Press Release

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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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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