The size of the global market for green tires is anticipated to grow from US$ 31.1 billion in 2022 to US$ 78.6 billion in 2032, at a CAGR of 9.7%. The global market for green tires is mostly driven by the increase in demand for environmentally friendly automobiles and vehicle parts.
For cars to be more affordable and fuel-efficient, green tires are crucial. Demand for tires that are both energy-efficient and environmentally friendly is increasing as a result of shifting consumer preferences for sustainable mobility options and stringent regulations.
Green tires help to reduce the energy lost as a result of friction between the tire and the rolling surface. These tires’ low rolling resistance, which may removetiree friction on any given surface, is achieved through the use of silica in tire manufacture. It boosts the general level of tire and vehicle safety as well as the energy efficiency of tires.
During the forecast period, the demand for green tires would increase due to shifting consumer preferences for fuel-efficient vehicles, government controls on carbon emissions, as well as a rise in demand from the e-commerce and logistics sectors.
Continental AG, Bridgestone, Goodyear Tire & Rubber Company, Michelin Group, Pirelli & C S.p.A are a few of the market’s major participants.