BCC Research Projects an 11.6% CAGR for the Green Tires Market from 2024 to 2029, Reflecting Growing Demand for Sustainable Automotive Solutions
BOSTON, July 5, 2024 /PRNewswire/ — The Green Tires Market focuses on producing and selling eco-friendly tires made from sustainable materials. These tires are designed to improve fuel efficiency, reduce pollution, and be more easily recycled. The market is growing because people and governments want to reduce their environmental impact and save on fuel costs.
Market Expansion and Revenue Surge
According to the latest BCC research study, the demand for Green Tires Market expected to grow from $88.2 billion in 2024 and will reach $152.7 billion by the end of 2029 at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2029.
This report looks at the global green tires market, breaking it down by vehicle type and sales channel. It covers data from 2023 and provides forecasts for 2024 to 2029, with market values in millions of U.S. dollars.
The market is divided into:
Vehicle Types: Passenger vehicles (the largest segment), commercial vehicles, and other types like two-wheelers, agricultural, and mining vehicles.Sales Channels: OEM (original equipment manufacturer) and aftermarket.
Some Interesting Facts about Green Tires Market
Research by the International Council on Clean Transportation shows that improvements in tire energy efficiency, like green tires, can reduce global fuel consumption from passenger vehicles by about 5%. This could cut greenhouse gas emissions by around 100 million tons each year.
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Factors contributing to this growth include:
Government initiatives to reduce carbon emissions in the tire industry: Governments are reducing carbon emissions in the tire industry by setting strict rules and encouraging fuel-efficient tires. They provide tax credits and grants for making and buying eco-friendly tires. Public campaigns highlight the benefits of green tires, boosting demand. Governments also work with tire makers on sustainable practices and support recycling programs. They use eco-friendly tires for their vehicles to set an example. These efforts help make the tire industry greener and fight climate change.
Increasing preference for electric or fuel-efficient vehicles: More people are choosing electric or fuel-efficient vehicles because they are better for the environment, save money on fuel, and often benefit from government incentives. Advances in technology make these vehicles more practical and appealing, with longer ranges and faster charging times. Stricter regulations on emissions also encourage automakers to focus on producing cleaner vehicles. As awareness grows about their benefits, including lower operating costs and reduced environmental impact, more consumers are opting for electric or fuel-efficient cars over traditional gasoline-powered ones.
Growing demand for tires: simply means that more and more tires are being needed and used. This increased demand can be due to various factors such as more vehicles on the roads, expansion in industries that use heavy machinery, or even growth in sectors like aviation and agriculture where tires are essential. As economies grow and transportation needs increase, so does the need for tries to keep vehicles and machinery moving efficiently and safely.
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Report Synopsis
Report Metrics
Details
Base year considered
2023
Forecast Period considered
2024-2029
Base year market size
$79.9 billion
Market Size Forecast
$152.7 billion
Growth Rate
CAGR of 11.6% for the forecast period of 2024-2029
Segment Covered
Vehicle Type, Sales Channel, and Region
Regions covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Countries covered
U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, China, India, Japan, South Korea, Southeast Asia, South America, Middle East and Africa
Key Market Drivers
• Government initiatives to reduce carbon emissions in the tire industry.
• Increasing preference for electric or fuel-efficient vehicles.
• Growing demand for tires.
Market Segmentation
The Green Tires Market can be categorized into various segments:
Vehicle Type
The types of vehicles that the market considers are passenger vehicles, like cars, commercial vehicles, which are often larger vehicles like trucks, and other vehicles, such as motorcycles, tractors, and off-road vehicles.
Sales Channel The sales channels for tires are categorized into OEM (Original Equipment Manufacturer), where tires are sold directly to vehicle manufacturers for new vehicles, and aftermarket, where tires are sold to consumers and businesses for replacement or upgrades after the vehicle has been purchased.
Region
The regions are divided into four main areas: North America, Europe, Asia-Pacific, and the Rest of the World, which covers all other global regions not specifically mentioned.
This report on green tires market provides comprehensive insights and analysis, addressing the following key questions:
What is the projected market size and growth rate of the market?
The green tires market is projected to grow from $79.9 billion in 2023 to $152.7 billion in 2029 at a compound annual growth rate (CAGR) of 11.6% during the forecast period.
What are the key factors driving the growth of the market?
The key factors driving the growth of the green tires market include:Government initiatives to reduce carbon emissions in the tire industry,Increasing preference for electric or fuel-efficient vehicles.
What segments are covered in the market?
The green tires market is segmented based on vehicle type, sales channel, and region.
By vehicle type, which segment will dominate the market by the end of 2029?
The passenger vehicle segment will dominate the market by the end of 2029 in terms of volume.
Which region has the highest market share in the market?
Europe holds the highest share of the market by value. A few of the main factors propelling the European market are several domestic and foreign companies producing green tires, technological advancements, and increasing production and sales of automotive vehicles across several countries in Europe.
Who are the key companies/players in the green tires market?
Key companies in the market include Bridgestone Corporation, MICHELIN, Continental AG, The Goodyear Tire & Rubber Company, Nokian Tyres plc., Pirelli & C. S.p.A., and Toyo Tire Corporation.
Some of the Key Market Players Are:
AEOLUSAPOLLO TYRES LTD.BRIDGESTONE CORP.CONTINENTAL AGTHE GOODYEAR TIRE & RUBBER CO.MICHELINNOKIAN TYRES PLC.PIRELLI & C. S.P.A.TOYO TIRE CORP.
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