.
     
  • Bridgestone Corporation (Japan): Bridgestone Corporation is a global leader in tire manufacturing, known for its commitment to sustainability and environmental responsibility. The company offers a wide range of automotive green tires featuring eco-friendly materials, low rolling resistance designs, and advanced tire technologies aimed at enhancing fuel efficiency and reducing carbon emissions. Bridgestone's innovative green tire solutions cater to various vehicle segments and customer preferences, contributing to its market share in the Automotive Green Tires Market.
     
  • Goodyear (US): Goodyear is a prominent tire manufacturer with a strong presence in the Automotive Green Tires Market. The company's green tire portfolio includes fuel-efficient designs, eco-friendly materials, and innovative tread patterns aimed at reducing rolling resistance and improving overall vehicle efficiency. Goodyear's commitment to sustainability and tire innovation drives its market share in the automotive green tires segment, serving customers across different regions and vehicle categories.
     
  • Continental (Germany): Continental AG is a leading automotive supplier, specializing in tire manufacturing, among other areas. The company offers a comprehensive range of green tires featuring advanced technologies, sustainable materials, and energy-efficient designs. Continental's green tire solutions focus on reducing fuel consumption, lowering CO2 emissions, and enhancing overall driving performance. With a strong reputation for engineering excellence and environmental leadership, Continental maintains a significant market share in the Automotive Green Tires Market.
     
  • Pirelli (Italy): Pirelli is a renowned tire manufacturer known for its high-performance tires and commitment to sustainability. The company offers a diverse range of green tires designed to meet the needs of environmentally conscious consumers and automotive manufacturers. Pirelli's green tire offerings include low rolling resistance designs, eco-friendly materials, and advanced tire technologies aimed at optimizing fuel efficiency and reducing environmental impact. Pirelli's brand reputation and innovative tire solutions contribute to its market share in the Automotive Green Tires Market.

Related Report

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

Automotive Green Tires Market Size,  Share & Growth Report
Report Code
AT 6212
RI Published ON
5/6/2024
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