The Europe Green Tire Market would witness market growth of 8.0% CAGR during the forecast period (2023-2030).
The applications of green tires extend far beyond the passenger vehicle segment, encompassing a wide range of vehicles and industries. Green tires have become the standard choice for passenger vehicles seeking improved fuel efficiency and reduced carbon emissions. They offer a smooth and eco-friendly ride for daily commuting and long-distance travel. The transportation industry, including trucks, buses, and delivery vans, has embraced green tires to lower operational costs, increase fuel efficiency, and reduce emissions. Fleet operators appreciate the long-term savings and environmental benefits.
Additionally, aircraft manufacturers are exploring using green tires for landing gear to enhance fuel efficiency and reduce weight, contributing to eco-friendly aviation practices. These are making inroads in agriculture, where fuel efficiency and minimizing soil compaction are paramount. These tires enable farmers to reduce fuel consumption and tread lightly on the land. Even in heavy-duty applications such as construction and mining, green tires are being adopted to enhance fuel efficiency and reduce environmental impact while maintaining robust durability.
According to the report titled SDG 12 - Responsible Consumption and Production, released by Eurostat, continuous growth in the consumption of finite resources harms the environment and significantly contributes to climate change. The European Union (EU) has unveiled a new growth strategy named the European Green Deal to address this problem. Moreover, passenger cars are responsible for a considerable share of the EU’s total greenhouse gas (GHG) emissions. To cut these emissions, the EU has established goals for the fleet-wide average emissions of new passenger automobiles. According to the average mass of each manufacturer's new vehicle fleet, a legally binding particular emission target is established, ensuring that the EU's overall objective for average fleet emissions is met. All these factors will help in the region's future growth of the market.
The Germany market dominated the Europe Green Tire Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,808 million by 2030. The UK market is exhibiting a CAGR of 7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 8.8% during (2023 - 2030).
Based on Type, the market is segmented into On-road Tires, and Off-road Tires. Based on Application, the market is segmented into Passenger Cars, and Commercial Vehicle. Based on Sales Channel, the market is segmented into OEM, and Aftermarket. Based on Tire Size, the market is segmented into 15 inch, 16 inch, 17 inch, and 18 inch. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Green Tire Market will Hit $59.3 Billion by 2030, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zhongce Rubber Group Co., Limited, Toyo Tire Corporation, Nokian Tyres plc, MRF Limited, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Hankook Tire & Technology and The Yokohama Rubber Co., Ltd.
By Type
By Application
By Sales Channel
By Tire Size
By Country
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