The green tires global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Green Tires Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The green tires market size has grown rapidly in recent years. It will grow from $100.9 billion in 2023 to $112.87 billion in 2024 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 $180.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. 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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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
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.
The green tires market 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: Aftermarket, Original eEquipment Manufacturer (OEM)
4) By Application: On-Road, Off-Road
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Regional Insights –
Europe was the largest region in the green tyre market in 2023. 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.
Key Companies –
Major companies operating in the green tires market 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., Barez Industrial Group Company Public Joint, 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.
Table of Contents
1. Executive Summary
2. Green Tires Market Report Structure
3. Green Tires Market Trends And Strategies
4. Green Tires Market – Macro Economic Scenario
5. Green Tires Market Size And Growth
…..
27. Green Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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