According to the report by Expert Market Research (EMR), the global green tyre market size is projected to grow at a CAGR of 10.2% between 2024 and 2032. Aided by the rising demand for environmentally friendly transportation solutions and advancements in tyre technology, the market is expected to grow significantly by 2032.
Green tyres, known for their low rolling resistance and reduced carbon emissions, are an innovative solution in sustainable automotive technology. They are manufactured using eco-friendly materials and advanced production techniques that contribute to fuel efficiency and reduced environmental impact.
The green tyre market growth is primarily propelled by the increasing global emphasis on reducing vehicular emissions and enhancing fuel efficiency. As the automotive industry faces stringent environmental regulations, green tyres have become essential for manufacturers to comply with these norms.
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Another significant driver is the rising consumer awareness about the environmental impact of traditional tyres. This shift in consumer preferences is encouraging tyre manufacturers to invest in green technologies. Technological advancements in tyre manufacturing, including the use of renewable materials like natural rubber and silica, and innovations in tread design, are also fuelling the green tyre market demand.
Geographically, Europe and North America lead the market, owing to their stringent environmental regulations and high consumer awareness about sustainable automotive practices. The Asia-Pacific region is also witnessing rapid growth due to increasing vehicle production and emerging environmental concerns in countries like China and India.
Looking ahead, the market is expected to witness significant developments. One key trend is the increasing research in bio-based materials for tyre production, which could further reduce the environmental impact of tyres. Additionally, the integration of smart tyre technologies, such as sensors for monitoring tyre conditions, is expected to enhance the functionality of green tyres. The market is also likely to benefit from the growing electric vehicle (EV) industry, as green tyres are well-suited for EVs due to their efficiency and lower rolling resistance.
The global green tyre market demand is set for a robust surge in the forecast period, driven by the rising demand for sustainable transportation solutions and advancements in tyre technology. As the industry navigates through challenges like cost and raw material availability, innovation and environmental consciousness are expected to be key themes shaping the future of the green tyre market. The next five years will be critical in determining the market’s trajectory, with significant implications for the automotive industry’s sustainability goals.
Green Tyre Market Segmentation
The market can be divided based on vehicle type, application, end-user, and region.
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCVS)
- Heavy Commercial Cars
Market Breakup by Application
- On-Road
- Off-Road
Market Breakup by End-User
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Green Tyre Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global green tyre market. Some of the major players explored in the report by Expert Market Research are as follows:
- Michelin North America, Inc.
- Bridgestone Americas Tire Operations, LLC
- Continental Reifin Deutschland GmbH
- Apollo Tyres Ltd
- Pirelli & C. S.p.A. – Pirelli Tyre S.p.A
- Kumho Doublestar Tyre Group
- Others
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