Global Automotive Green Tire Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Artificial intelligence is expected to play a key role in delivering quality tires to consumers

The Global Automotive Green Tire Market is estimated to be USD 11.89 Bn in 2023 and is expected to reach USD 15.62 Bn by 2028 growing at a CAGR of 5.61%.

The global Automotive Green Tire Market is a pivotal and transformative sector within the broader tire industry, driven by the imperative need for sustainability, heightened environmental consciousness, and the quest for enhanced vehicle performance. This market's dynamics are a product of many factors, including stringent environmental regulations, the burgeoning recognition of climate change, and consumers' burgeoning demand for eco-friendly, fuel-efficient tires. These 'green tires,'also referred to as low-rolling-resistance tires, are meticulously engineered to curtail energy dissipation, diminish greenhouse gas emissions, and augment the overall fuel efficiency of vehicles. Consequently, they emerge as an indispensable facet of the automotive sector's relentless drive towards sustainability.

The global dedication to preserving the environment is the primary impetus propelling the Automotive Green Tire Market. Governments across the globe have enacted stringent emissions standards and regulations, which in turn have motivated automakers and tire manufacturers to seek innovative remedies for reducing vehicles' carbon footprints. Green tires rise to the occasion by substantially curtailing rolling resistance, thereby reducing energy consumption and, by extension, reducing CO2 emissions. Their capacity to harmonize with environmental objectives elevates them to a pivotal position in the broader strategy to combat climate change and mitigate the automotive industry's environmental impact. Technological advancements represent another cornerstone in propelling market growth. The evolution of advanced tire compounds, materials, and production processes has provided the impetus for crafting green tires capable of delivering impressive gains in fuel efficiency without compromising safety or performance. Additionally, breakthroughs such as tire pressure monitoring systems (TPMS) have become integral in ensuring optimal tire performance and adherence to eco-friendliness. The integration of these technological innovations amplifies the pace of green tire adoption, effectively meeting both regulatory requirements and the anticipations of consumers seeking sustainable and efficient mobility solutions.

Nonetheless, the Automotive Green Tire Market contends with several restraining factors, the foremost being reconciling eco-friendliness with cost-efficiency. Despite their contributions to fuel savings, green tires tend to be associated with higher initial purchase costs than conventional tires. Convincing budget-conscious consumers to invest in green tires poses a substantial hurdle. Moreover, disparities in market maturity and regulatory standards across various regions can influence the adoption rates of green tires. The availability of charging infrastructure for electric vehicles (EVs) and hybrid vehicles also assumes a pivotal role in determining the success of green tire technology, given that these vehicles often rely on efficient tires to achieve optimal performance.

The Automotive Green Tire Market lends itself to segmentation based on factors such as tire size, product type, application, sales channel, and region. Different regions exhibit variable stages of market development and consumer consciousness, which, in turn, influence the extent of the adoption of green tires. The Automotive Green Tire Market is a tangible testament to the industry's steadfast commitment to environmental sustainability and efficiency. As they persist in pioneering innovations and addressing challenges encompassing cost and infrastructure, tire manufacturers will ensure that green tires remain an indispensable component in steering the world towards greener, more fuel-efficient, and environmentally responsible transportation solutions.

Market Segmentations

• The Global Automotive Green Tire Market (2023-2028) by Product Type, Sales Channel, Tire Size, Application, and Geography.
• By Product Type, In the Automotive Green Tire Market, the product type category encompasses a diverse range of tire variations engineered with sustainability and fuel efficiency as primary considerations. These green tire options consist of summer tires optimized for warmer climates, all-season tires suitable for a broader range of weather conditions, and winter tires designed to deliver superior performance in cold and icy environments. Furthermore, environmentally friendly and fuel-efficient tire models often incorporate advanced tread patterns, specialized compounds, and technologies to minimize energy loss and enhance overall vehicle fuel economy. This extensive array of product types offers consumers choices tailored to their specific weather conditions, driving preferences, and sustainability goals, reinforcing the market's versatility and ability to cater to a wide spectrum of automotive requirements.
• By Sales Channel, In the Automotive Green Tire Market, the sales channel category encompasses various pathways for delivering green tires to consumers. These avenues include original equipment manufacturers (OEMs), where green tires are provided as standard equipment on new vehicles. OEMs play a significant role in promoting green tire adoption as they incorporate environmentally friendly tire options into new vehicles, aligning with environmental standards and meeting consumer demands for sustainability. Additionally, aftermarket sales through tire dealerships and retailers offer consumers flexibility by allowing them to replace their existing tires with green alternatives. Lastly, online retail platforms have gained popularity, providing consumers with a convenient and diverse range of options to explore and purchase green tires from the comfort of their homes. These sales channels collectively cater to consumer accessibility and preferences, contributing to the widespread adoption of green tires in the automotive market.

Recent Development

• The launch of the Falken e.The ZIEX line of replacement tires for the fleet of electric vehicles in Europe was announced by Sumitomo Rubber Industries - March 2023
• For use with electric vehicles, Goodyear announced the release of its automotive green tire- January 2023

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Michelin Group, Bridgestone Corporation, Continental AG, The Goodyear Tire and Pirelli & C.S.p.A

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyse and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Green Tire Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Green Tire Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Green Tire Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market