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Green Tires Market size is forecast to reach US$143.2 billion by 2026, after growing at a CAGR of 11.2% during 2021-2026.

HYDERABAD, TELANGANA, INDIA, January 10, 2023 /EINPresswire.com/ -- Green Tires Market size is forecast to reach US$143.2 billion by 2026, after growing at a CAGR of 11.2% during 2021-2026. Green tires are tires that have been modified to have a low rolling resistance by using materials like silica. The addition of silica to the tire formulation improves the energy efficiency of the tires while also increasing their overall safety. Green tires help to promote sustainable mobility by improving fuel efficiency and lowering greenhouse gas emissions in road traffic when compared with semi-aromatic polyamides, styrene-butadiene rubbers, polycyclic aromatic hydrocarbons-based tires. Green tire options are becoming readily accessible in the automotive market as the tire industry moves towards more environmentally friendly products aimed at reducing fuel consumption, which is driving the market growth of green tires. Furthermore, strict government regulations and increased consumer awareness of the environmental impact of fuel consumption have fueled the growth of the green tire industry.

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Key takeaways:

This IndustryARC report on the Green Tires market highlights the following areas -

1. Europe dominates the green tires market, owing to the prevalence of strict government regulation regarding CO2 emission in Europe, which is forcing the consumers to gradually shift towards eco-friendly options.

2. Green tires offer advantages such as reduced fuel consumption, reduced CO2 emissions, shorter braking distance compared to normal tires, and more. These advantages are accelerating its demand in the automobile sector.

3. Furthermore, automakers are concentrating on improving vehicle fuel efficiency, resulting in high demand for fuel-efficient tires, which is propelling the green tire market.

4. However, the use of traditional products instead of renewable raw materials can compromise braking performance. The market's growth is further hampered by a lack of awareness about green tires.

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Segmental Analysis:

1. Green Tires Market Segment Analysis – By Size : The 10-20 inch segment held the highest share in the green tires market in 2020. 10-20 inch tires have a thinner sidewall and expose more of the wheel, which some drivers prefer because it gives the vehicle a more hostile appearance. Because 10-20 inch tires have a smaller sidewall, they maintain a higher level of rigidity on the road.

2. Green Tires Market Segment Analysis – By Sales Channel : The aftermarket segment held the highest share in the green tires market in 2020 up to 63% by revenue, as this segment has been witnessing significant growth in the demand for green tires owing to the growing preference for green tires over conventional tires, among fleet owners to reduce the operating cost of the vehicle.

3. Green Tires Market Segment Analysis – By Application : The on-road segment held the highest share in the green tires market in 2020, as green tires are known to offer improved mileage due to their innovative tread design and low or ultra-low rolling resistance, which increases vehicle range in on-road applications without increasing vehicle costs.

Competitive landscape:

The top 5 players in the Green Tires industry are:

1. Michelin,
2. Bridgestone,
3. Goodyear Tire and Rubber,
4. Continental,
5. Hankook.

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