Automotive Green Tires Market to Register Impressive Size and Share during 2018-2028
Farm Equipment Tires
Updated on Oct 11, 2023
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The global automotive green tires market is currently experiencing growth due to the rising sales of BEVs and PHEVs worldwide, as per a report by TechSci Research titled “Automotive Green Tires Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2030.” In addition, as green tires can enhance electric vehicle efficiency by reducing rolling resistance, the demand for electric vehicles is expected to rise in the coming years. To meet carbon emission goals, many major global tire companies are switching to green raw materials in their manufacturing processes. Consumers' preference for environmentally friendly mobility solutions and regulatory pressure is also contributing to the rising need for energy-efficient and eco-friendly automotive green tires. The use of synthetic composites containing silica to replace rubber and reduce road friction is a crucial component of eco-friendly tires. Ongoing research and development efforts are expected to further drive the market in the forecast years.
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During the COVID-19 pandemic, many governments implemented lockdowns and closed manufacturing facilities. While no manufacturing company has been left untouched, the pandemic's impact has not been evenly distributed. Some businesses have been able to survive, but their success has hinged on their ability to adapt to rapidly changing consumer trends and the markets they serve. Meanwhile, other suppliers and product manufacturers have experienced significant drops in sales and earnings. The Global Automotive Green Tires Market is segmented based on vehicle type, demand category, tire construction type, region, and company. The market can be further divided into Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, and Off-the-Road Vehicles based on the vehicle type. The market is also segmented based on demand category, with OEM and Replacement categories. The Global Automotive Green Tires Market is divided into Radial and Bias based on tire construction type. The market is further segmented by region, including North America, Asia Pacific, Europe & CIS, South America, and the Middle East & Africa.
Some of the major companies operating in the Global Automotive Green Tires Market include:
- Bridgestone Corporation
- Continental AG
- Michelin Group
- Apollo Tyres Limited
- Yokohama Tire Corporation
- Goodyear Tire & Rubber Company
- Pirelli & C. Spa
- Toyo Tire Corporation
- MRF Limited
- CEAT Limited
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different defense research bodies to stay competitive in the market.
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“Asia-pacific is the leading region, followed by Europe and North America. All these regions capture major market share and in the forecast period these regions are expected to increase their market penetration as the companies in the regions are strengthening their manufacturing capabilities of green tires and also enhancing product portfolio. Moreover, the rise in electric vehicles sales will also generate new opportunities for the global automotive green tires market” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Automotive Green Tires Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region.” has evaluated the future growth potential of Automotive Green Tires Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Automotive Green Tires Market.
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