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

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 competitive landscape of the 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. 'Hankook Tire & Technology (South Korea)', 'Continental AG (Germany)', 'Bridgestone Corporation (Japan)', '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)'

One key driver of the 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.

Increasing adoption of sustainable materials in tire manufacturing: One key market trend in the 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.

The dominant region in the 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.