What Are The 5 Top Insights From The Green Tires Market Forecast 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Green Tires Global Market Report 2023, the green tires market is expected to show significant growth in the forecast period.
Key insights from the green tires market forecast include:
- Market Size
The global green tires market is expected to grow from $90.81 billion in 2022 to $101.25 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The market size of the green tires market is expected to grow to $157.43 billion in 2027 at a CAGR of 11.7%.
- Major Driver
Consumers’ growing environmental consciousness is propelling the green tyre market. Many countries, including the United States, China, South Korea, and Japan, have introduced tyre standards, ratings, labelling, and correct pressure programmes to raise public awareness. Consumers are increasingly choosing green tyres over conventional tyres due to the growing benefits of using green tyres, such as eco-friendliness, high durability, fuel efficiency, and carbon emission reductions. The European Commission released the final European Tyre Labelling Regulation in 2020, giving consumers with information like as fuel efficiency, safety, rolling resistance, wet grip, and exterior rolling noise. As a result, the increased environmental consciousness associated with the usage of eco-friendly tyres will fuel the growth of the green economy.
View More On The Green Tires Market Report 2023 – https://www.thebusinessresearchcompany.com/report/green-tires-global-market-report
- Key Trend
In the green tyre market, based rubber for green tyre manufacture is an emerging trend. Companies are developing new technology to extract isoprene, the basic constituent in synthetic rubber, from natural, renewable sources such as corn, grasses and trees. Birla Carbon and GranBio Technologies, for example, will produce a bio-based tyre composition in 2020. It is possible to enhance tyre rolling resistance and vehicle fuel efficiency by adding this component, which is sustainable, bio-derived nanocellulose, into commercial rubber compositions.
- Major Players
Major players in the green tires market are Michelin, Bridgestone, Goodyear Tire and Rubber, Continental, Hankook, Pirelli, Apollo Tyres Ltd., Cheng Shin Rubber Ind. Co. Ltd., Kumho Tire, Nokian Tyres Plc., ZC Rubber, Sailun Tires, Shandong Linglong Tire Co. Ltd., The Yokohama Rubber Co. Ltd., and Kenda Tires.
- Top Market Segments
The global green tires market is segmented –
1) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
2) By Application: On-Road, Off-Road
3) By Size: <10 Inch, 10-20 Inch, 20-30 Inch
4) By Sales Channel: Aftermarket, OEM
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The Green Tires Global Market Report 2023 provides an in-depth analysis on the green tires market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the green tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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