The report incorporates the study of the global green tire market that focuses on the strategy used to reduce high levels of pollution and are sourced from unsustainable resources. This is usually done with environment-friendly rubber that supports in reducing the energy lost during the friction between a rolling surface and the tires. The goal of green tire is to reduce carbon dioxide emission levels directly affected by vehicles fuel consumption. Fuel consumption can be improved by the production of streamlined low rolling resistance tires. These tires cause less friction between the tire and the road allowing the vehicle to use less energy (fuel) to propel the vehicle forward. Modifications in the key design of tires have taken years of research and development. However, the rise in prices of fuel, low rolling resistance, increase in urbanization & globalization, environmental awareness, and surge in fuel consumption are projected to further boost the market growth in future. Also, in the tire industry, manufacturers have raised prices multiple times in response. Rise in electric car sales have been cited as a key element driving the demand for green tires. These green tires provide 20% less low rolling resistance, increasing total vehicle efficiency.
The factors such as government regulation & economic drivers, increase fuel efficiency, and reduce rolling resistance supplement the growth of the green tire market. However, lack of awareness about green tire and structural limitation is projected to impede future adoption. In addition, adoption of eco-friendly tire industry and technological advancement in automotive sector creates market opportunities for the key players operating in the green tire market.
For the purpose of analysis, the green tire market is segmented on the basis of type, application, size, sales channel, and region. By type, the market is divided into on-road tires and off-road tires. By application, it is fragmented into passenger car and commercial vehicles. By size, it is categorized into 15 inches, 16 inches, 17 inches and 18 inches. By sales channel, it is further classified into OEM and aftermarket. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the green tire market are MICHELIN, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A, The Goodyear Tire & Rubber Company, Hankook Tire & Technology, The Yokohama Rubber Co. Ltd., Petlas, Kumho Tire, and MRF.
The factors such as government regulation & economic drivers, increase fuel efficiency, and reduce rolling resistance supplement the growth of the green tire market. However, lack of awareness about green tire and structural limitation is projected to impede future adoption. In addition, adoption of eco-friendly tire industry and technological advancement in automotive sector creates market opportunities for the key players operating in the green tire market.
For the purpose of analysis, the green tire market is segmented on the basis of type, application, size, sales channel, and region. By type, the market is divided into on-road tires and off-road tires. By application, it is fragmented into passenger car and commercial vehicles. By size, it is categorized into 15 inches, 16 inches, 17 inches and 18 inches. By sales channel, it is further classified into OEM and aftermarket. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the green tire market are MICHELIN, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A, The Goodyear Tire & Rubber Company, Hankook Tire & Technology, The Yokohama Rubber Co. Ltd., Petlas, Kumho Tire, and MRF.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the green tire market analysis from 2021 to 2031 to identify the prevailing green tire market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the green tire market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global green tire market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- On- road tires
- Off- road tires
By Application
- Passenger Cars
- Commercial Vehicle
By Tire Size
- 15 inch
- 16 inch
- 17 inch
- 18 inch
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Continental AG
- BRIDGESTONE CORPORATION
- Pirelli & C. S.p.A
- HANKOOK TIRE & TECHNOLOGY
- THE YOKOHAMA RUBBER CO., LTD.
- PETLAS
- KUMHO TIRE
- MICHELIN
- THE GOODYEAR TIRE & RUBBER COMPANY
- MRF
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GREEN TIRE MARKET, BY TYPE
CHAPTER 5: GREEN TIRE MARKET, BY APPLICATION
CHAPTER 6: GREEN TIRE MARKET, BY TIRE SIZE
CHAPTER 7: GREEN TIRE MARKET, BY SALES CHANNEL
CHAPTER 8: GREEN TIRE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Green Tire Market is expected to experience a significant growth rate of 8.7% from 2022-2031 owing to increasing market demand from the advanced vehicles across the globe.Green tires are produced from renewable materials such as nylon rubber through a process that does not require an excessive amount of energy. These tires have low rolling resistance, which helps in decreasing fuel consumption. The major factors responsible for the growth of the market are the increasing sales of commercial vehicles and passenger cars, as well as the demand for environment friendly and fuel-efficient tires. The manufacturing process and materials utilized in developing traditional tires causes high levels of pollution and are sourced from unsustainable resources. Some of these materials include rubber and petroleum-based substances that are added to traditional tires. With crude oil prices always in a constant state of flux, this makes material costs inconsistent, which boosts the price. Energy conservation helps in improving fuel efficiency. Rolling resistance consists 10-15% of fuel consumption in passenger cars but can account for up to 30% of fuel consumption in heavy trucks. Low rolling resistance tires may only cut this by 2 to 3%, fuel savings still support the environment.
