Europe Green Tire Market to Grow with a CAGR of 9.2% through 2028
The major drivers for the Europe Green
Tire Market include stringent environmental regulations emphasizing
sustainability, consumer demand for fuel-efficient solutions, and the rise of electric
vehicles (EVs) that require specialized tires to complement their unique
characteristics.
According to TechSci Research report, “Europe Green
Tire Market– Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Europe Green Tire Market stood at USD 1.3 Billion
in 2022 and is anticipated to grow with a CAGR of 9.2% in the forecast period,
2024-2028. The Europe Green Tire Market is driven by various factors that are
deeply rooted in increased environmental awareness and regulatory support. One
of the key drivers is the rising consumer demand for fuel-efficient vehicles,
as people are becoming more conscious of the impact of their choices on the
environment. In addition, governments across Europe have imposed stringent
emission norms and regulations to combat climate change, which has compelled
tire manufacturers to focus on producing green tires that have a reduced carbon
footprint. Furthermore, advancements in tire technology have played a
significant role in the growth of the green tire market. These advancements
have not only improved the overall performance of green tires but have also
contributed to their increased durability and longevity. This has resulted in a
higher level of customer satisfaction and increased adoption of green tires.
Moreover, the growing trend of using bio-based
materials in tire production has further fueled the expansion of the Europe
Green Tire Market. Bio-based materials offer several advantages, including
reduced reliance on fossil fuels and lower carbon emissions during the
manufacturing process. This aligns with the sustainability goals of both
consumers and governments, making bio-based green tires a preferred choice in
the market. In conclusion, the Europe Green Tire Market is driven by a
combination of factors, including increased environmental awareness, regulatory
support, consumer demand for fuel-efficient vehicles, stringent emission norms,
advancements in tire technology, and the use of bio-based materials. These factors
contribute to the market's growth and highlight the importance of sustainable
practices in the automotive industry.
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Green Tire Market.”
The European Green Tire market is experiencing
remarkable growth, fueled by the rising environmental consciousness among
consumers and the implementation of stringent emission regulations by
governments. Green tires, also referred to as low rolling resistance tires, are
meticulously engineered to exhibit specific performance attributes. These
include enhanced fuel efficiency, reduced carbon emissions, and extended
longevity. Achieving these desirable characteristics is made possible through
the utilization of innovative materials, cutting-edge designs, and advanced
manufacturing methods. By incorporating these elements, green tires effectively
minimize their environmental impact throughout their entire lifecycle,
contributing to a more sustainable and eco-friendly future.
Europe, being at the forefront of environmental
sustainability, has emerged as a highly promising market for green tires. The
European Union's strict regulations on CO2 emissions, fuel efficiency, and tire
labeling have played a pivotal role in driving this remarkable upsurge. For
instance, the EU regulation (EC) No 1222/2009 mandates the labeling of tires
with detailed information regarding their fuel efficiency, wet grip, and noise
class, thereby actively encouraging the widespread adoption of eco-friendly
green tires. As a result, consumers across Europe are increasingly aware of the
environmental impact of their choices and are actively seeking out tires that
align with their values of sustainability and responsible consumption. This
growing demand has opened up exciting opportunities for tire manufacturers to
innovate and develop cutting-edge technologies that not only meet the stringent
regulations but also deliver superior performance and environmental benefits.
With a strong emphasis on promoting a greener future, Europe continues to drive
the global shift towards sustainable transportation and pave the way for a
cleaner, greener planet.
Furthermore, the European market is witnessing
significant benefits from the latest technological advancements in green tire
manufacturing. Renowned tire manufacturers, such as Michelin, Bridgestone, and
Continental, are making substantial investments in extensive research and
development efforts to create cutting-edge green tires. These tire innovations
encompass various aspects, ranging from the utilization of renewable materials
to the introduction of energy-saving designs, thus making a substantial contribution
to the overall growth of the market. With a strong focus on sustainability and
environmental consciousness, these advancements are reshaping the tire industry
and paving the way for a greener and more eco-friendly future.
