Automotive Green Tires Market
Automotive Green Tires Market Forecasts to 2030 - Global Analysis By Vehicle Type (Buses, Two-wheelers, Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Other Vehicle Types), Propulsion Type, Material, Technology, End User and By Geography
According to Stratistics MRC, the Global Automotive Green Tires Market is accounted for $11.5 billion in 2023 and is expected to reach $20.3 billion by 2030 growing at a CAGR of 8.5% during the forecast period. Green tires, also known as eco-friendly tires or low rolling resistance tires, refer to a type of tire designed to reduce fuel consumption and minimize environmental impact. These tires are engineered with specific features and materials aimed at improving fuel efficiency, decreasing carbon emissions, and enhancing overall sustainability in the automotive industry. Green tires contribute to environmental sustainability by reducing fuel consumption and greenhouse gas emissions. They also may use recycled materials or be designed for easier recycling at the end of their lifespan, further reducing their environmental impact.
According to the China Association of Automobile Manufacturers (CAAM), In 2021, approximately 505,000 busses and 4.3 million trucks were sold in China. This represented a 13% increase in bus sales compared to the previous year. Further, a remarkable 30% of new automobiles sold in the nation in 2022 were electric vehicles, and 22% of those were battery-electric vehicles.
Market Dynamics:
Driver:
Increasing electric vehicle sales
The market is witnessing a surge in electric vehicle (EV) sales, driving significant growth. As EV adoption rises globally, the demand for eco-friendly tires has escalated. Manufacturers are prioritizing sustainable materials, enhancing tire efficiency and durability to cater to this expanding market segment. This trend reflects a broader shift towards environmentally conscious practices in the automotive industry, driving innovation and investment in green tire technologies.
Restraint:
Lack of awareness in emerging economies
In emerging economies, there persists a notable lack of awareness regarding the market. This gap in understanding encompasses the benefits, technologies, and environmental impact of green tires. Such limited awareness hampers the adoption of eco-friendly tire solutions and inhibits market growth potential within these regions. Efforts towards education and promotion are crucial to bridge this awareness gap and foster a more sustainable approach to automotive tire usage in emerging economies.
Opportunity:
Government initiatives for clean and green environment
Several government initiatives are fostering a clean and green environment within the market. These include stringent emission regulations, incentivizing the adoption of eco-friendly tire manufacturing processes, promoting research and development in sustainable tire technologies, and encouraging tire recycling and disposal programs. Such initiatives not only reduce the environmental footprint of tire production and usage but also drive innovation in the automotive industry towards more eco-conscious practices.
Threat:
Higher initial cost
While the initial cost of automotive green tires may be higher compared to conventional tires, the long-term benefits outweigh this expense. These tires are designed with advanced eco-friendly materials that enhance fuel efficiency, reduce emissions, and increase overall durability. Although the upfront investment may seem substantial, drivers can save significantly on fuel costs over time, making these tires a cost-effective and environmentally responsible choice in the market.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the Automotive Green Tires market, leading to supply chain disruptions, reduced production capacities, and a decline in demand due to economic uncertainties. However, it also accelerated trends towards sustainability, increasing interest in eco-friendly tire options. Companies focused on innovation and resilience managed to adapt, leading to a gradual recovery post-pandemic, with a renewed emphasis on green technologies and environmental consciousness driving market growth.
The passenger cars segment is expected to be the largest during the forecast period
The passenger cars segment is expected to be the largest during the forecast period due to their widespread usage and environmental impact. Green tires, designed for improved fuel efficiency and reduced emissions, are gaining traction among car manufacturers and consumers alike. The demand for eco-friendly solutions in the automotive industry has propelled the adoption of green tires in passenger vehicles, driving innovation and sustainability across the sector.
The conventional tires segment is expected to have the highest CAGR during the forecast period
The conventional tires segment is expected to have the highest CAGR during the forecast period. These eco-friendly alternatives offer reduced rolling resistance, enhancing fuel efficiency and lowering emissions. With a heightened focus on sustainability, consumers and manufacturers are increasingly turning to green tires, leveraging advanced materials and manufacturing techniques. This shift signifies a significant evolution in the automotive tire market, reflecting a broader trend toward environmentally conscious solutions.
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to increasing environmental concerns and regulatory pressures. Manufacturers are focusing on developing eco-friendly tire solutions to reduce carbon emissions and improve fuel efficiency. Advanced technologies such as silica compounds, low rolling resistance, and sustainable materials are driving market expansion.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. Increased awareness about environmental issues such as climate change and air pollution has led to a greater demand for eco-friendly products, including tires. Governments and regulatory bodies in many countries are also implementing stricter emission standards, encouraging the adoption of green technologies in the automotive sector. Moreover, consumer awareness and government incentives for eco-friendly products are further boosting the demand for green tires in the region.
Key players in the market
Some of the key players in Automotive Green Tires market include Apollo Tyres Limited, Yokohama Tire Corporation, Goodyear Tire & Rubber Company, Bridgestone Corporation, Continental AG, Michelin Group, Pirelli & C. Spa, Toyo Tire Corporation, MRF Limited, CEAT Limited, Titan International, Inc., Sumitomo Rubber Industries, Hankook Tire & Technology Group, Cooper Tire & Rubber Company, MRF Limited and Nexen Tire Corporation.
Key Developments:
In June 2023, Michelin announced to invest USD 27.8 million to expand car tire production capacity at its Shenyang, China factory by 1.3 million tires.
In February 2023, Bridgestone announced to invest USD 72.4 million by 2025 expand production capacity and upgrade technology at its Pune-based plant. It will improve the plant capability in terms of technologies and capacities for the manufacture of tires for the passenger car segment.
