USD 35.2 billion
Green Tires Market Size, Share, Growth Analysis, By Type(On-road and off-road tires), By Application(Passenger cars and commercial vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25B2013 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Green Tires Market Insights
Green Tires Market size was valued at USD 35.2 billion in 2021 and is poised to grow from USD 38.3 billion in 2022 to USD 75.2 billion by 2030, at a CAGR of 8.8% during the forecast period (2023-2030).
The global green tires market is experiencing significant growth as the world shifts towards more sustainable and eco-friendly solutions. Green tires, also known as eco-friendly or low-rolling-resistance tires, are designed to reduce fuel consumption and minimize carbon emissions while maintaining performance and safety standards. The market is being driven by several factors, including increasing environmental concerns, stringent regulations on carbon emissions, and growing consumer awareness of the need for sustainable transportation options. Manufacturers are investing heavily in research and development to innovate and produce green tires with advanced materials and technologies that offer improved fuel efficiency and lower rolling resistance. Additionally, government initiatives and incentives to promote the adoption of green technologies in the automotive industry are further propelling market growth. The market is witnessing a rising demand from both original equipment manufacturers (OEMs) and aftermarket segments, as automakers are increasingly incorporating green tires as standard equipment and consumers are actively seeking energy-efficient and environmentally friendly tire options. Furthermore, the expansion of electric and hybrid vehicle markets is creating new opportunities for green tires, as these vehicles require tires with specific characteristics to optimize energy efficiency and range. Geographically, the market is witnessing strong growth across regions, with Asia Pacific, North America, and Europe emerging as key markets due to their high vehicle populations, strict emissions regulations, and growing consumer preferences for sustainable products. Overall, the global market is poised for robust expansion in the coming years as the automotive industry continues to prioritize sustainability and environmental responsibility.
US Green Tires Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-road
Fastest Growth
On-road
Growth Rate
8.8% CAGR
Global Green Tires Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Green Tires Market Segmental Analysis
The Global Green Tires Market is segmented on the basis of type, application, and region. Based on type, the market can be segmented into on-road and off-road tires. Based on application, the market is segmented into Passenger cars and commercial vehicles. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Green Tires Market Analysis By Type
The dominant segment in the global green tires market is on-road tires. On-road tires are primarily used in passenger cars, commercial vehicles, and motorcycles for regular road use. They are designed to provide excellent fuel efficiency, reduced rolling resistance, and improved traction on paved surfaces. With the majority of the global vehicle fleet consisting of passenger cars and commercial vehicles, the demand for on-road green tires remains high, making it the dominant segment in the market.
On the other hand, the fastest-growing segment in the global green tires market is off-road tires. Off-road tires are specifically designed for vehicles used in rugged terrains such as agricultural machinery, construction equipment, and off-road vehicles. The increasing demand for green solutions in industries such as agriculture, mining, and construction, along with the rising popularity of recreational off-road vehicles, is driving the growth of off-road green tires. These tires are engineered to provide durability, low-rolling resistance, and enhanced traction on unpaved surfaces, making them an attractive choice for industries seeking sustainable and efficient tire options for their off-road operations.
Green Tires Market Analysis By Application
The dominant segment in the global green tires market is passenger cars. Passenger cars account for a significant share of the overall automotive market and are widely used for personal transportation. As environmental concerns and fuel efficiency become increasingly important, there is a growing demand for green tires in passenger cars. These tires offer reduced rolling resistance, improved fuel efficiency, and lower carbon emissions, aligning with the sustainable transportation goals of both consumers and regulatory bodies.
The fastest-growing segment in the global green tires market is commercial vehicles. Commercial vehicles include trucks, buses, and other fleet vehicles used for transportation and logistics purposes. The commercial vehicle segment is experiencing rapid growth due to increasing globalization, e-commerce activities, and expanding transportation networks. As businesses strive to reduce operating costs and comply with stringent emission regulations, the demand for green tires in commercial vehicles is rising. Green tires help optimize fuel efficiency, extend tire life, and reduce maintenance costs, making them an attractive choice for fleet operators seeking cost-effective and environmentally friendly solutions.
Global Green Tires Market By Type
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Green Tires Market Regional Insights
The dominant region in the global green tires market is Asia Pacific. Asia Pacific region has a high vehicle population, including both passenger cars and commercial vehicles. Countries like China and India have a large automotive market, and as environmental concerns continue to rise, there is a growing demand for green tires in this region. The presence of stringent emission regulations and government initiatives promoting sustainable transportation further contribute to the dominance of the Asia Pacific market in the green tires segment.
The fastest-growing region in the global green tires market is Latin America. The region is witnessing significant growth in the adoption of green tires due to increasing environmental awareness, stricter regulations, and rising consumer preference for eco-friendly products. Latin America has a sizable automotive market, with countries like Brazil and Mexico showing rapid growth in vehicle sales. Additionally, initiatives to reduce carbon emissions and promote sustainable mobility in the region are driving the demand for green tires. As a result, Latin America is experiencing a surge in the implementation of green tire technologies, making it the fastest-growing region in the market.
