Green Tires Market to Exhibit a CAGR of 4.4% by 2027; Inclination towards Eco-friendly Automotive Components to Accelerate Growth

The global green tires market size is expected to reach USD 38.35 billion by 2027. The growing inclination towards renewable raw materials in the production of tires will have a positive effect on the global market, mentioned in a report, titled “Green Tires Market Size, Share & COVID-19 Impact Analysis, By Size Type (15 inch, 16 inch, 17 inch, and 18 inch), By Application Type (On-Road and Off-Road), By Sales Channel Type (OEM, and Aftermarket) and Regional Forecast, 2020-2027.” The market size stood at USD 27.24 billion in 2019 and is expected to exhibit a CAGR of 4.4% between 2020 and 2027.

Launch of Bridgestone’s Next Generation Firestone Destination LE3 Tire to Aid Development

Bridgestone Corporation, a Japanese multinational auto and truck parts manufacturer founded by Shojiro Ishibashi in Japan announced that it has launched the Firestone Destination LE3 tire, the latest addition to its tire range. The LE3 tire will be used for CUV, SUV, and light truck tires. The advanced Firestone Destination LE3 tire comes with a 70,000-mile limited warranty. The company has claimed that the tire provides dependable, long-lasting performance and improved safety in the rain. Moreover, the Firestone Destination LE3 will be available in 66 sizes and leads the industry with 87% coverage of the light trucks, SUVs, and CUVs on the road. Furthermore, the growing development of next-generation airless tires by manufacturers will bolster demand for green tires. The airless tires usually run without an inner tube and air pressure and the flexible ring made of metal composite spokes are connected to the strong inner hub to maintain its shape. Thus, the demand for airless tires will stimulate the green tires market growth.

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Stringent Government Norms to Bode Well for the Market

Automotive tires are one of the important components in a vehicle, as it can determine the number of pollutants emitted by the vehicle. The governments of various countries are imposing strict emission norms on automotive manufacturers intending to curb vehicular emissions, which, in turn, will boost the market. For instance, all the tires sold in Europe are subject to mandatory tire labeling. The European Union has implemented the Tire Energy Label that provides explicit information regarding the safety and ecological characteristics of tires based on major significant standards including the noise levels, fuel efficiency, and wet surface braking. The labels embossed on the tires indicating these standards can assist the customers to make wise decisions including the reduction of air pollution, enhanced road safety, and increased fuel economy. All the above mentioned factors are expected to augment demand for green tires, which in turn, will contribute to the growth of the market.

Goodyear Tire & Rubber Company’s Dominance to Intensify Competition

Main companies in the global market include Goodyear, Michelin, Continental, and Bridgestone among others. Goodyear is one of the leading tire companies and one of the most renowned brand names in the global market as it manufactures advanced and high-quality tires for motorcycles, passenger cars, commercial vehicles, racing cars, and airplanes. The constant focus of the company towards a wide range of tires along with multiple benefits including innovative technology, all-weather reliability, high quality, and affordable tires to their consumers across the world. For instance, connected tires technology introduced by Goodyear has assisted in reducing the friction and wearing of tires by 30%. It uses an intelligent tire system that can record tire derived data, and measures load, wear, temperature, and road conditions in real-time thus, allowing the tires to respond to these evaluations and optimize the performance accordingly.

The Report Lists the Key Companies in this Market:

• MICHELIN (Clermont-Ferrand, France)
• Bridgestone Corporation (Tokyo, Japan)
• The Goodyear Tire & Rubber Company (Ohio, United States)
• Continental AG (Hanover, Germany)
• Hankook Tire & Technology Co. Ltd. (Seongnam-si, South Korea)
• Pirelli & C. S.p.A. (Milan, Italy)
• Cheng Shin Rubber Ind. Co. Ltd. (Taiwan, ROC)
• THE YOKOHAMA RUBBER CO., LTD. (Tokyo, Japan)

Further Report Findings:

• Regional Analysis: The market size in Europe is expected to account for the largest share in the global market owing to the presence of major companies in the European countries. The favorable government regulations will further aid the expansion of the market in the region.
• Leading Segment: The OEM segment is expected to hold the largest green tires market share owing to the increasing environmental and safety issues. The heavy investments in R&D for lightweight and durable tires by OEMs will contribute to growth.

The Market is Segmented into: