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Eco Friendly Tyre Market to Witness Huge Growth by 2029 | Michelin, Yokohama Rubber, Kumho Tire

Eco Friendly Tyre Market

The most recent market research study on Global Eco Friendly Tyre Market published by HTF MI examines the risk side analysis, identifying possibilities, and leveraging strategic and tactical decision-making support. The analysis provides information on the Eco Friendly Tyre Market’s market trends and development, growth drivers, technologies, and changing investment structure. Some of the key players profiled in the study are Michelin (France), Bridgestone Corporation (Japan), Goodyear Tire and Rubber Company (United States), Continental AG (Germany), Pirelli & C. S.p.A. (Italy), Hankook Tire & Technology Co., Ltd. (South Korea), Sumitomo Rubber Industries, Ltd. (Japan), Yokohama Rubber Co., Ltd. (Japan), Kumho Tire Co., Inc. (South Korea), Toyo Tire Corporation (Japan).

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What is Eco Friendly Tire?

Eco-friendly tyres, also known as green tyres or environmentally friendly tyres, are a type of tyre that incorporates features and materials that try to lessen their environmental impact over the course of its lifecycle. These tyres are becoming more popular as customers and manufacturers recognise the value of sustainability and lowering carbon footprints. Consumer and policymaker environmental consciousness has raised demand for items that minimise carbon emissions and support sustainable practises, such as eco-friendly tyres. Green tyre labelling, such as the European Union tyre label, provides consumers with information on the fuel efficiency and environmental performance of tyres, encouraging the adoption of eco-friendly solutions.

The study includes a complete analysis divided into key business segments such as type (On- Road Tyres Off- Road Tyres), application (Passenger Cars Commercial Vehicle), and significant geographies. According to HTF MI’s research analyst, Europe players would contribute the most to the highest growth of the Global Eco Friendly Tyre market throughout the forecast year. Because of new methods adopted by companies in the Eco Friendly Tyre market, competition is projected to become even more fierce in the coming years. Eco Friendly Tyre research report provides an in-depth analysis of the competition and information on the product/service landscape of top firms to help customers enhance their revenue shares in the industry. Furthermore, this Eco Friendly Tyre market report recommends methods that players can implement and indicates important areas where they should focus in order to capitalise on development potential. The report includes several key players, including Michelin (France), Bridgestone Corporation (Japan), Goodyear Tyre and Rubber Company (United States), Continental AG (Germany), Pirelli & C. S.p.A. (Italy), Hankook Tyre & Technology Co., Ltd. (South Korea), Sumitomo Rubber Industries, Ltd. (Japan), Yokohama Rubber Co., Ltd. (Japan), Kumho Tyre Co.

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Market Overview:

  • Michelin and IDI announce an agreement on terms for Michelin to buy 100% of Flex Composite Group (FCG) for an enterprise value of €700 million on June 19, 2023. FCG is a European industry leader in engineered textiles and films used in high-tech markets such as maritime, supercars and electric vehicles, sports, and construction. FCG has mastered a wide range of polymer composite solutions, in addition to those produced by Michelin. The company employs 400 people.
  • It primarily operates in Europe, where it serves high-end customers in fast-growing sectors with strong demand dynamics. FCG reported €202 million in revenue in 2022. It achieved an average organic growth rate of 11% between 2015 and 2022, with an EBITDA margin of 25 to 30%. Tyre labelling requirements have been enacted in some countries, such as the European Union (EU), which require tyres to be labelled with information on fuel efficiency, wet grip, and exterior rolling noise.
  • The labelling assists consumers in making informed decisions and supports the use of environmentally friendly tyres with lower rolling resistance and increased fuel efficiency. In areas where vehicle emissions are strictly regulated, there may be mandates or incentives to use eco-friendly tyres, which contribute to lower fuel usage and lower greenhouse gas emissions.
  • The existence of multiple large tyre manufacturers and brands fighting for a considerable portion of the increasing market for ecologically friendly tyres characterised the competitive landscape of the eco-friendly tyre market. Product innovation, sustainability initiatives, brand reputation, global reach, and price strategies all had an impact on the landscape. Established tyre manufacturers with a long history in the automotive sector, such as Michelin, Bridgestone, and Goodyear, led the eco-friendly tyre market.

