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Automotive Green Tires Market to Grow by USD 167.5 Billion (2024-2028), Affordable Pricing and Low Maintenance Drive Growth, AI Impact on Market Trends – Technavio

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NEW YORK, Sept. 19, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global automotive green tires market size is estimated to grow by USD 167.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.58% during the forecast period. High affordability and low maintenance cost is driving market growth, with a trend towards developments in the field of automotive green tires. However, high-cost pressures on tire vendors for competitive pricing poses a challenge. Key market players include Apollo Tyres Ltd., Balkrishna Industries Ltd., Bridgestone Corp., DOUBLE STAR TIRE, Emerald Resilient Tyre Manufacturers Pvt. Ltd., Giti Tire Pte. Ltd., GRI Tires, Hankook Tire and Technology Co. Ltd., Maxxis International, Michelin Group, NEXEN TIRE Corp., Nokian Tyres Plc., Pirelli and C S.p.A, RPG Enterprises, Sailun Group Co. Ltd., Schaeffler AG, The Goodyear Tire and Rubber Co., Triangle Tyres, Yokohama Tire Corp., and Zhongce Rubber Group Co. Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Automotive Green Tires Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.58%

Market growth 2024-2028

USD 167.5 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.37

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

APAC at 36%

Key countries

US, Germany, China, Japan, and France

Key companies profiled

Apollo Tyres Ltd., Balkrishna Industries Ltd., Bridgestone Corp., DOUBLE STAR TIRE, Emerald Resilient Tyre Manufacturers Pvt. Ltd., Giti Tire Pte. Ltd., GRI Tires, Hankook Tire and Technology Co. Ltd., Maxxis International, Michelin Group, NEXEN TIRE Corp., Nokian Tyres Plc., Pirelli and C S.p.A, RPG Enterprises, Sailun Group Co. Ltd., Schaeffler AG, The Goodyear Tire and Rubber Co., Triangle Tyres, Yokohama Tire Corp., and Zhongce Rubber Group Co. Ltd.

Market Driver

The automotive industry is responding to growing environmental concerns by investing in the development of green tires. Strict emission standards are driving the creation of innovative tire designs using advanced, energy-efficient materials. Notable companies, such as Goodyear Tire and Rubber, are leading the way with concept designs like the Oxygene tire, which features a moss-filled structure for moisture absorption and improved wet traction. South Korean tire manufacturer KUMHO TIRE has introduced the Ecowing ES31, an environmentally-friendly car tire with minimal rolling resistance and superior wet performance. Yokohama Rubber has also unveiled the BluEarth 109L and BluEarth 109L trailer tires, offering ultra-wide bases and optimized tread patterns for enhanced fuel efficiency. These advancements will contribute to the expansion of the global automotive green tires market in the coming years. 

The Automotive Green Tires Market is on the rise as consumers and governments push for more environment-friendly solutions. Trends include lightweight ENLITEN technology, ElectricDrive GT, and SoundComfort Technology. Tesla Model vehicles and SUVs are leading the shift towards sustainable tire materials like silane from Evonik. The Star Labeling Program and Tire Energy Label focus on reducing carbon emissions from tires. Electric, hybrid, and CNG vehicles are driving demand for tires with low rolling resistance and CO2 emissions. OEMs like Goodyear, Continental, Pirelli, and others are innovating with airless tires and various tire sizes for passenger cars, LCVs, trucks, and buses. The logistics industry also benefits from green tires as they help reduce reliance on fossil fuels. The charging infrastructure for electric vehicles is a key factor influencing tire sales. Overall, the market for green tires is growing as more focus is placed on reducing carbon emissions and using sustainable raw materials. 

