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Automotive Green Tires Market Size

Report ID: GMI5001
Published Date: Mar 2021
Report Format: PDF

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Automotive Green Tires Market Size

Automotive Green Tires Market size valued at USD 77.4 billion in 2020 and will grow at a CAGR of 11.4% from 2021 to 2027. Stringent regulations on tire labeling and emissions along with increasing sales of passenger cars and commercial vehicles will primarily drive green tire penetration in the automotive industry.

Green tires are high-performance tires that are formed using high dispersible silica. The Silica/Silane-system in tires offers excellent performance in handling, traction, and wet grip, improving driving safety. Several key characteristics of these tires include lightweight, reduced rolling resistance, CO₂ emission & fuel consumption, long-life, and excellent durability, which makes them even suitable for off-road applications.

Automotive Green Tires Market Research Report

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Increasing greenhouse emissions from tire manufacturing along with rising concerns on climate change and global warming will provide an opportunistic line for product demand in the sector. Application of green tires contributes to sustainable mobility as it reduces greenhouse gas emissions, rolling resistance by 30%, and fuel consumption by 5% to 7%. Moreover, a radical improvement in advanced materials and manufacturing technologies coupled with stringent regulation on tire manufacturing, such as the National Emission Standards for Hazardous Air Pollutants (NESHAP), Clean Air Act (CAA), etc., is likely to support market demand.

Automotive Green Tires Market Report Attributes
Report Attribute	Details
Base Year:	2020
Automotive Green Tires Market Size in 2020:	USD 77.48 Billion
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	11.2%
2027 Value Projection:	USD 179.29 Billion
Historical Data for:	2017 to 2020
No. of Pages:	175
Tables, Charts & Figures:	223
Segments covered:	Vehicle, Application, End-user and Region
Growth Drivers:	Rising vehicle sales Growing product development and awareness among consumers Increasing range of e-vehicles
Pitfalls & Challenges:	Fluctuating raw material prices

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Volatile raw material prices and energy-intensive manufacturing and higher operational costs will hamper green tires market growth. Nevertheless, a positive outlook for automotive manufacturing and increasing demand for fuel-efficient tires and competencies among international manufacturers to improve tire efficiency & effectiveness will catalyze industry growth.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The automotive green tires industry size exceeded USD 77.4 billion in terms of revenue in 2020 and will rise at a CAGR of 11.4% up to 2027 owing to the formation of stringent regulations on tire labeling and emissions as well as the higher sales of passenger cars and commercial vehicles.

The industry size of automotive green tires from the passenger cars application segment could observe an 11% CAGR in the next few years driven by the rising sales of passenger cars and higher disposable incomes of consumers.

The market volume of on-road automotive green tires is expected to expand at over 11.3% CAGR through 2027 due to the surging demand for passenger cars and light commercial vehicles.

The industry share from Original Equipment Manufacturers (OEMs) reached USD 20 billion in 2020 and will grow with the rising sales and preference for e-vehicles.

Asia Pacific market revenue valued at over 395 million units in 2020 and will expand with the growing vehicle ownership and disposable incomes across the region.