A recent report published by Infinium Global Research on green tire market provides in-depth analysis of segments and sub-segments in the global as well as regional green tire market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional green tire market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global green tire market. The global green tire market was valued at approximately USD 34 billion in 2022 and is expected to reach above USD 62 billion in 2030, with a CAGR of around 7% during the forecast period 2023-2030.
The usage of vehicles fueled by non-renewable energy sources has caused them to become one of the primary contributors to air pollution. Although individual vehicles emit a relatively small amount of pollutants, the collective impact of the automotive industry is considerable. In this regard, the tire plays a crucial role in determining a vehicle's emissions. Rolling resistance, which is the friction between the tire and the road, is a significant factor that affects a vehicle's energy consumption and ultimately leads to higher levels of emissions. To address this issue, the concept and design of green tires have emerged, aiming to minimize the rolling resistance of vehicles while maintaining driver safety, resulting in significantly reduced emissions. Consequently, the market for green tires is expected to experience substantial growth during the forecast period due to their positive impact.
The green tire market is experiencing growth due to the rising demand for fuel-efficient vehicles, which emit lower levels of harmful pollutants and are designed to offer better fuel efficiency. These eco-friendly tires are made from sustainable materials like natural rubber, silica, and other renewable materials that reduce rolling resistance, thus boosting fuel efficiency. This development is significant in light of high fuel prices and concerns over the environment and global warming. Governments worldwide implementing carbon emissions regulations are further driving demand for green tires. For example, the EU aims to reduce CO2 emissions from new cars by 37.5% by 2030, which is driving the demand for eco-friendly tires in Europe. The market for green tires is impacted by increasing environmental awareness and concerns over issues like climate change, pollution, and the depletion of natural resources. Consumers, businesses, and governments are emphasizing sustainable practices and products, and green tire meets this growing demand for eco-friendly options. Despite this trend, a lack of awareness among consumers regarding eco-friendly tire options restrains the market. Rapid urbanization in emerging countries, especially in Asia and Africa, is driving up demand for tires, but these countries are also taking steps to curb their carbon emissions and comply with global environmental regulations. Thus, there is a growing interest in green tires in these regions, offering opportunities for market growth.
The global green tire market is categorized into four regions: Asia Pacific, North America, Europe, and the Rest of the World. Europe currently holds the largest market share and is expected to remain the leading region throughout the forecast period. The region has stringent regulations regarding vehicle emissions, and the awareness of the benefits of green tires is high. Additionally, the presence of globally renowned car manufacturers and a strong automotive sector in the region is expected to drive the market. North America is another region with strict regulations that place it in the second position behind Europe.
The report on global green tire market covers segments such as vehicle type, and application. On the basis of vehicle type, the sub-markets include passenger, and commercial. On the basis of application, the sub-markets include on-road, and off-road.
The report provides profiles of the companies in the market such as MICHELIN, Bridgestone India Private Ltd., The Goodyear Tire & Rubber Company, Hankook Tire & Technology, Pirelli & C. S.p.A., GRI Tires, Nokian Tyres plc, Toyo Tire U.S.A. Corp., Zhongce Rubber Group Co., Ltd., and Other Companies.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the green tire market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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