Dublin, July 12, 2023 (GLOBE NEWSWIRE) -- The "Automotive Green Tires Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented By Vehicle Type, By Demand Category, By Tire Construction Type, and By Region" report has been added to ResearchAndMarkets.com's offering.
Global automotive green tires market is growing due to the increase in the sales of electric vehicles across different segments globally. Green tires help in enhancing the overall efficiency of the vehicles, hence contributing to the growth of global automotive green tires market.
The need for green tires can be attributed in large part to the increasing sales of electric vehicles. These tires offer low rolling resistance and are overall helping in enhancing vehicle efficiency. Manufacturers of electric vehicles have acknowledged this as the key solution to their problems with short-range and green tires. So this will lead to an increase in the range of electric vehicles.
Recent Developments
Tire manufacturers across the globe are implementing changes in their manufacturing process, and the companies are also switching to sustainable raw materials in the manufacturing process. Goodyear is using a silica product made from residual rice husk ash - a by-product of rice across its global manufacturing facilities. Usage increased by 74% in 2019 and 47% in 2020.
The company is also using soybean oil in place of petroleum oil, and it increased by 90% in 2019, 73% in 2020, and 27% in 2021. Similarly, Michelin's high technology materials business unit, Lehigh Technologies, developed micronized rubber powders (MRP), a sustainable raw material that reduces feedstock costs by up to 50% and replaces oil- and rubber-based feedstocks in a wide range of industrial and consumer applications, including high-performance tires.
The other key global tire manufacturers like Bridgestone are adopting alternatives and renewable sources for natural rubber. The guayule shrub, which the company uses, has properties nearly equal to those of natural rubber. Pirelli has also introduced certified tires that contain FSC-certified natural rubber and rayon.
Continental uses reprocessed polyester obtained from recycled plastic bottles in its tire production. The new sustainable polyester yarn will be obtained from polyethylene terephthalate (PET) bottles by a mechanical process. It will be used in the construction of the tire carcass.
Almost all tire manufacturers are moving towards a sustainable approach. Moreover, the focus on achieving yearly emissions targets and strict government norms are leading companies to focus on this area, so in the coming years, the market is expected to grow.
Large Demand for Electric Vehicles
Growing BEV and PHEV sales globally have increased the market for electric cars. Manufacturers from around the world have consistently gained the demand for electric vehicles, and as electric vehicles come with a drive range, so green tires are preferred because they reduce the rolling resistance and increase overall vehicle efficiency.
The adoption of electric vehicles is also on the rise, so the demand for green tires is expected to increase as well. The electric vehicle manufacturers are also giving priority to green tires, so the OEM segment is expected to see high demand for green tires from automobile manufacturers globally.
Rise in the Focus on Fuel Efficiency of ICE Vehicles
The growing middle classes in emerging economies, particularly in Asia, and the resulting increase in automobile ownership, growing concern about greenhouse gas emissions, and a scarcity of natural resources to meet the demands of an increasing number of consumers are putting pressure on the industry to meet government and market demands for more sustainable products, such as green tires.
The ICE vehicle manufacturers are also switching towards green tires for better fuel efficiency and sustainable products. As a result, the demand for green tires is expected to rise over the forecast period, contributing to the growth of the target market, as low rolling resistance (LRR) tires, as well as those made from 'green' (sustainable) materials, are a rapidly developing segment of the tire industry. The rapid expansion of the sector is due to the growth in the demand for green tires in the market.
Lack of Awareness and Quick Adoption
The lack of knowledge of low rolling resistance technology and the raw material scarcity is a hurdle in the growth as customers are not much aware of the low rolling resistance technology.
Moreover, the production techniques in manufacturing cannot be quickly changed, so overall, to achieve full fledge adoption of green tires in coming years, raw material availability and manufacturing practices need to be changed, and customer awareness is also a challenge as in tier two cities the adoption of green tires be quite less. So, the lack of awareness can be a challenge.
COVID-19 also had a negative impact on the industry because it hampered all manufacturing and operational activities in the industry. All operations were halted due to lockdowns and other restrictions imposed by various regional governments. Most Asian countries, however, have maintained or even increased their level of optimism. Many customers around the world anticipate a drop in income.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Automotive Green Tires Market.
- Bridgestone Corporation
- Continental AG
- Michelin Group
- Apollo Tyres Limited
- Yokohama Tire Corporation
- Goodyear Tire & Rubber Company
- Pirelli & C. Spa
- Toyo Tire Corporation
- MRF Limited
- CEAT Limited
Key Developments in the Industry
- Research and Innovation
- New Products in the Market
- Key Investments on Green Tires
- Technological Developments
- Key Takeaways
Market Dynamics
Market Drivers
- Long range demand in Electric Vehicles
- Rise in the focus on fuel efficiency of ICE Vehicles.
Market Challenges
- Lack of adequate Infrastructure
Market Trends & Developments
- Growing demand of Sustainable Products
- Emissions Standards Leading to Adoption of Green Tires
Report Scope:
Automotive Green Tires Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
- OTR
Automotive Green Tires Market, By Demand Category:
- OEM
- Replacement
Automotive Green Tires Market, By Tire Construction Type:
- Radial
- Bias
Automotive Green Tires Market, By Region:
- Asia-Pacific
- China
- India
- Japan
- Malaysia
- Thailand
- Indonesia
- Vietnam
- South Korea
- North America
- United States
- Canada
- Mexico
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- Belgium
- Russia
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/51vua2
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