The global automotive green tires market size is projected to grow from USD 11.5 billion in 2023 to USD 15.8 billion by 2028, at a CAGR of 6.5%. The major area of development in electric vehicles is their driving range on a single charge. Green tires can increase vehicle range. Green tires are designed to have lower rolling resistance than conventional tires. The lower the rolling resistance, the less energy is required to roll the tire, which can lead to increased vehicle range. The demand for electric vehicles with increased range will drive the green tires market.
Government initiatives for clean and green environment
There is a rise in concern regarding the various factors affecting the fuel efficiency and emissions of CO2 into the atmosphere. Governments across the globe have started several initiatives to reduce the fuel consumption and release of greenhouse gases. Stringent CO2 emission norms have increased the demand for green tires. The European Union (EU) has set ambitious targets to reduce greenhouse gas emissions. The current target is to reduce emissions by at least 55% by 2030, compared to 1990 levels. This target is part of the EU’s commitment to climate neutrality by 2050. The United States has set a target to reduce greenhouse gas emissions by 50-52% below 2005 levels by 2030. This target is part of the US administration’s commitment to achieve net-zero emissions by 2050. China has pledged to achieve carbon neutrality by 2060. Tires contribute to around 17- 20% fuel usage and 20-24% of CO2 emission in a single vehicle. Green tires are low rolling resistance tires which reduce the fuel consumption by around 2-4%, thus, reducing the CO2 emission. Hence, with the reduced carbon emission targets, the green tires market will grow.
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Green replacement tires
Though the demand for green tires is increasing among various automotive manufacturers, i.e., at Original Equipment (OE) level, the replacement tires market is expected to provide a lot of opportunity for manufacturers in the future. The demand for replacement tires is expected to rise during the forecast period due to the higher vehicle utilization at the backdrop of an increase in cab sharing facility across the globe. As people’s disposable incomes rise, they are more likely to replace their tires before they wear out. New tire technologies are being developed that offer improved fuel efficiency, performance, and safety. The logistics industry is a major consumer of fuel. As the industry grows, there is an increased demand for fuel-efficient vehicles. Green tires can help to improve the fuel efficiency of vehicles, which can reduce the environmental impact of the logistics industry. Governments are increasingly regulating the environmental impact of the logistics industry. This is leading to a demand for more fuel-efficient vehicles and green tires. This is also driving the demand for green replacement tires.
The Asia pacific automotive green tires market is projected to hold the significant market share by 2028
China, Japan, South Korea, and India are the key green tires markets in this region. China is the largest market for green tires in the region. The growing population, government initiatives, and rapid industrialization in the developing countries have led to the increased demand for green tires in the APAC region. The increase in vehicle production and increased demand for low rolling resistance tires in vehicles are the key factors driving the growth of the green tire market in the Asia Pacific region.
Key Market Players
The Green Tires market is dominated by a few globally established players such as Michelin (France), Bridgestone Corporation (China), Goodyear (US), Continental (Germany) and Pirelli (Italy).
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