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Market Challenges

The global automotive industry is experiencing intense competition due to technological advancements and the integration of automotive electronics. This competition is also reflected in the automotive green tires market, where cost pressures are a major inhibitor. Vendors use synthetic amorphous silica (SAS) and precipitated silica in green tire manufacturing, with sulfur silanes as bonding chemicals. Advanced materials and processes increase production costs, but vendors face pressure to keep prices competitive. To remain competitive, some tire manufacturers are focusing on sustainable tire technologies, like renewable rubber, through collaborations with researchers and biotechnology companies. However, these developments may increase competition and cost pressures, potentially hindering market growth in the forecast period.The Automotive Green Tires Market is experiencing significant growth due to shifting consumer preferences towards electric vehicles (EVs) and reduced CO2 emissions. However, challenges persist in this sector. Rolling resistance and fuel consumption are key concerns for EVs, necessitating the development of low rolling resistance tires. CNG and hybrid vehicles also require specialized tires. Original Equipment Manufacturers (OEMs) and the logistics industry seek tires with improved fuel economy and CO2 emission reduction. Tire manufacturers like Goodyear, Continental, Pirelli, and others are responding with innovative solutions. Rim size and tire assembly for electric cars, light commercial vehicles (LCVs), trucks, and passenger cars are also critical factors. OEM sales channels and warranties are essential for tire manufacturers in this market. Key players include Cheng Shin Rubber, ZC Rubber, Rivian R1T, Ford F-150 Lightning, Cooper, Yokohama, Apollo Tyres, Sumitomo Rubber, and others. The use of materials like silica and electric powertrains in tire production is a focus area. The global sales of green tires in the electric car segment are projected to increase, with OEM sales being a significant channel. However, challenges remain in retrofitting existing vehicles and ensuring compatibility with various tire sizes and electric powertrains.

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Segment Overview 

This automotive green tires market report extensively covers market segmentation by

Application 1.1 Passenger vehicles1.2 Commercial vehiclesType 2.1 Radial tire2.2 Bias tireGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Passenger vehicles- The automotive green tires market is primarily driven by the increasing demand for fuel-efficient and low-rolling resistance tires among passenger vehicle owners. This trend is further fueled by the growing sales volume of passenger vehicles in emerging economies such as China, Japan, South Korea, India, and Southeast Asian countries. Lower interest rates on vehicle loans worldwide have also encouraged more purchases of passenger vehicles. The passenger vehicle segment is anticipated to dominate the global automotive green tires market due to these factors. Additionally, consumer awareness of eco-friendly tires is increasing, leading to higher adoption rates. In APAC, China, Japan, South Korea, India, and Indonesia are major markets for passenger cars. Europe and North America lead in the adoption of advanced automotive technologies and systems in passenger vehicles. Leading tire manufacturers like Bridgestone and MICHELIN offer eco-friendly tires for passenger vehicles, such as Bridgestone’s Ecopia and MICHELIN’s Energy Saver, which provide superior fuel efficiency and long tread life. Other prominent vendors also offer green tires for various passenger vehicle segments, including small cars, hatchbacks, and sedans. Overall, the growing consumer awareness of eco-friendly tires is expected to continue driving the adoption rate of automotive green tires in the passenger vehicles segment.

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Research Analysis

The Automotive Green Tires Market is witnessing significant growth due to the increasing demand for eco-friendly tires for Electric Vehicles (EVs) and Hybrid Vehicles. These tires, with their low rolling resistance, contribute to total vehicle efficiency, enhancing the range of EVs and reducing fuel consumption in hybrid vehicles. The market is also driven by the logistics industry’s shift towards CNG and the need for fuel-efficient tires for heavy trucks. Silica, a key raw material, and silane from companies like Evonik, are essential in producing green tires with low rolling resistance and reduced carbon emissions. The Passenger Car Segment is a major consumer, with Original Equipment (OE) manufacturers prioritizing green tires for their electric car models. The market also includes the emerging trend of Airless Tires, which offer environmental benefits by eliminating the need for traditional rubber and reducing overall vehicle weight, leading to reduced carbon emissions and improved fuel efficiency. The Tire Energy Label is a crucial factor in consumer decision-making, with tires rated for low rolling resistance and fuel consumption gaining popularity. The market’s future growth is expected to be influenced by shifting consumer preferences towards sustainable and eco-friendly products, reducing reliance on fossil fuels, and minimizing carbon emissions.

