The Worldwide Green Tire Market is Projected to reach USD 59.3 Billion by 2030, at a CAGR of 8.4%

Green Tire Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Green Tire Market size is expected to reach $59.3 billion by 2030, rising at a market growth of 8.4% CAGR during the forecast period.

The On-road Tires segment is generating the highest revenue in the Global Green Tire Market by Type in 2022; thereby, achieving a market value of $43.8 billion by 2030. On-road green tires are synonymous with improved fuel efficiency. As consumers and fleet operators seek ways to reduce fuel expenses, green tires become attractive, providing cost savings over the tire's lifespan. Consumers are more informed and environmentally conscious than ever before. Many prioritize sustainability in their purchasing decisions, choosing products that align with their values.

The Commercial Vehicle segment is experiencing a CAGR of 9.2% during (2023 - 2030). Green tires are designed for extended tread life and enhanced durability, making them a cost-effective choice for commercial vehicles operating long distances and carrying heavy loads. Reduced tire replacement frequency translates into lower maintenance costs. Green tires often incorporate advanced tread patterns and materials that provide superior traction and handling, especially in wet and challenging road conditions.

The OEM segment is registering maximum revenue in the Global Green Tire Market by Sales Channel in 2022; thereby, achieving a market value of $39.3 billion by 2030. Tire manufacturers often collaborate with OEMs during the tire development process. This collaboration ensures that green tires are tailored to meet the OEM's vehicles' specific needs and performance requirements. In regions with tire eco-labeling regulations, OEMs can benefit from equipping their vehicles with green tires by achieving better eco-label ratings, which can positively influence consumer choices.

The 16 inch segment is exhibiting a CAGR of 8.6% during (2023 - 2030). The 16-inch tire size is commonly found on mid-sized vehicles and is popular among consumers for its balance of space, fuel efficiency, and performance. As consumers choose these vehicles, the demand for 16-inch green tires increases. Consumers in the 16-inch segment often seek a balance between performance and sustainability. Green tires in this size offer good handling characteristics while still delivering eco-friendly benefits.

The Asia Pacific region dominated the Global Green Tire Market by Region in 2022; and would continue to be a dominant market till 2030, thereby, achieving a market value of $23.1 billion by 2030. The Europe market is anticipated to grow a CAGR of 8% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 8.2% during (2023 - 2030).

Full Report: https://www.kbvresearch.com/green-tire-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Green Tire Market Segmentation

By Type

• On-road Tires
• Off-road Tires

By Application

• Passenger Cars
• Commercial Vehicle

By Sales Channel

• OEM
• Aftermarket

By Tire Size

• 15 inch
• 16 inch
• 17 inch
• 18 inch

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

• 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
• The Yokohama Rubber Co., Ltd.

Related Reports:

North America Green Tire Market Size, Share & Trend to 2030

• October-2023
• 117 Pages

LAMEA Green Tire Market Size & Industry Trends Report to 2030

• October-2023
• 129 Pages

Europe Green Tire Market Size, Trends & Growth to 2023-2030

• October-2023
• 131 Pages

Asia Pacific Green Tire Market Size, Share & Forecast by 2030

• October-2023
• 131 Pages