Vehicle Types Covered:
• Buses
• Two-wheelers
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Other Vehicle Types
Propulsion Types Covered:
• Electric
• Hybrid
• Plug-In Hybrid Electric Vehicles (PHEVs)
• Fuel Cell Electric Vehicles (FCEVs)
• Other Propulsion Types
Materials Covered:
• Silica
• Low-Aromatic Oils
• Synthetic Rubber
• Natural Rubber
• Other Materials
Technologies Covered:
• Low Rolling Resistance (LRR) Tires
• Self-Inflating Tires
• Green Tires
• Conventional Tires
• Other Technologies
End Users Covered:
• Individual Consumers
• Fleet Operators
• Original Equipment Manufacturers (OEMs)
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Green Tires Market, By Vehicle Type
5.1 Introduction
5.2 Buses
5.3 Two-wheelers
5.4 Passenger Cars
5.5 Light Commercial Vehicles
5.6 Heavy Commercial Vehicles
5.7 Other Vehicle Types
6 Global Automotive Green Tires Market, By Propulsion Type
6.1 Introduction
6.2 Electric
6.3 Hybrid
6.4 Plug-In Hybrid Electric Vehicles (PHEVs)
6.5 Fuel Cell Electric Vehicles (FCEVs)
6.6 Other Propulsion Types
7 Global Automotive Green Tires Market, By Material
7.1 Introduction
7.2 Silica
7.3 Low-Aromatic Oils
7.4 Synthetic Rubber
7.5 Natural Rubber
7.6 Other Materials
8 Global Automotive Green Tires Market, By Technology
8.1 Introduction
8.2 Low Rolling Resistance (LRR) Tires
8.3 Self-Inflating Tires
8.4 Green Tires
8.5 Conventional Tires
8.6 Other Technologies
9 Global Automotive Green Tires Market, By End User
9.1 Introduction
9.2 Individual Consumers
9.3 Fleet Operators
9.4 Original Equipment Manufacturers (OEMs)
9.5 Other End Users
10 Global Automotive Green Tires Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Apollo Tyres Limited
12.2 Yokohama Tire Corporation
12.3 Goodyear Tire & Rubber Company
12.4 Bridgestone Corporation
12.5 Continental AG
12.6 Michelin Group
12.7 Pirelli & C. Spa
12.8 Toyo Tire Corporation
12.9 MRF Limited
12.10 CEAT Limited
12.11 Titan International, Inc.
12.12 Sumitomo Rubber Industries
12.13 Hankook Tire & Technology Group
12.14 Cooper Tire & Rubber Company
12.15 MRF Limited
12.16 Nexen Tire Corporation
List of Tables
1 Global Automotive Green Tires Market Outlook, By Region (2021-2030) ($MN)
2 Global Automotive Green Tires Market Outlook, By Vehicle Type (2021-2030) ($MN)
3 Global Automotive Green Tires Market Outlook, By Buses (2021-2030) ($MN)
4 Global Automotive Green Tires Market Outlook, By Two-wheelers (2021-2030) ($MN)
5 Global Automotive Green Tires Market Outlook, By Passenger Cars (2021-2030) ($MN)
6 Global Automotive Green Tires Market Outlook, By Light Commercial Vehicles (2021-2030) ($MN)
7 Global Automotive Green Tires Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
8 Global Automotive Green Tires Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
9 Global Automotive Green Tires Market Outlook, By Propulsion Type (2021-2030) ($MN)
10 Global Automotive Green Tires Market Outlook, By Electric (2021-2030) ($MN)
11 Global Automotive Green Tires Market Outlook, By Hybrid (2021-2030) ($MN)
12 Global Automotive Green Tires Market Outlook, By Plug-In Hybrid Electric Vehicles (PHEVs) (2021-2030) ($MN)
13 Global Automotive Green Tires Market Outlook, By Fuel Cell Electric Vehicles (FCEVs) (2021-2030) ($MN)
14 Global Automotive Green Tires Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
15 Global Automotive Green Tires Market Outlook, By Material (2021-2030) ($MN)
16 Global Automotive Green Tires Market Outlook, By Silica (2021-2030) ($MN)
17 Global Automotive Green Tires Market Outlook, By Low-Aromatic Oils (2021-2030) ($MN)
18 Global Automotive Green Tires Market Outlook, By Synthetic Rubber (2021-2030) ($MN)
19 Global Automotive Green Tires Market Outlook, By Natural Rubber (2021-2030) ($MN)
20 Global Automotive Green Tires Market Outlook, By Other Materials (2021-2030) ($MN)
21 Global Automotive Green Tires Market Outlook, By Technology (2021-2030) ($MN)
22 Global Automotive Green Tires Market Outlook, By Low Rolling Resistance (LRR) Tires (2021-2030) ($MN)
23 Global Automotive Green Tires Market Outlook, By Self-Inflating Tires (2021-2030) ($MN)
24 Global Automotive Green Tires Market Outlook, By Green Tires (2021-2030) ($MN)
25 Global Automotive Green Tires Market Outlook, By Conventional Tires (2021-2030) ($MN)
26 Global Automotive Green Tires Market Outlook, By Other Technologies (2021-2030) ($MN)
27 Global Automotive Green Tires Market Outlook, By End User (2021-2030) ($MN)
28 Global Automotive Green Tires Market Outlook, By Individual Consumers (2021-2030) ($MN)
29 Global Automotive Green Tires Market Outlook, By Fleet Operators (2021-2030) ($MN)
30 Global Automotive Green Tires Market Outlook, By Original Equipment Manufacturers (OEMs) (2021-2030) ($MN)
31 Global Automotive Green Tires Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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