Global Eco Friendly Tires and Green Tires Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Eco Friendly Tires and Green Tires Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Automotive tires are a vital component, covering the rim with inflated inner tubes located underneath the wheel. The tires help maintain a grip on the road while offering traction between the road and vehicle to absorb the shocks during impacts. Tires are usually made of rubber. with the growing attention to environmental and energy issues, the tire manufacturers are gradually inclining towards renewable raw materials to manufacture eco friendly tires. Green tires employ tightly bonded rubber in the tread blocks to preserve more energy while driving, thus reducing the rolling resistance and carbon emissions. It provides improved fuel efficiency, road grip, and noise emissions.

Market Overview:

The latest research study on the global Eco Friendly Tires and Green Tires market finds that the global Eco Friendly Tires and Green Tires market reached a value of USD 51728.0 million in 2022. It’s expected that the market will achieve USD 85215.0 million by 2028, exhibiting a CAGR of 8.68% during the forecast period.

Eco Friendly Tires and Green Tires Growth Drivers

The increasing rate of carbon emission from vehicles is leading to severe environmental problems. vehicles are the major prolific contributors to air pollution owing to the extensive utilization of fossil fuels. Although individual vehicles do not produce a high amount of emissions, the cumulative number of vehicles across the globe is enormously high. Automotive tires are one of the significant components of vehicles in terms of determining the number of pollutants emitted by the vehicles. The governments of various countries are imposing several emission norms on automotive manufacturers to reduce the increasing rate of vehicular emissions. For example, all the tires sold in Europe are subject to mandatory tire labeling. The European Union has implemented the Tire Energy Label that provides explicit information regarding the safety and ecological characteristics of tires based on major significant standards including the noise levels, fuel efficiency, and wet surface braking. The labels embossed on the tires indicating these standards can assist the customers to make wise decisions including the reduction of air pollution, enhanced road safety, and increased fuel economy. The tires are categorized from A to G (Best to worst) in the three standards. Tires under the 'A category usually consume about 7.5 percent less gasoline as compared to the tires under the 'G' category. The 'A' category tires also brake much precisely on wet surfaces at high speed. Increasing demand for eco-friendly tires, owing to the initiatives taken by the government for a green and clean environment is a major factor driving growth of the global eco friendly tires and green tires market during the forecast period. In addition, Eco friendly tires and green tires also lead to increased fuel efficiency which expected to boost the demand for eco friendly tires and green tires and drive the growth of the target market over the forecast period.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Bridgestone is one of the major players operating in the Eco Friendly Tires and Green Tires market, holding a share of 12.53% in 2022.

Bridgestone Corporation designs, produces, and sells automobile tires. The Company also produces and markets scales to weigh racing cars and jumbo aircrafts and sporting goods including golf equipment, tennis rackets, and bicycles.

Michelin manufactures and distributes tires. The Company offers tires for cars, sport utility vehicles, vans, and motorhomes. Michelin Tyre markets their products worldwide.

Segmentation Overview:

Among different product types, Replacement Tires segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Passenger Cars segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Eco Friendly Tires and Green Tires market covered in Chapter 3:

Pirelli
Goodyear
Toyo Tires
Yokohama
Continental
Linglong Group
Michelin
ZC Rubber
Bridgestone
Hankook

In Chapter 4 and Chapter 14.2, on the basis of types, the Eco Friendly Tires and Green Tires market from 2018 to 2029 is primarily split into:

OE Tires
Replacement Tires

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Eco Friendly Tires and Green Tires market from 2018 to 2029 covers:

Passenger Cars
Light Commercial Vehicle

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)