 

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Influencing Trend:

  • Some of the trends in the Eco Friendly Tyre market include green tyre labelling and a focus on recycled materials.
  • Green tyre labelling, such as the European Union tyre label, provides consumers with information on the fuel efficiency and environmental performance of tyres, encouraging the adoption of eco-friendly solutions.
  • Tyre manufacturers are progressively using recycled materials, such as recycled rubber and post-consumer content, into their tyre manufacturing operations, thereby lowering natural resource usage.
  • Innovative, sustainable materials, such as bio-based rubber and natural fibres, are being researched and developed to improve the eco-friendliness of tyres.
  • Smart technologies integrated into eco-friendly tyres enable real-time monitoring of tyre pressure and performance, optimising fuel efficiency and decreasing tyre wear.

Market Growth Drivers:

  • Some of the drivers in the Eco Friendly Tyre market are environmental awareness and stringent emission regulations. Consumer and policymaker environmental consciousness has raised demand for items that minimise carbon emissions and support sustainable practises, such as eco-friendly tyres.
  • Governments throughout the world have set stricter emission laws to minimise greenhouse gas emissions from automobiles, which has pushed the use of eco-friendly tyres, which contribute to lower fuel consumption and higher fuel economy.
  • Eco-friendly tyres with reduced rolling resistance improve fuel efficiency, saving consumers money over the life of the tyre.
  • As part of their corporate social responsibility initiatives, tyre manufacturers and automotive businesses have been focused on sustainability, promoting the development and promotion of eco-friendly tyre solutions.

Restraints:

  • Higher Initial Cost and Limited Availability are some of the restraints faced by Eco Friendly Tire market.
  • Eco-friendly tires, particularly those with advanced technologies and sustainable materials, may have a higher initial cost compared to conventional tires, which can be a restraint for price-conscious consumers.
  • In some regions, the availability of eco-friendly tire options may be limited, affecting consumer access and choice.
  • Achieving optimal eco-friendly characteristics, such as low rolling resistance, may sometimes lead to compromises in other performance aspects, such as wet traction or tread life.
  • Some consumers may have limited awareness or misconceptions about eco-friendly tires, leading to slower adoption or resistance to new technologies.

Check it Out Complete Details of Report @ https://www.htfmarketintelligence.com/report/global-eco-friendly-tire-market

 

Research Methodology:

  • The top-down and bottom-up techniques estimate and validate the Global Eco Friendly Tyre market size.
  • To reach an exhaustive list of functional and relevant players, various industry classification standards such as NAICS, ICB, and SIC are closely followed, and a thorough validation test is conducted to reach the most relevant players for survey in the Eco Friendly Tyre market.
  • Companies are categorised into priority lists depending on revenue generated in the most recent reporting using sponsored sources.
  • Finally, the questionnaire is designed to address all of the requirements for primary data collection after obtaining a prior appointment> by targeting a key target audience that includes Analysts and Strategic Business Planners, New Entrants and Investors, Automotive Industry, Government Bodies, End-Users, and Others. This allows us to collect information on the player’s revenue, OPEX, profit margins, product or service growth, and so on.
  • Almost 80% of data is obtained through primary sources, with the remainder validated using secondary sources such as regulators, the World Bank, associations, company websites, SEC filings, white papers, OTC BB, annual reports, news announcements, and so on.

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, MINT, BRICS, G7, Western / Eastern Europe, or Southeast Asia. Also, we can serve you with customized research services as HTF MI holds a database repository that includes public organizations and Millions of Privately held companies with expertise across various Industry domains.

About Author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, research, tools, events, and experience that assist in decision-making.


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