Green tires are manufactured in additional energy efficient ways and are planned for lower rolling resistance, which leads to lower fuel consumption over the life of the tire. To attain the smallest possible rolling resistance green tire also uses highly dispersible silica, developed carbon blacks or nanotechnology. Silica helps in the reduction of rolling resistance or the energy lost as the tire deforms against the road. In addition, green tires are made from sustainable and recycled materials. Carbon dioxide emission levels are directly affected by vehicle fuel consumption. Fuel consumption can be improved by the production of streamlined low rolling resistance tires. These tires cause less friction between the tire and the road allowing the vehicle to use less energy (fuel) to propel the vehicle forward). Modifications in the key design of tires have taken years of research and development. Many leading manufacturers have implemented these changes to their green tires.
The key factors driving the growth of the green tire market include government regulation & economic drivers, increase in fuel efficiency, and reduction of rolling resistance. Moreover, there is a demand for growth of alternative powertrains (hybrid and electric), as well as the evolution to shared/fleet vehicle use, and autonomous vehicles adding additional impetus to green tire adoption and continued gains in rolling resistance reduction. The replacement market for green tires has also grown through better consumer education and awareness provided by the European Union’s consumer tire labelling plan that rates tire rolling resistance and other performance variables. For instance, the Tyre Labelling Regulation provides consumers across Europe with essential information on fuel efficiency, safety, and noise by detailing the tires’ rolling resistance, wet grip, and external rolling noise. This labelling system provides consumers with transparent and objective information about the quality of the tires they buy. Regulatory and labelling plans promoting green tires and replacement of tires, which further help in driving the growth of the green tire market.
The market also offers growth factors to the key players operating in the market to enhance their services, which creates ample opportunities for the growth of the market across the globe. In addition, with the adoption of the Paris Agreement in 2016, the international community jointly agreed to reduce greenhouse gas emissions to limit global warming. Through this accord, the world is accelerating toward a carbon-neutral society and economy, and a new international economic order is on its way. This global decarbonization movement is expected to be driven not because of market demand, but through enforcement of government laws or regulations led by developed countries such as those in the European Union and North America.
The green tire market is segmented into type, application, end user, and region. By type, the market is divided into on-road tires and off-road tires. By application, it is fragmented into passenger car and commercial vehicles. By size, it is categorized into 15 inch, 16 inch, 17 inch, and 18 inches. By sales channel, it is further classified into OEM and aftermarket. By region, it is analyzed across North America (U.S., Canada and Mexico), Europe (UK, Germany, France, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include MICHELIN, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A, The Goodyear Tire & Rubber Company, Hankook Tire & Technology, The Yokohama Rubber Co. Ltd., Petlas, Kumho Tire, and MRF. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain advantage over the competitors in the market. For instance, in June, 2021 Michelin launched high-performance racing tire that paves the way for sustainable, eco-friendly rubber for use in motorsports. This new Michelin high-performance racing tire boasts use of 46% sustainable materials.
Key Market Insights
- By type, the on- road tires segment was the highest revenue contributor to the market, and is estimated to reach $63,729.7 million by 2031, with a CAGR of 9.0% during the forecast period.
- By application, the commercial vehicle segment dominated the global market, and is estimated to reach $35,771.4 million by 2031, with a CAGR of 8.4% during the green tire market forecast period.
- By tire size, the 15 inch segment was the highest revenue contributor to the market, with $16,534.8 million in 2021, and is estimated to reach $34,236.3 million by 2031, with a CAGR of 7.6%.
- By sales channel, the OEM segment was the highest revenue contributor to the market, with $20,138.6 million in 2021, and is estimated to reach $44,078.1 million, with a CAGR of 8.3% from 2022-2031.
- By region, Asia-Pacific was the highest revenue contributor, accounting for $13,994 million in 2021, and is estimated to reach $34,047.2 million by 2031, with a CAGR of 9.4%.
Companies Mentioned
- Continental AG
- BRIDGESTONE CORPORATION
- Pirelli & C. S.p.A
- HANKOOK TIRE & TECHNOLOGY
- THE YOKOHAMA RUBBER CO., LTD.
- PETLAS
- KUMHO TIRE
- MICHELIN
- THE GOODYEAR TIRE & RUBBER COMPANY
- MRF
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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