Automotive Green Tires Market worth $15.8 billion by 2028 – Exclusive Report by MarketsandMarkets™
Chicago, Oct. 17, 2023 (GLOBE NEWSWIRE) — Automotive Green Tires Market size is projected to grow from USD 11.5 billion in 2023 to USD 15.8 billion by 2028, at a CAGR of 6.5%, according to a new report by MarketsandMarkets™.
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|Market size value in 2023:||USD 11.5 billion|
|Projected to reach 2028:||USD 15.8 billion|
|Largest Market:||Asia Pacific|
|Region Covered:||Asia Pacific, North America, Europe, South America and Middle East & Africa|
|Segments Covered:||sales channel, application, rim size, vehicle type, propulsion type and Region|
|Companies Covered:||Michelin (France), Bridgestone Corporation (China), Goodyear (US), Continental (Germany) and Pirelli (Italy)|
The high demand for low rolling resistance tires is one of the key factors driving the growth of the green tires market. Low rolling resistance tires are designed to reduce the amount of energy required for a tire to roll, which can lead to improved fuel efficiency and reduced emissions. This is important to many consumers and businesses who are looking to reduce their environmental impact.
13-15” segment is expected to have significant growth opportunities in global automotive green tires market
The market for the 13–15” inches segment is expected to be driven by the increasing demand for advanced safety features in vehicles. The 13-15” rim size tires are preferred for affordable mini or compact cars. Bridgestone Corporation offers Ecopia EP 150 tires with 13-15 rim size. Asia Pacific has the highest demand for affordable mini or compact cars due to smaller roads, parking spaces, affordability and a large number of buyers mostly prefer economical vehicles. Smaller wheels can help to keep a car’s weight down. This is because the wheels and tires themselves account for a significant amount of weight in a car. Smaller wheels are lighter than larger wheels, so they can help to reduce the overall weight of the vehicle. Furthermore, the smaller wheel rim size is more manoeuvrable in tight spaces like city streets. However, light commercial vehicles have considerable demand for tires with 13–15” rim size. Hence, these factors will drive the aftermarket for 13–15” rim size tires during the forecast period
EV segment is expected to have high growth rate in the global automotive green tires industry
The electric vehicle segment is expected to be a major growth driver for the automotive green tires industry due to the increasing adoption of electric vehicles. Electric vehicles tend to have heavier batteries and generate more torque, which can strain the tires more. Several tire manufacturers have developed green tires specifically for electric vehicles. Nokian Tyres offers Nokian Tyres Hakkapeliitta 10 EV which is designed and developed with environmentally friendly technology. It offers maximum comfort with ultimate safety for electric vehicles and hybrids. In addition, the growth of the electric vehicle market is also driving demand for sustainable and eco-friendly solutions.
Germany to have significant market share in the automotive green tires market in Europe
The country is one of the major exporting hubs for automotive producers, and the country’s automotive industry is renowned for its excellent automobile manufacturing. It is also the manufacturing center of premium cars due to its outstanding R&D, skilled workforce, and infrastructure which will drive the green tires market. Germany is one of the largest green tires market in Europe due to its well-established automotive industry and technological advancements. The country is home to several leading tire manufacturers and automotive companies, making it an ideal market for the adoption of green tires.
Key Market Players
The automotive green tires Companies are Michelin (France), Bridgestone Corporation (China), Goodyear (US), Continental (Germany) and Pirelli (Italy), etc.
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