The Business Research Company’s report on the Green Tires Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the green tires market in recent years?
The increase in environmental awareness among consumers is driving the green tyre market. To create more awareness among people, many countries, such as the USA, China, South Korea, and Japan, have implemented tyre standards, ratings, labeling, and correct pressure programs. Due to the rising benefits of using green tires, such as eco-friendliness, high durability, fuel efficiency, and carbon emission reductions, consumers are opting for green tyres compared to conventional tires. For instance, in September 2023, according to The Roundup, a US-based non-profit organization, 78% of consumers felt that environmental sustainability was important, and 55% of consumers were willing to pay more for eco-friendly brands. And in 2021, 50% of worldwide consumers reported adopting more eco-friendly practices in the preceding six months. Therefore, the rise in environmental awareness related to the use of eco-friendly tyres will propel the growth of the green tyre market.
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What is the projected market size of the green tires industry, and how is it expected to grow?
The green tires market size has grown rapidly in recent years. It will grow from $112.19 billion in 2024 to $125.5 billion in 2025 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to environmental awareness, government regulations, consumer demand for eco-friendly products, rise in disposable income, increased demand for mobility services.
The green tires market size is expected to see rapid growth in the next few years. It will grow to $207.78 billion in 2029 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to growth of electric vehicles, emergence of autonomous vehicles, rising urbanization, economic growth. Major trends in the forecast period include smart tire technology, electrification-optimized tires, cross-industry collaborations, tire-as-a-service models.
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Who are the key players driving competition in the green tires market?
Major companies operating in the green tires market include Compagnie Générale des Établissements Michelin, Bridgestone Corporation, Goodyear India Limited, Continental AG, Hankook Tire & Technology Co. Ltd., Pirelli & C. S.p.A., Apollo Tyres Ltd., Cheng Shin Rubber Ind. Co. Ltd., Kumho Industry Co. Ltd., Nokian Tyres plc, Zhongce Rubber Co. Ltd., Sailun Group Co. Ltd., Shandong Linglong Tire Co. Ltd., The Yokohama Rubber Co. Ltd., Kenda Rubber Industrial Company, Linglong Americas Inc., Guizhou Tyre Co. Ltd., PT Gajah Tunggal Tbk, Toyo Tire & Rubber Co. Ltd., Cooper Tire & Rubber Co., Madras Rubber Factory Ltd., Giti Tire Pte Ltd., Shandong Fengyuan Tyre Co. Ltd., Southern Rubber Industry Co., Specialty Tires of America Inc., Sumitomo Rubber Industries Ltd., Nexen Tire Corporation, Hangzhou Zhongce Rubber Co. Ltd., Double Coin Holdings Ltd.
What key trends are expected to drive the green data center market during the forecast period?
Major companies operating in the green tire market are developing innovative products such as Goodyear UltraGrip Performance 3 to meet the growing demand for sustainable products. Goodyear UltraGrip Performance 3 is a high-performance winter tire that is made with a number of sustainable materials. The tire is designed to provide excellent grip and handling in winter conditions while also being fuel-efficient and reducing environmental impact. For instance, in January 2023, Goodyear Corporation, a US-based manufacturing company, launched its automotive green tire, the Goodyear UltraGrip Performance 3. The UltraGrip Performance 3 is a winter tire that is made with a number of sustainable materials, including silica made from rice husk ash and polyester from recycled plastic bottles. It has snow protect technology, advanced wet grip technology, and includes 90% sustainable materials.
Which key geographies are driving the growth of the green tires market?
Europe was the largest region in the green tyre market in 2024. The regions covered in the green tires market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the key segments driving growth in the green tires market?
The green tires market covered in this report is segmented –
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
2) By Size: <10 Inch, 10-20 Inch, 20-30 Inch
3) By Sales Channel: After market, Original Equipment Manufacturer (OEM)
4) By Application: On-Road, Off-Road
Subsegments:
1) By Passenger Cars: Eco-Friendly Tires, Low Rolling Resistance Tires
2) By Light Commercial Vehicles (LCV): Green Tires For Vans, Eco-Friendly Tires For Pickups
3) By Heavy Commercial Vehicles (HCV): Green Tires For Trucks, Eco-Friendly Tires For Buses
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How is the green tires market defined?
A green tire refers to a round-shaped part of an automotive tire that has all of its components assembled and is made of environmentally friendly rubber but has not yet been cured or given treads. When compared to other tyres such as semi-aromatic, styrene-butadiene rubbers or polycyclic hydrocarbons, green tyres improve fuel efficiency and lower greenhouse gas emissions.
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