The Europe Green Tire market can be segmented in terms
of vehicle type, into Passenger cars, Light Commercial Vehicles (LCVs), and
Heavy Commercial Vehicles (HCVs). The passenger car segment currently dominates
the market, attributed to the high demand for fuel-efficient passenger vehicles
in Europe.
When it comes to countries leading the way in the
Europe Green Tire market, Germany stands at the forefront. This can be
attributed to its robust automotive industry, which has been a driving force
behind innovation and sustainable practices. Additionally, Germany has seen
commendable environmental consciousness among consumers, who prioritize
eco-friendly products and technologies.
However, it is worth noting that other countries, such
as France, the United Kingdom, and Italy, are also displaying encouraging
growth in this sector. These countries have been making significant strides in
adopting green tire technologies and implementing sustainable initiatives
within their automotive industries. As a result, they are contributing to the overall
shift towards a greener and more sustainable future in the tire market.
In addition, the market is currently experiencing a
significant surge in demand for green tires, especially from the commercial
vehicle segment. This trend can be attributed to the rapid growth of the
e-commerce industry, which is driving the need for a larger fleet of delivery
vehicles. These vehicles, in turn, require fuel-efficient tires to optimize
their operations and reduce their environmental impact. As the demand for online
shopping continues to rise, the demand for green tires is expected to grow
exponentially, making it a lucrative market for tire manufacturers to tap into.
However, the market faces certain challenges such as
the high production cost of green tires, which can limit their affordability
and widespread adoption. Additionally, there is a lack of consumer awareness
regarding the benefits and importance of green tires in reducing carbon
emissions and promoting sustainable transportation. Despite these initial hurdles,
the European green tire market is expected to grow steadily due to the
increasing emphasis on sustainable practices in the automotive industry and the
regulatory push for greener solutions. As more consumers become educated about
the environmental advantages and long-term cost savings associated with green
tires, the demand is projected to rise, driving further innovation and
advancements in this sector.
In conclusion, it is evident that the Europe Green
Tire market is poised for substantial growth. As Europe places increasing
emphasis on environmental sustainability, the demand for green tires is
expected to experience a significant surge. This can be attributed to the
growing awareness among consumers about the ecological impact of conventional tires
and the preference for eco-friendly alternatives. Moreover, the tire
manufacturing industry is witnessing remarkable technological advancements,
such as the development of innovative materials and production processes that
further enhance the performance and sustainability of green tires. Furthermore,
the market is also benefiting from favorable regulatory support, including
incentives and policies promoting the adoption of green tires. All these
factors collectively contribute to the bright future and promising prospects of
the Europe Green Tire market.
Major companies operating in Europe Green Tire Market are:
- Energica Motor Company S.p.A.
- Yamaha Motor Co., Ltd
- Niu Technologies
- Riese & Müller GmbH
- Leon Cycle
- Govecs AG
- Walberg Urban Electrics GmbH
- myStromer AG
- Zero Motorcycles
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“The major drivers for the Europe Green Tire Market
are primarily rooted in increased environmental awareness and regulatory
support. The rising consumer demand for fuel-efficient vehicles is a
significant factor. Additionally, stringent emission norms and regulations
imposed by governments across Europe to combat climate change have led
manufacturers to focus on producing green tires. Moreover, advancements in tire
technology that improve the performance of green tires are also fueling growth.
Lastly, the growing trend of using bio-based materials in tire production
contributes to this market's expansion.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Europe Green Tire Market Segmented By Vehicle Type
(Passenger Vehicles and Commercial Vehicles), By Demand Category (OEM and
Aftermarket), By Country, Competition Forecast & Opportunities, 2018 – 2028F”, has evaluated
the future growth potential of Europe Green Tire Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Europe Green Tire Market.
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