On-Road Green Tires market Paving the Way for a Sustainable Future 2030

Global On-Road Green Tires Market size is estimated to reach USD 239.13 Billion from USD 97.62 Billion in 2021, delivering a CAGR of 10.6% through 2030

 

 

The Global On-Road Green Tires Market size is estimated to reach USD 239.13 Billion from USD 97.62 Billion in 2021, delivering a CAGR of 10.6% through 2030. The market growth is driven by the growing awareness about environmental damage incurred by vehicular emissions and the cumulative amount of pollutants emitted by the automobile industry.

Increasing focus on curbing negative impacts on the environment and human health is fuelling the adoption of On-Road Green Tires. The fuel-efficient tires are gaining major popularity. In addition, a significant rise in the price of diesel and gasoline is prompting a shifting interest of automakers to On-Road Green Tires. Moreover, beneficial properties of On-Road Green Tires such as improved mileage and lower emissions will boost product adoption over the coming years.

The growth of autonomous vehicles and substitute powertrains (hybrid electrical), coupled with the evolution of shared/fleet vehicle use, is also leading to increased green tire deployment. The integration of these tires over the traditional ones can significantly reduce carbon dioxide emissions. For instance, an annual reduction of up to 45 million tons of CO2 emissions could be realized in the United States alone with the addition of precipitated silica to tire treads. Growing consumer awareness and interest in sustainability is likely to reinforce On-Road Green Tires market trends through 2030.

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The increasing concern about lowering one's carbon footprint and the negative environmental impact of conventional tires are indeed important factors driving the revenue growth of the market for On-Road Green Tires. Conventional tires are typically made from non-renewable resources, and their improper disposal can lead to soil pollution and harm wildlife.

Customers who prioritize environmental sustainability are increasingly choosing On-Road Green Tires because they are reusable and made from sustainable materials. On-Road Green Tires are designed to minimize their impact on the environment throughout their lifecycle, from production to disposal. They often incorporate recycled materials and use manufacturing processes that consume less energy and produce fewer emissions.

In addition to consumer demand, government regulations are also playing a significant role in driving the growth of the green tire market. Governments worldwide are implementing requirements to reduce carbon emissions from automobiles in order to mitigate climate change and improve air quality. For example, the European Union has set specific targets for reducing car CO2 emissions by a certain percentage within a given timeframe. To meet these targets, automakers are encouraged to adopt greener technologies, including the use of On-Road Green Tires.

The combination of consumer preference for eco-friendly products and government regulations promoting sustainability has created a favorable market environment for On-Road Green Tires. As a result, the demand for these tires is expected to continue to grow, contributing to the revenue growth of the market.

Application Outlook (Revenue, USD Billion; 2019-2030)

  • On-Road
  • Off-Road

Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)

  • Passenger Vehicles
  • Commercial Vehicles
  • Heavy Commercial Vehicles

Sales Channel Outlook (Revenue, USD Billion; 2019-2030)

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Raw Material Outlook (Revenue, USD Billion; 2019-2030)

  • Silica Incorporated Rubber
  • Butyl Rubber
  • Silane Incorporated Rubber
  • Others

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Key Regional Markets Covered in the Report:

  • North America (U.S., Canada, Mexico)
  • Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
  • Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)

Top Companies Operating in the Global On-Road Green Tires Market:

Gunze, Saint-Gobain S.A., Toray Industries Inc, Nitto Denko Corporation, The Chemours Company, DowDuPont, Teijin Ltd., Toyobo Co, Ltd, TDK Corporation, 3M Corporation, Mitsubishi Chemical Holding, O-film Tech Co Ltd, and Oike Co. Ltd., among others.

Further key findings from the report suggest

  • Based on raw materials, the silica incorporated rubber segment is estimated to witness major demand in the coming years as the high silica content in the rubber permit tires to attain low rolling resistance, thereby reducing fuel consumption as well as harmful vehicular emissions.
  • Based on the vehicle, the passenger vehicle segment accounted for a major revenue share in 2021 and is projected to maintain its market dominance with a CAGR of 10.7% over the forecast period.
  • On the basis of application, the on-road vehicles segment is estimated to witness the fastest growth rate over the projected timeframe.
  • Based on sales, the aftermarket sales segment dominated the On-Road Green Tires market share in 2021 and is likely to witness a growth rate of 10.5% over the analysis period.
  • In the regional landscape, Europe contributed to the largest revenue share in 2021 and is forecast to exhibit a growth rate of 10.9% through 2030 on account of increasing vehicle production and sales with high per capita income in the region. Germany is a leading contributor to the On-Road Green Tires market share due to the presence of a large fleet of passenger vehicles in the country.
  • The Asia Pacific region is set to witness a notable CAGR of 10.5% over the projected timeframe on account of the growth of middle classes and a significant increase in vehicle ownership in developing countries like India and China.
  • North America is forecast to contribute significantly to the On-Road Green Tires market share, delivering a CAGR of 10.7% through 2030 on account of the presence of major automotive companies in the region.

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