Global Green Tires Market By Geography
- Largest
- Fastest
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Green Tires Market Dynamics
Green Tires Market Drivers
Increasing environmental concerns and regulations
- One key driver of the global green tires market is the increasing environmental concerns and regulations. As governments and regulatory bodies focus on reducing carbon emissions and promoting sustainable practices, there is a growing demand for green tires that offer improved fuel efficiency and lower rolling resistance. This driver is propelling the adoption of green tires in various industries and driving market growth.
Green Tires Market Restraints
High initial cost compared to conventional tires
- One key restraint of the global green tires market is the higher initial cost compared to conventional tires. Green tires often incorporate advanced materials and technologies to achieve their eco-friendly properties, which can result in a higher manufacturing cost. This cost is then passed on to consumers, making green tires relatively more expensive than conventional options. The higher price point can act as a deterrent for price-sensitive consumers, limiting the widespread adoption of green tires. However, as technology advances and economies of scale come into play, the cost barrier is expected to gradually decrease over time.
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Green Tires Market Competitive Landscape
The competitive landscape of the global green tires market is characterized by intense competition among key market players. The market is fragmented, with several established tire manufacturers and new entrants vying for market share. These players focus on research and development to innovate and introduce advanced green tire technologies that offer improved fuel efficiency, reduced rolling resistance, and enhanced sustainability. Additionally, partnerships, collaborations, and acquisitions are common strategies employed by companies to strengthen their market position and expand their product offerings. The competitive landscape is further influenced by factors such as evolving customer preferences, changing regulatory frameworks, and the need for efficient supply chain networks to meet growing demand.
Green Tires Market Top Player’s Company Profiles
- The Goodyear Tire & Rubber Company (US)
- Petlas (Turkey)
- Kumho Tire (South Korea)
- Michelin (France)
- Pirelli & C. S.p.A (Italy)
- The Yokohama Rubber Co., Ltd. (Japan)
- MRF (India)
- Nokian Tyres (Finland)
- Cooper Tire & Rubber Company (US)
- Toyo Tire Corporation (Japan)
- Sumitomo Rubber Industries, Ltd. (Japan)
- Apollo Tyres Ltd. (India)
- Giti Tire (China)
- Nexen Tire Corporation (South Korea)
- Cheng Shin Rubber Ind. Co., Ltd. (Taiwan)
- Maxxis International (Taiwan)
- Sailun Group (China)
Green Tires Market Recent Developments
- In February 2023, Petlas announced the launch of the Green PT925 tire, designed for commercial vehicles, offering reduced fuel consumption and improved durability for eco-conscious fleets.
- In September 2022, The Goodyear Tire & Rubber Company unveiled the Assurance ComfortDrive, a green tire featuring advanced technologies for reduced rolling resistance, improved fuel efficiency, and enhanced ride comfort.
- In April 2022, Continental AG announced the expansion of its tire portfolio with the launch of the EcoContact 7, a green tire designed to enhance fuel efficiency and reduce CO2 emissions.
- In March 2022, Bridgestone Corporation introduced the Ecopia H/L 001 tire, a green tire designed for SUVs and CUVs, offering improved fuel efficiency and reduced environmental impact.
- In November 2021, Hankook Tire launched the Kinergy Eco³ 2 (K435) tire, an eco-friendly tire designed for passenger cars, with improved fuel efficiency and reduced rolling resistance.
Green Tires Key Market Trends
- Increasing adoption of sustainable materials in tire manufacturing: One key market trend in the global green tires market is the increasing adoption of sustainable materials in tire manufacturing. Tire manufacturers are exploring and incorporating innovative materials such as natural rubber, silica, and bio-based components to reduce the environmental impact of tire production. These sustainable materials offer advantages such as improved fuel efficiency, lower rolling resistance, and reduced carbon emissions. The trend towards using sustainable materials aligns with the growing consumer demand for eco-friendly products and the industry's commitment to sustainability, driving the development of greener and more sustainable tire solutions.
Green Tires Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Green Tires Market analysis, the global market is witnessing significant growth as the world embraces sustainable and eco-friendly solutions in the automotive industry. Green tires, designed to reduce fuel consumption and minimize carbon emissions, are gaining traction due to increasing environmental concerns, stringent regulations, and growing consumer awareness. The market is dominated by on-road tires used in passenger cars, while the fastest-growing segment is off-road tires used in rugged terrains. Asia Pacific leads the market, driven by its high vehicle population, while Latin America shows the fastest growth. The market is highly competitive, with companies focusing on research and development, partnerships, and acquisitions. However, the higher initial cost of green tires remains a restraint. Key trends include the adoption of sustainable materials in tire manufacturing to enhance fuel efficiency and reduce environmental impact. Overall, the global market is poised for robust expansion as the automotive industry prioritizes sustainability and environmental responsibility.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 35.2 billion |
| Market size value in 2031 | USD 75.2 billion |
| Growth Rate | 8.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Green Tires Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Green Tires Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Green Tires Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Green Tires Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Green Tires Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Green Tires Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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