Green Tires Market Size

Green Tires Market Growth Projections and Opportunities

Green tires, also known as energy tires or fuel-efficient tires, are a type of tire made from environmentally friendly rubber. These tires are designed to be better for the environment and offer improved performance. One key feature is their low rolling resistance, achieved through an enhanced tire tread design. Despite reducing rolling resistance, green tires maintain important characteristics such as skid and tread abrasion resistance, traction, and overall tire performance. Additionally, they are created to minimize the noise produced by the tires.

There are different types of green tires available in the market, each excelling in specific characteristics or combining multiple aspects to enhance vehicle efficiency and safety. These tires not only benefit the environment but also contribute to a quieter driving experience. In simple terms, green tires are a smart choice for those looking for eco-friendly and high-performance options.

Now, let's talk about the market for green tires. In terms of value, the market is expected to grow significantly, with an estimated Compound Annual Growth Rate (CAGR) of 20.63% during the forecast period from 2018 to 2023. In 2017, Europe led the market with a share of 44.61%, followed by North America and Asia-Pacific with shares of 28.65% and 19.45%, respectively.

Looking at the market from a volume perspective, it is estimated to register a CAGR of 22.57% during the same forecast period. In 2017, Europe again led the market with a 45.40% share, followed by North America and Asia-Pacific with shares of 26.52% and 20.92%, respectively.

The global green tire market is divided into segments based on vehicle type, application, sales channel, and region. When considering vehicle type, the passenger car segment held the largest market share in 2017 at 45.05%, valued at USD 23,696.6 million. This segment is projected to exhibit a CAGR of 17.67% during the forecast period. In terms of volume, the passenger car segment held a share of 64.31% in 2017, accounting for 149.74 million units, and is expected to exhibit a CAGR of 21.89%.

On the basis of application, the on-road segment held the largest market share in 2017 at 85.85%, valued at USD 45,156.0 million. This segment is projected to exhibit a CAGR of 19.70% during the forecast period. In terms of volume, the on-road segment held a share of 90.75% in 2017, accounting for 211.30 million units, and is expected to exhibit a CAGR of 22.15%.

In essence, the green tire market is witnessing significant growth, with a focus on environmentally friendly options that also provide enhanced vehicle performance and safety. The widespread adoption of green tires across various regions underscores the increasing demand for sustainable and efficient tire solutions.

Green tires, also known as energy tires or fuel-efficient tires, are a type of tire made from environmentally friendly rubber. These tires are designed to be better for the environment and offer improved performance. One key feature is their low rolling resistance, achieved through an enhanced tire tread design. Despite reducing rolling resistance, green tires maintain important characteristics such as skid and tread abrasion resistance, traction, and overall tire performance. Additionally, they are created to minimize the noise produced by the tires.

There are different types of green tires available in the market, each excelling in specific characteristics or combining multiple aspects to enhance vehicle efficiency and safety. These tires not only benefit the environment but also contribute to a quieter driving experience. In simple terms, green tires are a smart choice for those looking for eco-friendly and high-performance options.

Now, let's talk about the market for green tires. In terms of value, the market is expected to grow significantly, with an estimated Compound Annual Growth Rate (CAGR) of 20.63% during the forecast period from 2018 to 2023. In 2017, Europe led the market with a share of 44.61%, followed by North America and Asia-Pacific with shares of 28.65% and 19.45%, respectively.

Looking at the market from a volume perspective, it is estimated to register a CAGR of 22.57% during the same forecast period. In 2017, Europe again led the market with a 45.40% share, followed by North America and Asia-Pacific with shares of 26.52% and 20.92%, respectively.

The global green tire market is divided into segments based on vehicle type, application, sales channel, and region. When considering vehicle type, the passenger car segment held the largest market share in 2017 at 45.05%, valued at USD 23,696.6 million. This segment is projected to exhibit a CAGR of 17.67% during the forecast period. In terms of volume, the passenger car segment held a share of 64.31% in 2017, accounting for 149.74 million units, and is expected to exhibit a CAGR of 21.89%.

On the basis of application, the on-road segment held the largest market share in 2017 at 85.85%, valued at USD 45,156.0 million. This segment is projected to exhibit a CAGR of 19.70% during the forecast period. In terms of volume, the on-road segment held a share of 90.75% in 2017, accounting for 211.30 million units, and is expected to exhibit a CAGR of 22.15%.

In essence, the green tire market is witnessing significant growth, with a focus on environmentally friendly options that also provide enhanced vehicle performance and safety. The widespread adoption of green tires across various regions underscores the increasing demand for sustainable and efficient tire solutions.