The Global Green Tires Market is expected to reach a valuation of USD 1, 52,409.2 Million with a vigorous CAGR of 20.63% by 2023, according to the latest research report from Market Research Future (MRFR). The report examines the COVID-19 overview of the global green tires market and provides a detailed illustration of market segments, new technologies, growth forecasts, and market challenges.
Green tires are made from renewable materials such as nylon rubber through a process that does not require an enormous amount of energy. Conventional tires are made of rubber, but with growing energy issues, tires are now often made from renewable raw materials such as plasticizers and resins. At present, these environmentally friendly raw materials are taken over conventional products due to advantages such as being lighter than conventional products, which result in a reduction in the total weight of the vehicle.
Key Players
Notable players in the global green tire market are Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire, Pirelli & C. S.p.A., Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire), Kumho Tire, Zhongce Rubber Group Co., Ltd (ZC-Rubber), and Nokian Tyres plc.
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Market Segmentation
- By the sales channel, the global green tire market has been segmented into OEM and aftermarket. The aftermarket segment by both value and volume, captured the largest market share in 2017, as this segment witnessed a substantial increase in demand for green tire due to the increasing preference for green tire over conventional tire among OEMs and fleet owners to reduce vehicle operating costs.
- By vehicle type, the global green tires industry has been segmented into passenger car, commercial vehicle, and others. The passenger car segment is predicted to witness the highest market share due to the growing focus of automobile manufacturers on reducing fuel consumption, either reducing CO2 emissions or increasing passenger car mileage.
- By application, the global green tires market has been segmented into on-road and off-road. The on-road segment is expected to hold the highest market share, as green tires are known to deliver enhanced mileage due to their innovative tread and low or ultra-low rolling resistance, which expands the vehicle range in road applications without impacting vehicle costs.
Regional Analysis
Region-wise, the global green tires market has been segmented into North America, Europe, Asia Pacific (APAC), and the rest of the world.
North America had the second-largest market share in the green tires market in 2017. Continuously growing demand for high-performance tire, particularly replacement tires, is expected to generate lucrative opportunities for the green tire market over the forecast period.
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Major Highlights of TOC Covers:
- Executive Summary
- Key Business Trends
- Regional Trends and Growth
- Product Trends
- End-use Trends
- Definition and Forecast Parameters
- Green tires Market Segmentation
- Green tires Market Landscape
- Vendor Matrix
- Company Profiles
- Business Overview
- Financial Data
- Product Landscape
Continued……
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Air pollution due to rising traffic problems has prompted the overwhelming support for the development of efficient automotive vehicles with minimum environmental impact.
Market Research Future has analyzed the global automotive green tires market in its new report for the forecast period from 2017 to 2023.
Green tires are a great option as they reduce the rolling resistance between the tire and surface of the road.
Companies have developed green tires which are highly safe and help in reducing emissions by being more fuel efficient.
Traditional tires are made from rubber, green tires are made from a number of raw materials including silane incorporated rubber, recycled rubber, and renewable raw materials to name a few.
The growing global consciousness for the environment among consumers and governments of various countries has prompted a huge and supportive demand for green tires, thus driving the growth of the market.
