Global Green Tyre Market Report and Forecast 2024-2032

Global Green Tyre Market Outlook

The global green tyre market attained a value of USD 105.10 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 11% to reach a value of over USD 268.84 billion by 2032.

Europe Accounts for the Largest Market Share of Green Tyres

The European market is leading the green tyres industry. Some of the factors causing dominance of this region include the shifting purchasing patterns, rising awareness about fuel efficiency, increasing vehicle production and sales, per capita increase in income, and the introduction of electric and hybrid vehicles. Germany is a significant exporting hub for automobile producers and is recognised globally for its high-quality automobile production.

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Asia Pacific is anticipated to grow in the forecast period due to increasing disposable income leading to rising demand for passenger cars in the region, thus, increasing demand for green tyres. Improving living standards of the population, stringent pollution norms and policies proposed by various countries, leading automotive producers shifting their manufacturing bases in the region are some of the factors fuelling market growth.

Green Tyre: Market Segmentation

Green tyres refer to a new variety of environmentally friendly rubber tyres. Green tyres focus on fuel efficiency. It contains more than 200 ingredients and is available in different types of rubber, each has its own desirable characteristics. It provides a lower rolling resistance and therefore less engine power sapped in rotating the tyre as these eco-friendly tyres employ a special type of tightly bonded rubber in the tread blocks to retain more energy while driving. One can reduce a vehicle's carbon footprint. Rolling resistance of a tyre can account for reduction of a vehicle's fuel consumption and carbon dioxide emissions.

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The major types of vehicles of green tyre are:

• Passenger Cars 
• Light Commercial Vehicles (LCVS) 
• Heavy Commercial Cars 

The market can be broadly categorised on the basis of its applications into:

• On-Road 
• Off-Road 

On the basis of end users, the market can be segregated into:

• OEM 
• Aftermarket 

The EMR report looks into the regional markets of green tyres like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Energy Saving Features are Driving the Market for Green Tyres

Green tires help in reducing the energy lost due to friction between tires and the rolling surface. The cost of installing green tyres may be considered as an expense but in the long run, the use of green tires turns out to be cost-effective. Increasing greenhouse emissions from tire manufacturing along with rising concerns on climate change and global warming is providing lucrative opportunities for growth.

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Increase in energy costs, strict government regulations, increasing urbanisation and globalisation, and increased environmental awareness regarding fuel consumption among consumers are some of the factors driving the market. Use of green tyres also helps in tackling the increasing scarcity of natural petroleum reserves and reducing the pollution globally.

Key Industry Players in the Global Green Tyre Market

The report presents a detailed analysis of the following key players in the global green tyre market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• 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 

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report