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North America Automotive Green Tires Market Size By Application (Off-road, On-road), By Vehicle (Commercial Vehicles, Passenger Cars, Others), By End-user (Aftermarket, OEM), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
Published Date: April 2021 | Publisher: Graphical Research Report ID: GR1756 | Delivery : PDF  Request Free Sample

North America Automotive Green Tires Market size surpassed USD 19,382 million in 2020 and is anticipated to exhibit 11.3% CAGR between 2021 and 2027. Stringent tire labeling regulations, increasing need to reduce vehicle emission, and rising sales of automobiles are major drivers of the market growth.

North America Automotive Green Tires Market

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Green tires are the whole new category of rubber tires that are environmentally friendly and help to achieve high fuel efficiency by dropping the rolling resistance. These tires are manufactured by using over 200 ingredients and in excess of 20 different kinds of rubber – each with varying characteristics. Green tires also utilize highly dispersible silica to offer exceptional performance in traction, wet grip, and handling. Several characteristics which make these tires a preferable choice for off-roading include alleviated rolling resistance, lightweight, low CO2 emission, high fuel efficiency, and extended durability.

Growing concerns over climate change coupled with rising greenhouse emissions produced from tire processing will present lucrative opportunities for product application in the automotive sector. Since green tires are produced by using sustainable materials they play a significant role in lowering greenhouse emissions and delivers high performance than conventional tires. These tires allow achieving up to 30% low rolling resistance and cut fuel consumption between 5 percent to 7 percent along the way. Additionally, radical developments in manufacturing technologies and the use of advanced materials in conjunction with stringent tire manufacturing regulations by governing bodies.

On the other hand, the COVID-19 health crisis has significantly affected the market growth in the past year. The health crisis caused by the contagious coronavirus resulted in nationwide lockdowns which had a severe toll on the industry supply chain. Compared to 2019, the market revenue plummeted by more than 20 percent in 2020.

North American Market, By Vehicle

The passenger car market segment is projected to witness more than 11% CAGR from 2021 to 2027. Increasing mobility requirements along with the growing spending power of consumers in the region are some of the key factors driving the sales of passenger vehicles. Moreover, the introduction of electric vehicles and a surging number of players entering the e-vehicle market will further augment the product demand. Advancements in green tire manufacturing will also create an opportunistic line for market expansion. For instance, Bridgestone Corporation is preparing to manufacture green tires out of 100% sustainable materials by 2050.

North American Market, By Application

North America Automotive Green Tires Market

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The on-road segment dominated more than 95% of the North America automotive green tires market share in 2020 owing to accelerating product demand for light commercials vehicles and passenger cars. Exponentially evolving e-commerce and logistics industry along with rising awareness of climatic conditions will further fuel the demand for green tires in the commercial vehicle segment to achieve more business profitability by improving fuel efficiency of vehicles. Growing environmental concerns across the world associated with vehicle emissions and increasing investments in the field will pave the way for industry expansion.

North American Market, By End-user

North America Automotive Green Tires Market

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The aftermarket sector generated over USD 14 billion revenue in 2020. The rising number of vehicles running on the roads and shifting consumer preference towards electric vehicles are some of the crucial factors bolstering the green tire demand. A vast chain of aftermarket service providers across the region allows speedy access to the product and supports its services through a warranty. Therefore, the presence of a large number of aftermarket service facilities and consumer fondness for quality products and reliability will reinforce the industry growth.

Competitive Industry Landscape

Key manufacturers of green tires operating in the North America region include Bridgestone Corporation, Michelin Group, The Goodyear Tire & Rubber Company, The Hankook Tire & Technology Group, Pirelli & C. S.p.A., Continental AG, Cheng Shin Rubber Ind. Co., Kumho Tire, Zhongce Rubber Group Co., GITI Tire, and Maxxis International.
 

Frequently Asked Question(FAQ) :

The market for automotive green tires in North America generated USD 19,382 million in 2020 and will record an 11.3% CAGR through 2027.
The on-road segment captured around 95% revenue share in 2020 and will continue to dominate the industry trends due to consistent application in passenger cars and commercial vehicles.
The industry for automotive green tires in North America from passenger vehicles segment will grow at an 11% CAGR across the forecast years 2021-2027.
The aftermarket segment generated about USD 14 billion during 2020 and will expand as aftermarket service providers allow speedy access to products and services along with a warranty.

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