Green Tires Market Trends, Competitive Analysis and Growth Insights From 2024 to 2032
Green Tires Market:
By 2030, the global market for green tyres is projected to be worth USD 38 billion, growing at a 15% CAGR. The Green Tires Market is expanding rapidly as eco-conscious consumers seek sustainable options. Innovations in materials, such as silica and recycled rubber, are reducing rolling resistance and enhancing fuel efficiency, driving the market towards greener, more environmentally friendly tires.
Green tires are designed to improve fuel efficiency, lower emissions, and provide better performance compared to traditional tires. This article provides an overview of the Green Tires Market, discussing its current trends, market drivers, challenges, and future outlook.
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The major key players of the global Green Tires Market are mentioned below: –
Michelin, Bridgestone Corporation
Hankook Tire
Pirelli & C. S.p.A.
Zhongce Rubber Group Co., Ltd (ZC-Rubber)
Continental AG
Nokian Tyres plc
The Goodyear Tire & Rubber Company
Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire)
Kumho Tire
Market Research Future Insights:
The majority of green tyres have minimal rolling resistance. They either provide the advantages of increased durability, grip, reduced noise, increased fuel efficiency, and decreased carbon emissions individually or collectively. Green tyres are made of environmentally friendly materials or compounds, such as special synthetic rubbers, silica, and soybean, and have improved thread structures to reduce rolling resistance of the tyre with the road. These tyres have the benefits while still being fuel-efficient and maintaining safety standards for road grip and CO2 emissions.
Due to their extensive usage of non-renewable energy sources, vehicles are one of the biggest contributors to air pollution. Although individual vehicles don’t produce a lot of poisons, their widespread ubiquity suggests that the auto industry has a colossally high level of commitment. By determining how much pollution the vehicle delivers, tyres are one of the most important parts of the vehicle. It is crucial to consider a vehicle’s moving resistance, such as the grinding of the tyres against the ground. A vehicle needs more energy to overcome rubbing and emits more contaminants the higher its moving opposition.
Green tyres have been conceived and planned due to the critical role that car tyres play in the contamination that the vehicle causes. Green tyres aim to reduce vehicle motion resistance to a level where the number of poisons is tightly constrained, but the reduction in contact is safe for the drivers. The Market is therefore anticipated to grow rapidly during the anticipated time frame because of its favourable benefit.
Regional Analysis:
By dividing Europe, North America, Latin America, the Middle East and Africa, and the Asia Pacific, the regional analysis report provides the global Green Tires Market segmentation. Europe captured the largest share of the market and is anticipated to continue to dominate the global market for green tyres over the estimated period. The region has a few strict regulations regarding vehicle exits, and the district is also very aware of the benefits of using green tires. The market is supported by the region’s strong automotive industry and the presence of well-known automakers on a global scale. Another region with strict regulations is North America, which has caused the local market to lag far behind that of Europe.
Market Segmentation:
The market is divided into three categories based on the type of vehicle: passengers’ cars, light commercial vehicles, and others. Heavy trucks, buses and coaches, and two-wheelers are three additional segments that are isolated. The passenger vehicle segment has gotten a disproportionately large share of the pie and is predicted to have the highest CAGR during the projection period.
The market is divided into two categories based on application namely on-road and off-road. According to estimates, the On-Road segment will experience the highest CAGR during the forecast period. The factors that contributed to the growth of the On-Road section are associated with the rising popularity of on-street vehicles like traveller cars and light commercial vehicles (LCVs).
Recent News on Green Tires from Michelin, Bridgestone, and Hankook
Michelin:
Michelin Primacy 4: This tire, designed for electric vehicles, offers improved fuel efficiency and lower rolling resistance.
Michelin Pilot Sport EV: This tire is specifically designed for electric sports cars, providing high performance and efficiency.
Bridgestone:
Bridgestone Ecopia EP500: A fuel-efficient tire designed for electric vehicles, offering a long lifespan and reduced rolling resistance.
Bridgestone Turanza EcoPro: This tire is designed for hybrid and electric vehicles, providing improved fuel efficiency and reduced noise.
Hankook Tire:
Hankook Ventus i’cept evo3 EV: This tire is designed for electric vehicles, offering enhanced winter performance and improved range.
Hankook Kinergy Eco EV: This tire is designed for electric and hybrid vehicles, providing improved fuel efficiency and reduced noise.
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