Green Tire Market to Reach $80.6 Billion, Globally, by 2031 at 8.7% CAGR: Allied Market Research

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Feb 16, 2023, 10:31 ET

The factors such as government regulation & economic drivers, increase fuel efficiency, and reducing rolling resistance drive the growth of the global green tire market.

PORTLAND, Ore., Feb. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Green Tire Market by Type (On- road tires, Off- road tires), by Application (Passenger Cars, Commercial Vehicle), by Tire Size (15-inch, 16-inch, 17-inch, 18 inch), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global green tire industry generated $35.4 billion in 2021, and is anticipated to generate $80.6 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031.

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Prime determinants of growth

The factors such as government regulation & economic drivers, increase fuel efficiency, and reducing rolling resistance drive the growth of the global green tire market. However, lack of awareness about green tire and structural limitation is projected to restrict the market growth. Moreover, adoption of eco-friendly tire across the automotive industry and technological advancements in automotive sector present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global green tire market, as carmakers had reduced production and some had stopped their vehicle production during the lockdown.
Not only the production but also the sale of tires was hampered as consumers had postponed new car purchases.

The 15-inch segment to maintain its leadership status throughout the forecast period

Based on tire size, the 15-inch segment held the highest market share in 2021, accounting for nearly half of the global green tire market, and is estimated to maintain its leadership status throughout the forecast period, due to the fact that smaller rim with a smaller tire result in offering a smooth ride. In addition, lower-inch tires are fuel-efficient, which encourages their adoption across the passenger car segment. However, the 18-inch segment is projected to manifest the highest CAGR of 11.6% from 2022 to 2031, due to the fact that 18 inches tires tend to retain high rigidity on the road. Moreover, research and developments by OEMs and tire manufacturers fuel the growth of the market.

The passenger cars segment to maintain its leadership status throughout the forecast period

Based on application, the passenger cars segment held the highest market share in 2021, accounting for more than half of the global green tire market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031, due to the exponential rise in demand for passenger cars, globally. In addition, rise in living standard of people due to a substantial increase in the per capita disposable income positively impacted the growth of the passenger vehicles market.

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The OEM segment to maintain its lead position during the forecast period

Based on sales channel, the OEM segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global green tire market, and is projected to maintain its lead position during the forecast period. OEM provides different sizes & types of tires for different vehicle models such as Sport Utility Vehicles (SUVs), fitted with wet & dry performance and luxury vehicles fitted with smoother & quieter tires as compared to other vehicles. Also, the advancement in technology has enabled the customers to choose effective components in the vehicles, which eventually leads to the growth of the global market. Moreover, an increase in vehicle production and developments by original equipment manufacturers (OEMs) is expected to propel the growth of the segment during the forecast period. However, the aftermarket segment is expected to portray the largest CAGR of 9.3% from 2022 to 2031, due to the customer inclination toward installation of advanced components in vehicles to improve vehicle appearance and ensure safety while driving.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global green tire market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 9.4% from 2022 to 2031. The increase in consumer living standards aided by their surge in disposable income levels have enhanced automobile sales, thereby propelling the demand for tires in the region. Furthermore, the rise in usage of both light and heavy commercial vehicles in logistics and construction activities augments the market growth.

Leading Market Players: -

MICHELIN,
Continental AG,
Bridgestone Corporation,
Pirelli & C. S.p.A,
The Goodyear Tire & Rubber Company,
Hankook Tire & Technology,
The Yokohama Rubber Co. Ltd.,
Petlas,
Kumho Tire,
MRF

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