As per Global Market Insights Inc. report, the automotive green tires market size is estimated to surpass USD 175 billion by 2027. The surging demand for large fleet automobiles for increasing economies of scale across the logistics industry will impel the industry outlook. The market growth is stimulated by the rising number of developments across the infrastructure and construction sector and a positive outlook from the mining industry.
Increase in strategic moves by prominent green tire manufacturers is likely to augment the market revenue. For instance, in March 2021, Michelin set a target for all of its tires to be completely made from recycled, renewable, bio-sourced, or otherwise sustainable materials by the year 2050. In addition, the manufacturer has also announced a plan for ramping up its development, research, and partnerships in pursuit of greener tire technologies. Such initiatives are touted to drive the demand for green tires for cars over the ensuing years.
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Some major trends propelling automotive green tires market share are as follows:
Favorable regulatory policies in Europe
Europe automotive green tires industry is anticipated to record a substantial share of over 20% through 2027. This is because regulatory bodies in Europe comprising federal and regional have implemented standards and regulations for the purpose of curbing vehicular emissions.
To that end, numerous policies have been drafted for escalating the adoption of electric automobiles, improving vehicle efficiency, and complementing product consumption in the region. increasing regional demand for luxury vehicles and a positive outlook towards the automotive industry, especially in France and Germany, will impel market share over the upcoming years.
Rising SUV sales
An increase in the sales of SUVs at the global level owing to numerous advantages comprising rigid look, high center of gravity, high H-point, and ground clearance will bolster automotive green tires industry size through the assessment period.
The surging eminence of improved mobility vehicles for construction and agriculture applications and an increase in the number of adventure parks and trails will considerably spur product penetration in the other vehicles segment.
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Increasing FDIs in Latin America
The Latin America automotive green tires industry is slated to depict a remarkable growth rate of more than 10.5% between 2021 and 2027. This upsurge is ascribed to a rise in supportive trade policies and Foreign Direct Investments (FDIs).
The region is witnessing an escalation in vehicle production, R&D activities, finance and other auto-centered activities, boosting regional product deployment through the forthcoming years.
Soaring multi-year contracts by OEMs
The OEMs segment will account for a considerable share of the overall automotive green tires market through 2027. This is due to the increasing engagements of OEMs in multi-year contracts or partnerships with raw material suppliers, further ensuring a steady supply chain.
These OEMs have also started focusing on R&D initiatives and incorporate collaborative procedures for manufacturing green tires that are compliant with emission norms and regulations.
Increasing product development initiatives by major green tire manufacturers
Major automotive green tires industry players comprise Nokian Tyres Plc, Hankook Tire, Michelin, The Goodyear Tire & Rubber Company, Cheng Shin Rubber Ind. Co., Bridgestone Corporation, Continental AG, Zhongce Rubber Group Co., and Pirelli & C. S.p.A., Kumho Tire.
These players are focusing on key strategies, comprising investments in R&D for new product development and partnerships, for reinforcing their competitive edge in the market.
In a nutshell, strict regulations on emissions and tire labeling are set to augment automotive green tires market share through the analysis period.
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