Market Research Overview

The Automotive Green Tires Market is witnessing significant growth due to the increasing demand for eco-friendly tires for various vehicle types, including electric vehicles (EVs), hybrid vehicles, and CNG vehicles. Rolling resistance and CO2 emissions are critical factors driving the market’s growth, as low rolling resistance leads to improved total vehicle efficiency, longer range, and reduced fuel consumption. Tire manufacturers are focusing on developing tires using environment-friendly raw materials such as silica, Styrene-butadiene rubber, and silane. OEMs, including Passenger cars, LCVs, Trucks, and buses, are integrating green tires into their offerings, with some, like Rivian R1T and Ford F-150 Lightning, exclusively using green tires. The logistics industry is also adopting green tires to reduce carbon emissions. Tire assembly processes are being optimized to include electric powertrains and sustainable tire materials. The market’s key trends include the Tire Energy Label, shifting consumer preferences towards fuel economy and CO2 emission, and the emergence of airless tires. Key players in the market include Goodyear, Continental, Pirelli, Cheng Shin Rubber, ZC Rubber, Cooper, Yokohama, Apollo Tyres, Sumitomo Rubber, and others. The market’s global sales are expected to grow significantly in the coming years, driven by the increasing vehicle sales and the OEM sales channel’s dominance. Warranty and tire size are also essential considerations in the market. The market is also witnessing the adoption of sustainable tire materials, such as those derived from Evonik, and the development of technologies like Turanza Eco tires’ lightweight ENLITEN technology and ElectricDrive GT’s SoundComfort Technology. The market’s growth is further driven by the growing popularity of SUV culture and the need to reduce carbon emissions from fossil fuels. The market’s future looks promising, with the charging infrastructure’s development and the Star Labeling Program’s implementation expected to boost sales. Heavy vehicles, including trucks and buses, are also adopting green tires to reduce their carbon footprint.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationPassenger VehiclesCommercial VehiclesTypeRadial TireBias TireGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

BASX Hosts Ribbon-Cutting Ceremony for New State-of-the-Art Weld Shop

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September 19, 2024

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REDMOND, Ore., Sept. 19, 2024 /PRNewswire/ — BASX (“BASX” or the “Company”), a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, and custom HVAC systems, is proud to announce the official ribbon-cutting ceremony for its newly completed 36,000-square-foot weld shop. The Redmond Chamber of Commerce performed the ribbon cutting on September 18th, 2024, at BASX headquarters.

The weld shop will create significant job opportunities in the Central Oregon region, with the capacity to fill an additional 30 welding positions. Positions range from entry-level to experienced roles, with professional opportunities in various growing departments within the Company.

“This new facility is a major investment not just in our company, but in the future of Central Oregon,” said Dave Benson, AAON VP and BASX President. “We can now deliver even higher levels of quality and efficiency while providing more job opportunities for the community. We’re proud to support local manufacturing growth and look forward to seeing the impact this expansion will have on both BASX and the region.”

The new shop marks a major expansion in the Company’s production capabilities, introducing state-of-the-art welding technology within a climate-controlled environment. Equipped with advanced air filtration systems, including an AAON make-up air unit and multiple air scrubbers, the shop ensures exceptional air quality for its workers. The space also features two 5-ton overhead cranes and six ½-ton cantilever jib cranes, allowing for efficient movement of materials across the facility.

A key highlight of the facility is its cutting-edge tube laser, capable of precision cutting and profiling round and square tubes, as well as C-channel and I-beam profiles up to 27 feet in length. Additionally, a 75-foot-long dual-zone robotic welding cell is scheduled to be installed and operational in early 2025, enabling the welding of large subassemblies up to 10 tons.

The shop’s innovative capabilities will support the Company’s growth and solidify its position for ongoing expansion. In addition to the 30 new welding jobs, BASX is actively hiring across various departments to support its continued success. To learn more about available positions and apply, visit the BASX careers page at www.basxsolutions.com/careers.

About BASX
Founded in 2014 in Central Oregon, BASX is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. Acquired by AAON in 2021, BASX continues to focus on quality, innovation, and state-of-the-art technology. The Company is proud to display the Made-in-America emblem on all its products. For more information, please visit www.basx.com.

Contact Information
Christina Lattanzio
Marketing Manager
(918) 508-9272
Email: Marketing@basx.com

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SOURCE AAON

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NASA Sets Coverage for Astronaut Tracy C. Dyson, Crewmates Return

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September 19, 2024

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WASHINGTON, Sept. 19, 2024 /PRNewswire/ — NASA astronaut Tracy C. Dyson, accompanied by Roscosmos cosmonauts Nikolai Chub and Oleg Kononenko, will depart from the International Space Station aboard the Soyuz MS-25 spacecraft, and return to Earth.

Dyson, Chub, and Kononenko will undock from the orbiting laboratory’s Prichal module at 4:37 a.m. EDT Monday, Sept. 23, heading for a parachute-assisted landing at 8 a.m. (5 p.m. Kazakhstan time) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan.

