The Asia Pacific Green Tire Market would witness market growth of 8.6% CAGR during the forecast period (2023-2030).
The market is continually evolving to meet the demands of sustainability-conscious consumers and industries. Tire manufacturers are exploring innovative materials and compounds that reduce rolling resistance without compromising safety and performance. These materials include silica-based compounds, functionalized polymers, and bio-based additives. The integration of sensors and smart tire technologies is gaining momentum. These technologies monitor tire pressure, temperature, and tread wear in real time, allowing for proactive maintenance and improved safety.
Furthermore, the market is increasingly focused on adopting circular economy principles. It also entails reusing and recycling tires to develop a closed-loop system that reduces waste and saves resources. Many countries and regions have introduced tire eco-labeling schemes to inform consumers about tire performance, including rolling resistance and wet grip. This transparency empowers consumers to make informed choices. Tire manufacturers are embracing sustainable practices in their production processes. This includes reducing energy consumption, water usage, and emissions and exploring alternative and renewable energy sources.
As per the data published by the State Council of the Government of China, the nation's commercial vehicle sales increased by 16.4 pct in January-August of 2023. Specifically, sales of coaches surged 23.9 percent year on year, while trucks climbed 15.5 percent from the same period last year, according to the China Association of Automobile Manufacturers. During January-August, domestic sales of China's commercial vehicles surged 13.4 percent year on year to 2.08 million units. Thus, the rise in automotive industry in countries like China and India will boost the demand for green tires in the region.
The China market dominated the Asia Pacific Green Tire Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6,273.2 million by 2030. The Japan market is registering a CAGR of 7.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 9.2% during (2023 - 2030).
Based on Type, the market is segmented into On-road Tires, and Off-road Tires. Based on Application, the market is segmented into Passenger Cars, and Commercial Vehicle. Based on Sales Channel, the market is segmented into OEM, and Aftermarket. Based on Tire Size, the market is segmented into 15 inch, 16 inch, 17 inch, and 18 inch. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zhongce Rubber Group Co., Limited, Toyo Tire Corporation, Nokian Tyres plc, MRF Limited, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Hankook Tire & Technology and The Yokohama Rubber Co., Ltd.
The market is continually evolving to meet the demands of sustainability-conscious consumers and industries. Tire manufacturers are exploring innovative materials and compounds that reduce rolling resistance without compromising safety and performance. These materials include silica-based compounds, functionalized polymers, and bio-based additives. The integration of sensors and smart tire technologies is gaining momentum. These technologies monitor tire pressure, temperature, and tread wear in real time, allowing for proactive maintenance and improved safety.
Furthermore, the market is increasingly focused on adopting circular economy principles. It also entails reusing and recycling tires to develop a closed-loop system that reduces waste and saves resources. Many countries and regions have introduced tire eco-labeling schemes to inform consumers about tire performance, including rolling resistance and wet grip. This transparency empowers consumers to make informed choices. Tire manufacturers are embracing sustainable practices in their production processes. This includes reducing energy consumption, water usage, and emissions and exploring alternative and renewable energy sources.
As per the data published by the State Council of the Government of China, the nation's commercial vehicle sales increased by 16.4 pct in January-August of 2023. Specifically, sales of coaches surged 23.9 percent year on year, while trucks climbed 15.5 percent from the same period last year, according to the China Association of Automobile Manufacturers. During January-August, domestic sales of China's commercial vehicles surged 13.4 percent year on year to 2.08 million units. Thus, the rise in automotive industry in countries like China and India will boost the demand for green tires in the region.
The China market dominated the Asia Pacific Green Tire Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6,273.2 million by 2030. The Japan market is registering a CAGR of 7.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 9.2% during (2023 - 2030).
Based on Type, the market is segmented into On-road Tires, and Off-road Tires. Based on Application, the market is segmented into Passenger Cars, and Commercial Vehicle. Based on Sales Channel, the market is segmented into OEM, and Aftermarket. Based on Tire Size, the market is segmented into 15 inch, 16 inch, 17 inch, and 18 inch. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zhongce Rubber Group Co., Limited, Toyo Tire Corporation, Nokian Tyres plc, MRF Limited, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Hankook Tire & Technology and The Yokohama Rubber Co., Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Type- On-road Tires
- Off-road Tires
- Passenger Cars
- Commercial Vehicle
- OEM
- Aftermarket
- 15 inch
- 16 inch
- 17 inch
- 18 inch
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Zhongce Rubber Group Co., Limited
- Toyo Tire Corporation
- Nokian Tyres plc
- MRF Limited
- Continental AG
- Bridgestone Corporation
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- Hankook Tire & Technology
- The Yokohama Rubber Co., Ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Asia Pacific Green Tire Market by Type
Chapter 6. Asia Pacific Green Tire Market by Application
Chapter 7. Asia Pacific Green Tire Market by Sales Channel
Chapter 8. Asia Pacific Green Tire Market by Tire Size
Chapter 9. Asia Pacific Green Tire Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Zhongce Rubber Group Co., Limited
- Toyo Tire Corporation
- Nokian Tyres plc
- MRF Limited
- Continental AG
- Bridgestone Corporation
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- Hankook Tire & Technology
- The Yokohama Rubber Co., Ltd.
Methodology
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