July 2022
12 Sep 2024
The global green tires market surpassed USD 125.17 million in 2023 and is expected to touch around USD 125.17 million by 2033 poised to grow at a CAGR of 11.93% during the forecast period.
The traditional type consists of a mixture of synthetic and natural rubber, wire, cloth, and different types of chemicals, which creates a significant amount of pollutant gas in the manufacturing process and at the time of decomposition. The rising concern about environmental pollution creates environmentally friendly options for tires, which create lesser pollution at the time of manufacturing and decomposition, drive the demand for green tires by the automobile industry, and contribute to the growth of the green tires market.
The rising concern about environmental pollution is driving the growth of the green tires market
The rising population across the world, the increasing demand for industrialization, and the rising disposable income of the people are driving the demand for consumer products and services. The rising urbanization and the increasing demand for automobiles such as passenger and commercial cars and other vehicles are the major factors causing environmental pollution that impacts the environment as well as human health, creating the demand for eco-friendly products or components for automobiles, which drives the adoption of green tires. Green tires reduce fuel consumption and emission of greenhouse gases into the environment, and further regional government intervention in imposing stringent regulations in the emission of carbon collectively drives the growth of the green tires market.
On the other hand, the availability of alternative technologies to reduce the environmental pollution integrated into vehicles, lack of awareness about the products, and higher costs are restraining the growth of the market.
Recent Innovation by Bridgestone Corporation in the Green Tires Market
| Company Name | Bridgestone Corporation |
| Headquarters | Chuo City, Tokyo, Japan |
| Development | In September 2024, Bridgestone EMEA (Bridgestone), Versalis (Eni), and Grupo BB&G (BB&G) announced the partnership to establish the closed-loop ecosystem to transform end-of-life tires into new tires. The collaboration brings technology and experience to each firm and aims to develop a scalable and sustainable supply chain. |
Recent Innovation by MICHELIN in the Green Tires Market
| Company Name | MICHELIN |
| Headquarters | Clermont-Ferrand, France |
| Development | In September 2024, MotoGP, MICHELIN developed a harder compound for the front tires to provide riders with more consistent tires with an enhanced experience. |
North America is anticipated to have significant growth during the forecast period. The growth of the market is expected to increase due to the rising concern about environmental pollution in the environment by automobiles, industries, and other factors. The regional countries have the largest economies, and the higher investment in industrial development and urbanization across the region is contributing to the demand for automobiles such as passenger, industrial, and commercial vehicles, which is creating an increased amount of carbon emission that negatively impacts the environment and causing the higher pollution in the environment. The rising availability of the market leaders in the automobile industry, the manufacturing units for the automobile and automobile components, and the continuous research on the development of eco-friendly automobile components are contributing to the growth of the green tires market across the region.
Asia Pacific dominated the market in 2023. The growth of the market is attributed to the rising population and the increasing demand for the fuel-efficient automobile segment due to the rising urbanization and the need for automobiles for commercial, passenger, and industrial activities and operations with the awareness of environmental pollution is driving the adoption of the green tires market in the region.
Benefits and advancements in green tires and eco-friendly product adoption are emerging as potential opportunities in the market
The evaluation of the tire industry and the researchers are continuously studying the possibilities for developing fully biodegradable tires, which can be created by the material that can naturally be decomposed at the end of its lifecycle. These types of tires leave less carbon footprint and reduce the waste and burden of tire disposal. Additionally, the rising development in the automobile sector and the growing investment in the eco-friendly adoption of products and materials such as green tires by the leading industry leaders are growing the green tires market. Green tires provide environment-friendly options with enhanced safety and performance. Additionally, rising consumer demand and technological integration in green technologies and products are boosting the market’s growth.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 140.10 Million |
| Market Revenue by 2033 | USD 386.34 Million |
| CAGR | 11.93% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
By Vehicle Type
By Application
Get this report to explore global market size, share, CAGR and trends, featuring detailed segmental analysis and an insightful competitive landscape overview@ https://www.precedenceresearch.com/checkout/4936
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
July 2022
May 2024
February 2024
February 2024