NASA’s live coverage of return and related activities will stream on NASA+ and the agency’s website. Learn how to stream NASA content through a variety of platforms, including social media.

A change of command ceremony also will stream on NASA platforms at 10:15 a.m. Sunday, Sept. 22. Kononenko will hand over station command to NASA astronaut Suni Williams for Expedition 72, which begins at the time of undocking.

Spanning 184 days in space, Dyson’s mission includes covering 2,944 orbits of the Earth and a journey of 78 million miles. The Soyuz MS-25 spacecraft launched March 23, and arrived at the station March 25, with Dyson, Roscosmos cosmonaut Oleg Novitskiy, and spaceflight participant Marina Vasilevskaya of Belarus. Novitskiy and Vasilevskaya were aboard the station for 12 days before returning home with NASA astronaut Loral O’Hara on April 6.

Kononenko and Chub, who launched with O’Hara to the station on the Soyuz MS-24 spacecraft last September, will return after 374 days in space and a trip of 158.6 million miles, spanning 5,984 orbits.

Dyson spent her fourth spaceflight aboard the station as an Expedition 70 and 71 flight engineer, and departs with Kononenko, completing his fifth flight into space and accruing an all-time record 1,111 days in orbit, and Chub, who completed his first spaceflight.

After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Dyson will board a NASA plane and return to Houston, while Kononenko and Chub will depart for a training base in Star City, Russia.

NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):

Sunday, Sept. 22
10:15 a.m. – Expedition 71/72 change of command ceremony begins on NASA+ and the agency’s website.

Monday, Sept. 23
12:45 a.m. – Hatch closing coverage begins on NASA+ and the agency’s website.

1:05 a.m. – Hatch closing

4 a.m. – Undocking coverage begins on NASA+ and the agency’s website.

4:37 a.m. – Undocking

6:45 a.m. – Coverage begins for deorbit burn, entry, and landing on NASA+ and the agency’s website.

7:05 a.m. – Deorbit burn

8 a.m. – Landing

For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.

Learn more about International Space Station research and operations at:

https://www.nasa.gov/station

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SOURCE NASA

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Global claims guidance leader EvolutionIQ joins as CALI’s inaugural Life Partner

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September 19, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — US-based EvolutionIQ, a global leader in claims guidance technology, has signed on as the Council of Australian Life Insurers (CALI)’s first Life Partner as part of its corporate partner program.

The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

CALI Life Partners share the industry’s mission to make life insurance accessible, understandable and trusted. They are companies that support Australian life insurers to help Australians and their families have peace of mind about their future so they can live in the most healthy, confident and secure way.

“We are pleased to welcome EvolutionIQ as CALI’s inaugural Life Partner. The CALI Partner Program plays an important role in connecting our members to the latest innovators, like EvolutionIQ, that can move their businesses forward,” said CALI CEO Christine Cupitt.

“We want to work closely with each of our partners to strengthen and support the life insurance industry to deliver better customer experiences for millions of Australians on their best and worst days.”

Headquartered in New York, EvolutionIQ has expanded significantly since 2019. Its clients include major insurance carriers such as Sun Life, Reliance Matrix and Principal Financial. Their AI-powered software makes insurance claims processes more personalised, fair and cost-effective so that more people can recover faster and return to work.

“We are committed to supporting the Australian life insurance ecosystem and being a CALI Life Partner enables us to specialise our products to meet the dynamic needs of the Australian markets,” said EvolutionIQ’s Co-CEO, Mike Saltzman.

“Our partnership with CALI means we can contribute to and shape customer experiences in Australia, and ultimately help more people return to health and a livelihood sooner.”

About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 185 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

About CALI
We support Australians to make informed choices about their future and help them live in a healthy, confident and secure way over their lifetime.

Our members’ products and services give people peace of mind when making important decisions and provide a financial safety net during life’s biggest challenges.

We advocate for national policy settings that expand Australians’ access to the life insurance protection that suits them when they need it most.

CALI represents all life insurers and reinsurers in Australia. The Australian life insurance industry is today a $26.4billion industry, employing thousands of Australians and paying billions of dollars of benefits each year.

To view CALI’s corporate partners visit www.cali.org.au/about-us/#our-partners

For more information, visit www.cali.org.au

Media Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
Press@evolutioniq.com

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