The global green tires market is projected to reach USD 80.64 billion by 2031, registering a CAGR of 8.7% from 2022 to 2031. The growth of the market can be attributed to the rising demand for fuel-efficient and eco-friendly tires from the automotive industry. Green tires are designed to reduce rolling resistance, which helps in improving fuel economy and reducing emissions.
The market is segmented by type, application, vehicle type, and region. By type, the market is segmented into on-road tires and off-road tires. On-road tires are the most dominant segment of the market, accounting for a major share of the total market. This is due to the high demand for fuel-efficient and eco-friendly tires from passenger cars and commercial vehicles.
By application, the market is segmented into passenger cars, commercial vehicles, and two-wheelers. Passenger cars are the largest segment of the market, accounting for a major share of the total market. This is due to the high demand for fuel-efficient and eco-friendly tires from passenger cars.
By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars are the largest segment of the market, accounting for a major share of the total market. This is due to the high demand for fuel-efficient and eco-friendly tires from passenger cars.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest market for green tires, followed by North America and Europe. The growth of the market in Asia Pacific can be attributed to the rising demand for fuel-efficient and eco-friendly tires from the automotive industry in the region.
The key players in the green tires market are Michelin, Bridgestone, Goodyear, Continental, Pirelli, Yokohama, Toyo Tires, Sumitomo Rubber Industries, Nokian Tyres, and Hankook Tire. These companies are focusing on developing new technologies and products to meet the growing demand for green tires.
The green tires market is a competitive market and the key players are engaged in various strategies such as product development, partnerships, and acquisitions to gain a competitive edge in the market.
The following are some of the key trends in the green tires market:
- Increasing demand for fuel-efficient and eco-friendly tires from the automotive industry
- Growing focus on developing new technologies and products to improve the performance of green tires
- Rising government regulations on emissions and fuel efficiency
- Increasing investment in research and development by tire manufacturers
- Growing demand for green tires from the two-wheeler segment
The green tires market is expected to grow at a significant rate during the forecast period. The growth of the market can be attributed to the increasing demand for fuel-efficient and eco-friendly tires from the automotive industry. The key players in the market are focusing on developing new technologies and products to meet the growing demand for green tires.
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