The North America Green Tire Market would witness market growth of 8.2% CAGR during the forecast period (2023-2030).
One of the most revolutionary innovations is the development of airless or non-pneumatic tires. These tires eliminate the need for air, making them puncture-proof and highly durable. They also reduce the environmental impact associated with traditional tire manufacturing and disposal. Biodegradable materials are being investigated by researchers for application in tire production. These tires aim to address end-of-life disposal concerns by breaking down naturally reducing waste and pollution. Additive manufacturing techniques, such as 3D printing, are being employed to create customized and highly efficient tire designs. This innovation has the potential to optimize tire performance and reduce material waste.
Nanomaterials are incorporated into tire compounds to enhance strength, reduce rolling resistance, and improve wet grip. This technology enables the development of high-performance green tires. Hybrid tires combine the best features of conventional and green tires, offering improved fuel efficiency without compromising on safety and handling. These tires represent a harmonious blend of innovation and practicality.
Economic, technological, societal, and regulatory factors influence the growth of the automotive sector and vehicle sales in the United States. Federal and state-level policies and regulations can significantly impact the automotive sector. Tax incentives for buyers, emissions standards, and safety regulations can influence vehicle design and sales. In accordance with the United States Bureau of Transportation Statistics, passenger car sales in 2021 were 2,376 thousand, and for commercial vehicles, it was 9,455 thousand. These factors are expected to boost the demand for green tires in the North America region.
The US market dominated the North America Green Tire Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11,284.9 million by 2030. The Canada market is showcasing a CAGR of 10.6% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 9.7% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Green Tire Market is Predict to reach $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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