The Automotive Green Tires Market is expected to grow at a CAGR of 18.58% to reach USD 167.5 billion by 2028. The automotive industry is responding to growing environmental concerns by investing in the research and development of green tires. Strict emission standards are driving the innovation of energy-efficient tire designs, utilizing advanced materials. Notable automotive manufacturers are leading this initiative, with companies like The Goodyear Tire and Rubber Company unveiling new concept tires for cleaner and more convenient urban mobility. These investments in R&D demonstrate a commitment to reducing the environmental impact of tires while maintaining technical excellence.
Europe dominates the regional market because of The Automotive Green Tires Market represents a significant business opportunity for manufacturers, driven by increasing consumer awareness and regulatory initiatives. These eco-friendly tires, which offer reduced rolling resistance, longer tread life, and improved fuel efficiency, are poised for substantial growth. Market leaders are investing in research and development to enhance product offerings, catering to the evolving demands of environmentally-conscious consumers.
There are various factors that drive the Automotive Green Tires Market market which are as following: In the global automotive market, the automotive green tires segment is experiencing significant growth due to its cost-effective nature. These tires not only offer affordability during purchase but also boast of low maintenance costs, making them an attractive option for consumers seeking environmentally friendly alternatives. Major tire manufacturers, such as Bridgestone and MICHELIN, cater to various vehicle segments with their green tire offerings. Bridgestone's Ecopia range is priced between USD40 and USD60 per tire, while MICHELIN's Energy Saver tires are priced between USD45 and USD70 per tire, depending on the specific vehicle model. These competitive prices are contributing to the increasing adoption of automotive green tires within the automotive industry.
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Automotive Green Tires Market Segmentation
The market witnesses several challenges, which are as follows The global automotive industry is experiencing intense competition due to the influx of technological innovations, advances, and the higher integration of automotive electronics in vehicles. This trend has resulted in the production of technically advanced, safer, and energy-efficient automobiles. New automotive Original Equipment Manufacturers (OEMs) are emerging, purchasing power is increasing, and product launches are becoming more frequent. These factors have put significant cost pressures on stakeholders in the automotive value chain, including the automotive green tires market, which is currently acting as a major market inhibitor.
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Some of the key companies that have been profiled in the report include:
The automotive green tires market is a significant segment of the larger global tires and rubber industry. This market encompasses businesses involved in the production of eco-friendly tires for various vehicle types, including automobiles, commercial vehicles, off-road vehicles, heavy-duty vehicles, and motorcycles. According to Technavio's market analysis, the global tires and rubber market's growth is primarily driven by the aftermarket sector. The long-term ownership of vehicles and the necessity for periodic tire replacement have historically resulted in higher growth in this segment compared to original equipment fitment. The increasing demand for fuel-efficient and environmentally sustainable tires is further boosting the automotive green tires market's expansion. - The Automotive Green Tires Market is experiencing significant growth, fueled by the High affordability and low maintenance cost. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Automotive Green Tires Market is witnessing significant growth due to shifting consumer preferences towards eco-friendly products and increasing regulations on carbon emissions from heavy vehicles. The European Union's Tire Energy Labeling system is driving the demand for green tires, which rates tires based on their rolling resistance, wet grip, and noise level. Heavy vehicles, including heavy trucks, are major contributors to fossil fuel consumption and CO2 emissions. To address this, companies like Evonik are developing silane-based tires with improved silica content, which enhances the tire's rolling resistance, range, and total vehicle efficiency. Airless tires are another innovative solution gaining traction in the market, offering reduced weight and improved fuel efficiency. Key players in the automotive tires market, such as Pirelli, Continental, and Goodyear, are investing in research and development to produce green tires for both the passenger car segment and heavy trucks. The logistics industry, Original Equipment (OE) manufacturers, and the electric car, hybrid vehicles, and CNG sectors are also adopting green tires to reduce their carbon footprint.
Technavio Research
Jesse Maida
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Email: media@technavio.com
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