As per Global Market Insights Inc. report, the automotive green tires market size is estimated to surpass USD 175 billion by 2027. The surging demand for large fleet automobiles for increasing economies of scale across the logistics industry will impel the industry outlook. The market growth is stimulated by the rising number of developments across the infrastructure and construction sector and a positive outlook from the mining industry.
Increase in strategic moves by prominent green tire manufacturers is likely to augment the market revenue. For instance, in March 2021, Michelin set a target for all of its tires to be completely made from recycled, renewable, bio-sourced, or otherwise sustainable materials by the year 2050. In addition, the manufacturer has also announced a plan for ramping up its development, research, and partnerships in pursuit of greener tire technologies. Such initiatives are touted to drive the demand for green tires for cars over the ensuing years.
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Some major trends propelling automotive green tires market share are as follows:
Favorable regulatory policies in Europe
Europe automotive green tires industry is anticipated to record a substantial share of over ...