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MARKET REPORT OVERVIEW
The global Green Tires Market size was USD 98.1 billion in 2023 and the market is projected to touch USD 26.51 billion by 2032, exhibiting a CAGR of 10.45% during the forecast period.
It provide the user with a lot of features that make this particular product service work efficiently and effectively. All-together tires without tread or without curing are referred to as green tires. This factor has augmented the green tires market growth.
The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. Green tire demand is expected to be driven mostly by increasing sales of electric cars during the medium term. Low rolling resistance offered by these green tires improves the overall efficiency of the car. As a result of the increased efficiency they provide, producers of electric cars may witness a rise in the number of vehicles with longer ranges. This has been acknowledged as a main option for manufacturers with limited range and green tires. This has ultimately outraged the sales and demand for this particular market growth and prosperity.
COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of injuries related to information and communication industry. Since fewer vehicles were produced and manufacturing facilities had to close as a result of government lockdowns and restrictions, the COVID-19 pandemic has hampered the development of automotive green tires. Chaos in the market was also brought about by trade restrictions and supply chain interruptions, which increased the complexity of tire assembly and its supply to large OEMs. Therefore, a small influence from COVID-19 is anticipated on the green tires market share.
LATEST TRENDS
"Automotive Industry to Drive Market Growth"
A latest trend has been witnessed to proliferate the market growth. People's preference for greener solutions to address environmental concerns and their effects is clearly showing up in the car industry, which is witnessing a trend toward more ecologically friendly options. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.
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MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into On-Road and Off-Road amongst which the leading segment is the On-Road.
- On-Road: It is nothing but a type of tires with the On-Road.
- Off-Road: It is basically a type that of tires with the Off-Road.
By Application
Based on application the global market can be categorized into Passenger Cars, LCVs, and Others amongst which the leading segment is the Passenger Cars.
- Passenger Cars: It is just an application where it is used by Passenger Cars.
- LCVs: It is nothing but an application where it is used by LCVs.
DRIVING FACTORS
"Car Industries to Boost the Market"
This is the major factor attributing the growth of this particular market. The popularity of electric vehicles has brought about significant changes to various facets of the car industry. The need for increased economy had caused the focus on developing parts for electric cars to change from electric powertrains. Leading EV manufacturers are collaborating with tire producers, focusing on efficiency and range. These factors are anticipated to drive the market growth during the forecast period.
"SUVs to Expand the Market"
This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. Because of its comfort on longer trips, SUVs are becoming more and more popular worldwide, drawing in customer preferences. In order to provide OEM battery and dependable tire solutions, tire manufacturers also try to target the SUV market. It has become a popular choice for both individual consumers and businesses in the automotive sector to respond to the demand for reduced rolling resistance and boosting overall fuel economy. Green tire adoption is being driven by the need to use less gasoline. These factors are anticipated to drive the market growth in the present times and also during the forecast period.
RESTRAINING FACTOR
"High Cost and Negligence to Impede Market Growth"
These particular solutions have been very helpful yet extremely costly as well. It has been witnessed that this particular market has experienced immense trouble in the supply chains which has resulted in the restrain for this market growth. Buying green tires would typically demand a larger initial cost than buying conventional tires. Financially strapped companies that prioritize short-term savings above long-term gains may find the expense to be a deterrent. The steep starting costs of green tires thus provide a significant barrier, particularly for consumers who are price conscious. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market.
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REGIONAL INSIGHTS
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"Asia Pacific Dominating the Market due to Advanced Technology"
Asia Pacifc is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period. Because of the region's increasing urbanization and growing concerns about environmental sustainability and air quality, Asia Pacific is predicted to lead the global green tire market throughout the forecast period.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- BKT (India)
- Sailun Tires (China)
- Cheng Shin Rubber (Taiwan)
- Nokian Tires (Finland)
- Goodyear Tire and Rubber (U.S.)
INDUSTRIAL DEVELOPMENT
March 2023: This particular company has attributed the market growth in terms of revenue and shares system. The new Falken e.ZIEX replacement tire line for the fleet of electric vehicles in Europe has been introduced, according to a statement from Sumitomo Rubber Industries. This development has proved that the company will continue to proliferate this particular product market growth.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 9811.16 Million in 2023 |
Market Size Value By |
US$ 26515.6 Million by 2032 |
Growth Rate |
CAGR of 10.45% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the green tires market is expected to touch by 2032?
The global green tires market is expected to reach USD 26.51 billion by 2032.
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What CAGR is the green tires market expected to exhibit by 2032?
The green tires market is expected to exhibit a CAGR of 10.45% by 2032.
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Which are the driving factors of the green tires market ?
Car Industries & SUVs are some of the driving factors of the market.
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What are the key green tires market segments?
The key market segmentation that you should be aware of, which include, based on type the green tires market is classified as On-Road and Off-Road. Based on application the green tires market is classified as Passenger Cars, LCVs, and Others.
