Green Tires Market: Industry Analysis and Forecast 2022-2029

Green Tires Market is anticipated to reach US$ 166.29 Bn by 2029 from US$ 81.64 Bn in 2021 at a CAGR of 9.3 % during a forecast period.

Green tyres are tyres that have been treated with ingredients such as silica to reduce rolling resistance. The inclusion of silica in tyre composition enhances tyre energy efficiency while also improving overall tyre safety. When compared to semi-aromatic polyamides, styrene-butadiene rubbers, and polycyclic aromatic hydrocarbon-based tyres, green tyres serve to promote sustainable mobility by improving fuel economy and minimizing greenhouse gas emissions in road traffic. Green tyre alternatives are becoming more widely available in the automobile market as the tyre industry shifts to more ecologically friendly goods targeted at lowering fuel consumption, which is propelling the market for green tires forward. Furthermore, rigorous government laws and growing consumer awareness of the impact of gasoline used on the environment have spurred the growth of the market.



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Green Tires Market Dynamics
The amount of energy wasted as a consequence of friction between the tyres and the rolling surface is reduced with green tyres. This is known as rolling resistance. In light motor vehicles and typical passenger cars, 7-10% of the gasoline is used to overcome rolling resistance, but big trucks and commercial vehicles consume more fuel. In light motor vehicles, green tyres can enhance fuel economy by 2-4 per cent, while in heavy-duty vehicles, they can improve fuel efficiency by 7-10 per cent. Green tyres save money in the long term since the additional cost of the tyres is covered by fuel savings. Green tyres are considered fuel-efficient tyres since they assist to conserve a non-renewable resource while also lowering harmful emissions. Thus, rolling resistance advances will further support the market's healthy growth.

Increased worries about climate change and global warming, along with rising greenhouse gas emissions from tyre production, will present an opportunity line for product demand in the industry. Green tyre use helps sustainable transportation by lowering greenhouse gas emissions by 30%, rolling resistance by 30%, and fuel consumption by 5% to 7%. Furthermore, significant advancements in innovative materials and manufacturing methods, along with severe tyre manufacturing regulations such as the National Emission Standards for Hazardous Air Pollutants (NESHAP), Clean Air Act (CAA), and others, are anticipated to boost market demand.
Green Tires Market Segment Analysis
By Sales Channel, The aftermarket segment held the largest share of the green tyres market in 2021, accounting for up to 63 per cent of revenue, as this segment has seen significant growth in demand for green tyres due to fleet owners' growing preference for green tyres over conventional tyres to reduce vehicle operating costs. The market is largely driven by automobile owners' desire to increase the performance of their vehicles in terms of exhaust sound, speed, and cosmetic factors, among other things.

By Vehicle Type, because manufacturers are increasingly concentrating on lowering fuel consumption, either to decrease CO2 emissions or to boost passenger vehicle mileage, the passenger car segment held the largest share in the green tyres market in 2021 and is expected to rise at a CAGR of 12.4 per cent between 2021 and 2029. This is expected to fuel market growth for green tyres in passenger automobiles throughout the forecast period. The rising need for fuel-efficient automobiles, as well as increased consumer awareness, are driving up demand for green tyres in the passenger car market.
Green Tires Market Regional Insight
The market in Europe was worth USD 8.01 billion in 2021 and is expected to grow fast over the forecast period as a result of government legislation aimed at reducing carbon emissions. The increased demand for low-emission automobiles and vehicle components will allow the market in the area to grow quickly. In Europe, green tyres are also known as energy tyres. The rising emphasis on green tyres by European tyre makers and suppliers will support healthy growth. Tires play a crucial role in lowering pollutants and improving fuel efficiency. Furthermore, leading tyre producers and automakers are collaborating to develop next-generation eco-friendly tyres. The European Commission, for example, is developing post-2021 carbon dioxide emission rules for passenger automobiles and commercial vehicles.

Additionally, continuous alliances and collaborations among major automakers will boost market growth. For example, Michelin and General Motors collaborated to create a revolutionary wheel prototype aimed to replace traditional pneumatic tyres and wheels.

In 2019, APAC accounted for over half of global car manufacturing. During the same period, China, the world's largest car producer, accounted for more than one-fourth of worldwide vehicle sales. In recent years, the region has developed into an automobile powerhouse, with the bulk of the world's biggest automakers relocating their production headquarters there. It may be attributed to the availability of raw resources, strong economic development, rising middle-class discretionary income, cost-effective labour, favourable government initiatives, and increased private and governmental investments in the region.
Report Objectives:
• Landscape analysis of the Green Tires Market
• competitive benchmarking
• Past and current status of the industry with the forecasted market size and trends
• Evaluation of potential key players that include market leaders, followers, and new entrants
• Technology trends
• Potential impact of micro-economic factors of the market
• External and Internal factors affecting market have been analyzed

The report also helps in understanding the Green Tires Market dynamics, structure by analysing the market segments and project the Green Tires Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Green Tires Market make the report investor’s guide.
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Global Green Tires Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 81.64 Bn.


Forecast Period 2021 to 2029 CAGR:
9.3%
Market Size in 2029:
US $ 166.29 Bn.


 Segments Covered:
by Vehicle Type
• Passenger Cars
• Light Commercial Vehicle
• Heavy Duty


by Application
• On-Road
• Off-Road


by Sales Channel
• OEM
• Aftermarket



Green Tires Market by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Green Tires Market: Key Players
• PPG Industries Inc.
• Pirelli Tyre SpA
• Bridgestone
• Green Arc Tire Manufacturing
• Goodyear Tire & Rubber
• Michelin
• Continental
• Maxxis
• Hankook
• Kumho
• Pyrolyx AG
• Lanxess
• Vittoria
• Apollo Vredestein
• CST
• Sailun
• LINGLONG TIRE
• Kenda Tires
• CRAIN COMMUNICATIONS INC.
• Cooper Tire & Rubber Company
• Yokohama Tire Corporation
• Nexen
• MRF
• Petlas
• Balkrishna Industries Limited
• TOYO TIRE U.S.A. CORP

Frequently Asked Questions

1. What is the projected market size & growth rate of the Green Tires Market?
Ans- Green Tires Market was valued at USD 81.64 billion in 2021 and is projected to reach USD 166.29 billion by 2029, growing at a CAGR of 9.3 % during the forecast period.

2. What is the key driving factor for the growth of the Green Tires Market?
Ans- With the progressive growth in automotive manufacturing, there is expected to be an increase in demand for green tyres to fulfil the severe regulatory regulations in all regions.

3. Which Region accounted for the largest Green Tires Market share?
Ans- The market in Europe was worth USD 81.64 billion in 2021 and is expected to grow fast over the forecast period

4. What makes Europe a Lucrative Market for Green Tires Market?
Ans- The rising emphasis on green tyres by European tyre makers and suppliers will support healthy growth.

5. What are the top players operating in Green Tires Market?
Ans- PPG Industries Inc., Pirelli Tyre SpA, Bridgestone, Green Arc Tire Manufacturing, Goodyear Tire & Rubber, Michelin, Continental, Maxxis, and Hankook.