1. What is the projected Compound Annual Growth Rate (CAGR) of the Green Tires Market?
The projected CAGR is approximately 14.73%.
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Green Tires MarketGreen Tires Market by Size Type (15 inch, 16 inch, 17 inch, 18 inch), by Application Type (On-Road, Off-Road), by Sales Channel Type (OEM, Aftermarket), by By Geography (North America, Europe, Asia-Pacific, Rest of the World) Forecast 2026-2034
The Green Tires Marketsize was valued at USD 38.35 USD billion in 2023 and is projected to reach USD 100.35 USD billion by 2032, exhibiting a CAGR of 14.73 % during the forecast period. Green tires are those tires that are made of materials that are friendly to the environment and this has led to the production of environmentally-friendly tires. Some of the examples of the special types are low rolling resistance tires which reduce the fuel consumption rate by reducing the energy loss in the form of heat during movement and noise-optimised tyres that use sound-absorbing materials to reduce the amount of noise made by the vehicle. Some of the key selling points include; that they can run more miles, they have better wet/snow traction, and are less noisy than the other normal tires. They are used on hybrid/electric vehicles to optimize the use of electricity and/or gas needed to power the vehicles. Some of the major areas include personal and light-duty vehicles that are on the market for improved fuel economy and heavy-duty vehicles in corporate fleets where operating expenses are a concern besides the environment. This makes green tires appropriate for vehicles dubbed as environmentally friendly due to their environmental impact.
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| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 14.73% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 14.73%.
Key companies in the market include MICHELIN (Clermont-Ferrand, France), Bridgestone Corporation (Tokyo, Japan), The Goodyear Tire & Rubber Company (Ohio, United States), Continental AG (Hanover, Germany), Hankook Tire & Technology Co. Ltd. (Seongnam-si, South Korea), Pirelli & C. S.p.A. (Milan, Italy), Cheng Shin Rubber Ind. Co. Ltd. (Taiwan, ROC), THE YOKOHAMA RUBBER CO., LTD. (Tokyo, Japan), Nokian Tyres, Sumitomo Rubber Industries.
The market segments include Size Type, Application Type, Sales Channel Type.
The market size is estimated to be USD 38.35 USD billion as of 2022.
Increasing Demand for Forged Products in Power. Agriculture. Aerospace. and Defense to Drive Industry Expansion.
Rising Adoption of Automation in Manufacturing to Drive Market Growth.
Lack of Awareness in Developing Economies to Restrain the Market Growth.
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