BCC Research Projects an 11.6% CAGR for the Green Tires
Market from 2024 to 2029, Reflecting Growing Demand for Sustainable
Automotive Solutions
BOSTON, July 5, 2024
/PRNewswire/ -- The Green Tires Market focuses on producing and
selling eco-friendly tires made from sustainable materials. These
tires are designed to improve fuel efficiency, reduce pollution,
and be more easily recycled. The market is growing because people
and governments want to reduce their environmental impact and save
on fuel costs.
Market Expansion and Revenue Surge
According to the latest BCC research study, the demand for
Green Tires Market expected to grow from $88.2 billion in 2024 and will reach $152.7 billion by the end of 2029 at a compound
annual growth rate (CAGR) of 11.6% from 2024 to 2029.
This report looks at the global green tires market, breaking it
down by vehicle type and sales channel. It covers data from 2023
and provides forecasts for 2024 to 2029, with market values in
millions of U.S. dollars.
The market is divided into:
- Vehicle Types: Passenger vehicles (the largest segment),
commercial vehicles, and other types like two-wheelers,
agricultural, and mining vehicles.
- Sales Channels: OEM (original equipment manufacturer)
and aftermarket.
Some Interesting Facts about Green Tires Market
Research by the International Council on Clean Transportation
shows that improvements in tire energy efficiency, like green
tires, can reduce global fuel consumption from passenger vehicles
by about 5%. This could cut greenhouse gas emissions by around 100
million tons each year.
To discover more insights and information about Green Tires
Market, click here for further exploration.
Factors contributing to this growth include:
- Government initiatives to reduce carbon emissions in the
tire industry: Governments are reducing carbon emissions
in the tire industry by setting strict rules and encouraging
fuel-efficient tires. They provide tax credits and grants for
making and buying eco-friendly tires. Public campaigns highlight
the benefits of green tires, boosting demand. Governments also work
with tire makers on sustainable practices and support recycling
programs. They use eco-friendly tires for their vehicles to set an
example. These efforts help make the tire industry greener and
fight climate change.
- Increasing preference for electric or fuel-efficient
vehicles: More people are choosing electric or
fuel-efficient vehicles because they are better for the
environment, save money on fuel, and often benefit from government
incentives. Advances in technology make these vehicles more
practical and appealing, with longer ranges and faster charging
times. Stricter regulations on emissions also encourage automakers
to focus on producing cleaner vehicles. As awareness grows about
their benefits, including lower operating costs and reduced
environmental impact, more consumers are opting for electric or
fuel-efficient cars over traditional gasoline-powered ones.
- Growing demand for tires: simply means that more
and more tires are being needed and used. This increased demand can
be due to various factors such as more vehicles on the roads,
expansion in industries that use heavy machinery, or even growth in
sectors like aviation and agriculture where tires are essential. As
economies grow and transportation needs increase, so does the need
for tries to keep vehicles and machinery moving efficiently and
safely.
Request a Sample Copy of the Green Tires
Market
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2023
|
Forecast Period
considered
|
2024-2029
|
Base year market
size
|
$79.9
billion
|
Market Size
Forecast
|
$152.7
billion
|
Growth Rate
|
CAGR of 11.6% for the
forecast period of 2024-2029
|
Segment
Covered
|
Vehicle Type, Sales
Channel, and Region
|
Regions
covered
|
North America, Europe,
Asia-Pacific, and Rest of the World (RoW)
|
Countries
covered
|
U.S., Canada, Mexico,
Germany, France, UK, Italy, Spain, China, India, Japan, South
Korea, Southeast Asia, South America, Middle East and
Africa
|
Key Market
Drivers
|
•
Government initiatives to reduce carbon
emissions in the tire industry.
•
Increasing preference for electric or
fuel-efficient vehicles.
•
Growing demand for tires.
|
Market Segmentation
The Green Tires Market can be categorized into various
segments:
- Vehicle Type
The types of vehicles that the market
considers are passenger vehicles, like cars, commercial vehicles,
which are often larger vehicles like trucks, and other vehicles,
such as motorcycles, tractors, and off-road vehicles.
- Sales Channel The sales channels for tires are
categorized into OEM (Original Equipment Manufacturer), where tires
are sold directly to vehicle manufacturers for new vehicles, and
aftermarket, where tires are sold to consumers and businesses for
replacement or upgrades after the vehicle has been purchased.
- Region
The regions are divided into four main areas:
North America, Europe, Asia-Pacific, and the Rest of the World, which
covers all other global regions not specifically mentioned.
This report on green tires market provides comprehensive
insights and analysis, addressing the following key
questions:
- What is the projected market size and growth rate of the
market?
The green tires market is projected to grow from $79.9 billion in 2023 to $152.7 billion in 2029 at a compound annual
growth rate (CAGR) of 11.6% during the forecast period.
- What are the key factors driving the growth of the market?
The key factors driving the growth of the green tires market
include:
- Government initiatives to reduce carbon emissions in the tire
industry,
- Increasing preference for electric or fuel-efficient
vehicles.
- What segments are covered in the market?
The green tires market is segmented based on vehicle type, sales
channel, and region.
- By vehicle type, which segment will dominate the market by the
end of 2029?
The passenger vehicle segment will dominate the market by the end
of 2029 in terms of volume.
- Which region has the highest market share in the market?
Europe holds the highest share of
the market by value. A few of the main factors propelling the
European market are several domestic and foreign companies
producing green tires, technological advancements, and increasing
production and sales of automotive vehicles across several
countries in Europe.
- Who are the key companies/players in the green tires
market?
Key companies in the market include Bridgestone Corporation,
MICHELIN, Continental AG, The Goodyear Tire & Rubber Company,
Nokian Tyres plc., Pirelli & C. S.p.A., and Toyo Tire
Corporation.
Some of the Key Market Players Are:
- AEOLUS
- APOLLO TYRES LTD.
- BRIDGESTONE CORP.
- CONTINENTAL AG
- THE GOODYEAR TIRE & RUBBER CO.
- MICHELIN
- NOKIAN TYRES PLC.
- PIRELLI & C. S.P.A.
- TOYO TIRE CORP.
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