PUBLISHER: 360iResearch | PRODUCT CODE: 1467958
PUBLISHER: 360iResearch | PRODUCT CODE: 1467958
[185 Pages Report] The Automotive Green Tires Market size was estimated at USD 14.06 billion in 2023 and expected to reach USD 14.85 billion in 2024, at a CAGR 6.41% to reach USD 21.73 billion by 2030.
Automotive green tires, often referred to as green or eco-friendly tires, are a type of tire created with an emphasis on environmental sustainability and improved fuel efficiency. These tires incorporate various features and technologies aimed at reducing their environmental impact and enhancing the overall efficiency of vehicles. These tires have several critical properties, including lightweight, low rolling resistance, low CO2 emissions and fuel consumption, extended life, and good durability, making them suited for off-road use. Green tires may also incorporate noise-reduction technologies to enhance driving comfort while minimizing noise pollution. Green tires help automakers meet stricter regulatory standards for vehicle emissions and fuel efficiency, making them essential to achieving environmental goals.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 14.06 billion |
Estimated Year [2024] | USD 14.85 billion |
Forecast Year [2030] | USD 21.73 billion |
CAGR (%) | 6.41% |
The major factor influencing the growth of the automotive green tires market is the rising sales of passenger vehicles and increasing fuel efficiency, increasing government initiatives for a clean and green environment, and rapidly growing adoption of airless tires worldwide. On the other hand, the huge cost associated with automotive green tires and the lack of awareness about automotive green tires in emerging economies hinder the market growth. However, ongoing research and development initiatives to create novel green tires and increasing focus on renewable raw materials to manufacture eco-friendly tires create an opportunity for the automotive green tire market to grow in the coming years.
Product: Growing adoption of automotive green tires for construction vehicles, agricultural equipment, and off-road use
The automotive green tire market consists of two primary products: Bias and Radial Tires. Bias tires, also known as cross-ply tires, consist of multiple layers of rubber-coated fabric plies laid diagonally at alternating angles, making them suitable for heavy-duty applications such as construction vehicles, agricultural equipment, and off-road use due to their robust sidewalls and resistance to punctures. Radial tires feature plies arranged perpendicularly to the direction of travel, resulting in more flexible side walls that allow for improved road contact and reduced rolling resistance compared to bias-ply designs, leading to better fuel efficiency, less heat generation during driving with a smoother ride, making radial green tires popular among passenger cars and light commercial vehicles. Bias tires offer greater durability and puncture resistance suitable for heavy-duty vehicles operating in harsh conditions than radial green tires. On the other hand, radial tires are preferred for passenger automobiles and light commercial vehicles due to their superior road contact, resulting in better handling characteristics while improving fuel consumption. However, they may not be as resilient as bias ply counterparts under extreme conditions or heavy loads.
Vehicle: Growing focus on on reducing ecological footprint among consumers
In the commercial vehicle segment, green tires cater to various subcategories, such as heavy-duty trucks, buses, delivery vans, and construction vehicles, achieving cost-effectiveness through lower operating expenses. Green tires offer improved rolling resistance compared to conventional tires, contributing to better fuel economy and lowering overall costs for fleet operators. The passenger vehicle segment comprises cars, SUVs, crossovers, minivans, and sedans, which require green tires that prioritize driving performance alongside environmental benefits. Consumers increasingly focus on reducing their ecological footprint without compromising comfort or safety features. Both commercial and passenger vehicle segments prioritize fuel efficiency, and while the focus remains on lowering operational costs for commercial vehicles, passenger vehicle consumers emphasize comfort and driving experience alongside environmental concerns. As sustainability efforts increase globally, further advancements in green tire technology for both segments are anticipated.
Sales Channel: Increasing focus on fuel efficiency, environmental concerns, and safety performance in automotive industry
The aftermarket sales channel refers to the segment of the automotive industry that deals with the sale of green tires once a vehicle has left the production line and is in use by consumers. The need for automotive green tires in the aftermarket is driven by increasing fuel efficiency, reducing CO2 emissions, and enhancing vehicle safety. The Original Equipment Manufacturer (OEM) sales channel comprises automotive producers that specify green tire requirements during vehicle production processes. In OEM, the need for automotive green tires is driven by enhancing fuel economy, complying with stringent environmental regulations, and integrating innovative technologies for sustainability. In both aftermarket and OEM sales channels, fuel efficiency, environmental concerns, and safety performance drive the need for green tires. However, the key difference lies in their customer base. While aftermarket customers may choose to switch to green tires based on personal preferences or awareness of environmental benefits, OEM customers are more likely to prioritize compliance with regulatory standards and the integration of innovative technologies.
Application: Growing emphasis on reducing CO2 emissions through sustainable manufacturing processes in automotive industry
Off-road green tires cater to vehicles operating on non-paved, uneven, and challenging terrains such as construction sites, mines, and agricultural fields. These tires are designed with deeper treads and reinforced sidewalls for better traction, puncture resistance, and durability. Manufacturers prioritize sustainability in their production processes using eco-friendly materials and advanced energy-saving technologies. On-road green tires are designed for use on paved roads, focusing on improving vehicle safety, efficiency, and ecological footprint. These tires typically feature low rolling resistance compounds that reduce energy loss during driving while maintaining optimal grip levels on both wet and dry surfaces. The On-road green tire is motivated by fuel savings, lower CO2 emissions, extended tire life span due to improved wear characteristics, and enhanced wet grip performance. While both off-road and on-road green tires share a common goal of reducing CO2 emissions through sustainable manufacturing processes, their application-specific requirements make them suitable for distinct end-users. Off-road green tires are popular among industries such as agriculture and construction that demand rugged performance under harsh conditions. In contrast, on-road green tires cater primarily to consumer vehicles, emphasizing fuel efficiency, ride comfort, and reduced noise levels.
Regional Insights
Automotive green tires, designed to reduce rolling resistance and improve fuel efficiency, are gaining significant traction worldwide. The automotive green tires market is developing in the Americas with the growing initiatives towards eco-friendly and sustainable practices. Consumers are becoming more environmentally conscious, increasing interest in green tires. Environmental regulations and emissions standards in some American countries are pushing to adopt fuel-efficient and low-rolling-resistance tires to reduce vehicle carbon emissions. The APAC region, particularly China and India, is experiencing significant growth in the automotive green tires market with the increasing number of vehicles on the road and a growing awareness of environmental concerns. Developing the electric vehicle market in countries, including China drives demand for specialized tires designed for EVs. These tires often have unique requirements to maximize the range of electric vehicles. The automotive green tires market in the EMEA region is supported by stringent environmental regulations and emissions standards, leading to the adoption of green tires as automakers seek to reduce the carbon footprint of their vehicles. Moreover, rising fuel prices in Europe and the need to reduce fuel consumption drive demand for tires with lower rolling resistance, which enhances fuel efficiency.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Automotive Green Tires Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Green Tires Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Automotive Green Tires Market, highlighting leading vendors and their innovative profiles. These include Apollo Tyres Limited, Bridgestone Corporation, CEAT Limited, Continental AG, Goodyear Tire & Rubber Company, JK Tyre, Kumho Tire, Linglong Group, Maxxis International, Michelin Group, MRF Limited, Nokian Tires, Pirelli & C. Spa, Sailun Group, Toyo Tire Corporation, Yokohama Tire Corporation, and ZC Rubber.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Automotive Green Tires Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Green Tires Market?
3. What are the technology trends and regulatory frameworks in the Automotive Green Tires Market?
4. What is the market share of the leading vendors in the Automotive Green Tires Market?
5. Which modes and strategic moves are suitable for entering the Automotive Green Tires Market?