Green Tire Market
Green Tires Market Research Report – Forecast to 2023
The global green tire market is gaining momentum with grabbing a CAGR of 20.63% during the forecast period (2015–2019), reveals Market Research Future in its comprehensive study. The study comprises a detailed analysis of factors and segments that provide an in-depth analysis of the market and its growth aspects.
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Market Drivers & Trends
The automotive industry has changed considerably in the last few decades and introduced many new innovatory things; one of them is a green tire. These tires are manufactured from renewable materials such as nylon rubber through a simple process without the requirement of massive energy. It is the increasing energy concerns; green tires are now in development in a substantial amount, which is promoting the global green tires market with a higher growth rate.
In the current time, the adoption of environment-friendly raw materials is on the rise over the conventional products owing to optimum benefits such as lighter weight. Also, it requires less fuel and helps in lower the resistance. These factors are tremendously impacting market expansion, and it would also witness a lucrative growth rate during the assessment period.
Other key factors driving the growth of the market are accounted as the increase in energy costs, stringent regulations, and surged environmental awareness regarding fuel consumption. On the flip side, the replacement of renewable raw materials with conventional products can eventually create a negative impact on braking performance. Also, the lack of awareness about green tires stays as a restraint to the market’s growth.
Market Segmentation
As per the study, the global green tire market is segmented by sales channel, vehicle type, and application.
In terms of sales channel, the market splits into OEM and aftermarket, wherein, the aftermarket segment is anticipated to lead the market due to the amplified demand for energy-efficient transport options in many regions.
In terms of vehicle, the market splits into a passenger car, commercial vehicle, and many others. Wherein, in 2017, the passenger car segment had the largest market share of 45.05% along with a market value of USD 23,696.6 million. Such a value is projected to reach USD 59,399.4 million by 2023, and this segment is expected to grow with the fastest CAGR of 17.67% during the forecast period.
In terms of application, the market is categorized into on-road and off-road. The on-road segment had a larger market share of 85.85% in 2017, with a market value of USD 45,156.0 million where the value can rise to USD 1,25,072.0 million by 2023 and is expected to grow with the fastest CAGR of 19.70 % during the forecast period.
Regional Outlook
Regionally, the analysis of the global green tire market is done amongst key regions of North America, Europe, Asia-Pacific, and the rest of the world.
Among these, North America grabbed the second largest market share global green tire market in 2017 due to the continuously rising demand for high-performance tires, especially for replacement tires. Such an increase is now expected to create lucrative opportunities for the green tire market during the assessment period. On the other hand, there has been an increase in the sale of passenger cars and commercial vehicles, stringent government regulations regarding tire labeling and emissions, which has boosted the growth substantially. Also, the increasing demand for fuel-efficient tires is anticipated to prompt several top green tire manufacturing companies to surge investments in North America during the forecast period.
Europe is also anticipated to be the leading region in the green tire market due to the presence of leading global green tire manufacturers, such as Michelin, Continental AG, Pirelli & C. S.p.A., and Nokian Tires plc. These companies are offering low cost and technologically advanced green tires for growing their market share, and thus contributing to the surging use of green tires, throughout the region.
Key Players
The well-known players of the global green tire market are listed as 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 Tyre’s plc.
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