Green Tire Market is expected to grow at a CAGR of 9.1% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Green Tire Market size was valued at USD 42.2 billion in 2023 growing at a CAGR of 9.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Green Tire Market size accounted for USD 42.2 Billion in 2023, growing at a CAGR of 9.1% from 2023 to 2033. Green Tires, also known as eco-friendly or environmentally friendly tires, are designed to have a reduced impact on the environment throughout their lifecycle compared to traditional tires.

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Growing awareness and concern for environmental issues, particularly related to air pollution and carbon emissions, have led to increased demand for sustainable and eco-friendly products, including tires. Stringent government regulations and standards aimed at reducing carbon emissions and promoting sustainability in the automotive industry have influenced tire manufacturers to develop and promote green tire technologies. Green tires are often designed to improve fuel efficiency by reducing rolling resistance. As fuel prices fluctuate and consumers seek more fuel-efficient vehicles, there is an increasing demand for tires that contribute to better gas mileage. Ongoing research and development in tire technology have led to the innovation of materials and manufacturing processes that make tires more environmentally friendly. This includes the use of sustainable materials and advanced tire designs.

Key Players
Some of the major Green Tire Market players holding high market shares include MICHELIN, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include The Goodyear Tire & Rubber Company, Hankook Tire & Technology, The Yokohama Rubber Co. Ltd., Petlas, Kumho Tire, and MRF.

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Segmental Analysis
Based on type, the Green Tire market is segmented into On-road tires and Off-road tires. On-road tires are the most widely used type of tire. This is because a significant majority of vehicles, including passenger cars, SUVs, and light trucks, operate on paved roads.
Based on application, the Green Tire market is Passenger Cars and Commercial Vehicles. Passenger cars are the most prevalent type of vehicle worldwide. This dominance translates into a higher demand for passenger car tires, making it the largest segment of the Green Tire market.
Based on the tire size, the Green Tire market is a 15-inch, 16-inch, 17-inch, 18 inch. 16-inch tires are the most popular tire size globally. This is primarily due to their widespread use in passenger cars, SUVs, and light trucks, which typically utilize 16-inch tires.
Based on the Sales Channel, the Green Tire market is OEM, Aftermarket. The aftermarket segment holds the largest share of the Green Tire market by sales channel. This is driven by the fact that tire replacements are more frequent in the aftermarket compared to original equipment manufacturer (OEM) sales, which are typically limited to new vehicles.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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