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Global Green Tyre Market to Reach USD 150.9 Billion by 2027, Aided by Increasing Fuel Efficiency

According to a new report by EMR titled, ‘Global Green Tyre Market Report and Forecast 2022-2027’, the global green tyre industry attained a value of USD 85.3 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 11% to reach USD 150.9 billion by 2027.

The global green tyre industry is driven by the European market. An increase in fuel efficiency drives the green tyre industry. The use of green tyres in vehicles can enhance the fuel economy. Some of the factors propelling the use of green tyres include increasing energy costs, severe government regulations, the need for improved handling and safety, increasing urbanization, and globalization. Rising environmental awareness among consumers regarding fuel consumption among the global population has resulted in a preference for green tyres among private automobile owners and commercial fleet owners. This sector is also attracting high investments leading to better research and development. Various governments have incentivized the usage of green tyres. Severe government regulations compel manufacturers to opt for green tyres. The application of green tyres help in tackling the increasing scarcity of natural petroleum reserves and reduce pollution globally. With the rapidly increasing population leading to the growth of commercial vehicles and passenger cars, automotive sales primarily drive the automotive green tyres market. Still, the COVID-19 pandemic heavily disrupted passenger car sales, especially in 2020. However, with the rise in vaccination drives, it is anticipated that the market will witness growth in the future. However, factors hampering the growth of the green tyre industry include the lack of awareness regarding the advantages of green tyres and the role it plays in decreasing fuel consumption.

The rising competition among the key players also provides an impetus to market growth. In March 2021, Apollo Tyres Ltd (NSE: APOLLOTYRE) introduced Apterra Cross tyres for India's fast-growing Compact SUV (CSUV) segment. This is the first dedicated range of tyres that caters to the CSUV segment. It is an outcome of an in-depth research to understand the exact usage patterns of CSUV drivers, the basis on which the team designed and developed. It has a twin steel belt, with JCP protection, for high puncture resistance, while the high abrasion resistant multi polymer blend used for the tread ensures longer tyre life. The rounder contact patches provide maximum ride comfort, which has been specially tuned for better compression during impact, basic advanced simulation techniques, also ensuring low noise generation.

Market Analysis by Vehicle Types, Applications, End Users, and Regions:

  • Based on vehicle types, the industry can be divided into passenger cars, light commercial vehicles (LCVS), and heavy commercial cars.
  • On the basis of its application, the market can be divided into on-road and off-road.
  • The market can be broadly categorised on the basis of its end-users into OEM and aftermarket.
  • The regional markets for green tyre include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rising energy costs, severe government regulations, demand for improved handling and safety, increasing urbanization, and globalization are some of the factors boosting the demand for green tyres.
  • Rising environmental awareness among consumers regarding fuel consumption is driving the growth of the market.
  • Green tyres aid in tackling the increasing scarcity of natural petroleum reserves and in reducing pollution globally, which is fueling the demand for green tyres.
  • Various governments incentivize the usage of green tyres, further propelling the market growth.

Key Offerings of the report:

  • The EMR report gives an overview of the global green tyre market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for the vehicle types, applications, end-users, and regions of green tyres.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global green tyre industry are Michelin North America, Inc., Bridgestone Americas Tyre Operations, LLC, Continental Reifin Deutschland GmbH, Apollo Tyres Ltd, Pirelli & C. S.p.A. - Pirelli Tyre S.p.A and Kumho Doublestar Tyre Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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