Automotive Green Tires Global Market 2024 To Reach $14.84 Billion By 2028 At Rate Of 7.9%
The Business Research Company’s Automotive Green Tires Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 15, 2024 /EINPresswire.com/ — The automotive green tires market has experienced robust growth in recent years, expanding from $10.16 billion in 2023 to $10.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to regulatory pressure for reduced emissions, advancements in tire technology, rising consumer environmental awareness, increasing fuel efficiency standards, growth in hybrid and electric vehicle adoption, higher oil prices, and the automotive industry’s shift towards sustainability.
Strong Future Growth Anticipated
The automotive green tires market is projected to continue its strong growth, reaching $14.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to advancements in autonomous driving, the rise of smart cities and increased urbanization, increasing turning to electric vehicles, and advancements in alternative, lifecycle sustainability.
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Growth Driver Of The Automotive Green Tires Market
The growing adoption of electric vehicles is expected to propel the growth of the automotive green tires market going forward. Electric vehicles refer to automobiles that are powered either entirely or partially by electricity stored in rechargeable batteries rather than by internal combustion engines. The adoption of electric vehicles (EVs) is growing due to advancements in technology, environmental concerns, government incentives, and decreasing costs. Electric vehicles use automotive green tires to maximize range efficiency and minimize environmental impact due to reduced rolling resistance and eco-friendly materials.
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Major Players And Market Trends
Key players in the automotive green tires market include Bridgestone Corporation, Continental AG, Michelin, Goodyear Tire and Rubber Company, Maxxis International Inc., Sumitomo Rubber Industries Ltd.
Major companies operating in the automotive green tire market are developing innovative products, such as next-generation sustainable tires, to better serve customers with environmentally friendly options. Next-generation sustainable tires refer to advanced tires designed with innovative materials and technologies to enhance environmental sustainability, performance, and efficiency.
Segments:
1) By Type: Bias Tire, Radial Tire
2) By Material: Silica, Low-Aromatic Oils, Synthetic Rubber, Natural Rubber, Other Materials
3) By Propulsion Types: Electric, Hybrid, Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs), Other Propulsion Types
4) By End Users: Individual Consumers, Fleet Operators, Original Equipment Manufacturers (OEMs), Other End Users
Geographical Insights: North America Leading The Market
North America was the largest region in the automotive green tires market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive green tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Green Tires Market Definition
Automotive green tires refer to tires that are designed and manufactured with a focus on environmental sustainability. They typically incorporate recycled materials, reduce rolling resistance to improve fuel efficiency and minimize the use of harmful chemicals during production. Green tires aim to decrease overall carbon emissions and environmental impact compared to traditional tire manufacturing processes.
Automotive Green Tires Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automotive Green Tires Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive green tires market size, automotive green tires market drivers and trends, automotive green tires market major players, automotive green tires competitors’ revenues, automotive green tires market positioning, and automotive green tires market growth across geographies. The automotive green tires market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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