The global automotive green tires market size is projected to grow from USD 11.5 billion in 2023 to USD 15.8 billion by 2028, at a CAGR of 6.5%. The automotive green tires market is driven by the increasing demand for new and advanced tire technologies is one of the key factors driving the growth of the green tires market. These technologies offer a number of benefits over traditional tires such as reduced rolling resistance, improved safety, reduced noise pollution, increased durability and lifespan. Furthermore, Consumers are becoming more aware of the environmental impact of their choices. This is driving demand for green tires, which are made from sustainable materials and can help to reduce emissions.
By Rim Size: The increased wheel diameter results in increased ground clearance, improved handling and also increased cost of the tires. However, the increased tire diameter (in contrast to the stock diameter) can also negatively influence the fuel efficiency of the vehicle. Tires with 13–15” diameters are usually observed in hatchbacks, mid-sized sedans, and compact SUVs, whereas tire diameters 16–18” are more popular in full-size SUVs or MPVs to provide more ground clearance. Additionally, light commercial vehicles are also equipped with 16–18” rim sizes. The 19–21” inches subsegment is expected to grow due to the rising demand for larger rim sizes in passenger vehicles, particularly in the luxury and high-performance segments. The 16-18” segment is estimated to be the largest market and EV to be the fastest market during the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=100595227
By Propulsion Type: ICE segment is estimated to be the largest market and EV to be the fastest market during the forecast period. The increasing adoption of electric vehicles, spurred by rising environmental concerns and demand for increased range, is expected to boost demand for green tires. The unique characteristics of electric vehicles, such as their higher torque and weight distribution, require specialized tire design and materials to ensure optimal performance, safety, and durability. Thus, tire manufacturers are investing in R&D to create green tires for electric vehicles.
By Application: On-road segment will be the fastest and largest market during the forecast period. The high sales volume of passenger cars and LCVs will drive the demand for green tires in the on-road application. The increasing use of LCVs and heavy trucks for goods delivery will also boost the demand for green tires in on-road application worldwide. Low rolling resistance materials help to reduce the amount of energy required to move the tire, which can lead to improved fuel efficiency. This is especially important for off-road vehicles, which often travel long distances over rough terrain. In July 2023, Ascenso launched off-highway tire VDR 900 designed for machines like Self-Propelled Sprayers, Tractors along with Straddle row dual wheels & Row Crops. The VDR 900 offers improved performance, increased efficiency. With such development of green tires for on-road and off-road applications, the market will grow.
By Vehicle Type: Passenger car segment is expected to be the fastest and largest market during the forecast period. In February 2023, Bridgestone Corporation announced to invest USD 72.4 million by 2025 expand production capacity and upgrade technology at its Pune-based plant. It will improve the plant capability in terms of technologies and capacities for the manufacture of tires for the passenger car segment. The focus on reducing the emission of CO2 from vehicles is likely to drive the demand for green tires during the forecast period. Moreover, better fuel efficiency and long-term benefits of using green tires will help boost the demand for green tires.
By Region: Europe is estimated to be the largest and fastest market during the forecast period. E-commerce retailers often use delivery vehicles to deliver goods to customers. These vehicles can consume a lot of fuel, and they can emit pollutants into the environment. Green tires can help to improve the fuel efficiency of these vehicles and reduce emissions. The regional market growth of green tires largely depends on vehicle production and hence is likely to remain in sync with vehicle production in key countries. The increase in demand for fuel efficient tires for premium segment vehicles in China and Japan and increasing demand for low rolling resistance tires have contributed to the growth of the tire market in this region which will drive the green tires market
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=100595227
