Global green tire market forecast at $78.6 billion by 2032

Newark, DE – The global green tire market is anticipated to reach a value of US$ 78.6 Bn in 2032 while growing at a robust CAGR of 9.7% over the forecast period of 2022 to 2032 according to Future Market Insights. Valued at US$ 28.6 Bn in the year 2021, the green tire market is predicted to reach an estimated US$ 31.1 Bn by the end of 2022. Soaring demand for eco-friendly, lightweight, and fuel-efficient tires has fueled the green tire market to expand at a rapid pace during the projected period. The market growth of green tires is further influenced by the prevailing trends in the passenger vehicle segment in the upcoming years.

Low rolling resistance tires that lead to fuel efficiency are categorized as green tires. These are tires that have all the parts together but aren’t cured or haven’t had the treads added to them yet. Many manufacturers in the automobile sector are increasing their investment in green tires owing to the heightened demand for fuel-efficient vehicles. A surge in disposable income coupled with growing middle class and a shift in consumer preferences has culminated in an increase in fuel-efficient vehicles. This has resulted in expansion of the green tire market. In addition to this, advancing investment in infrastructure and road development will presumably have a positive influence on the market.

Moreover, government policies regarding pollution control and sustainability are also expected to drive market growth. Implementation of stringent government regulations pertaining to automotive carbon emissions further invites the usage of green tires. Besides, rising awareness about environmental preservation, eco-friendly and sustainable living also encourage market expansion of green tires over the projected period of 2022 to 2032.

“An upsurge in the adoption of natural rubber-based green tires is expected to augment the global sales of green tires over the forecast period,” says an FMI analyst.