Increasing Demand for Fuel-Efficient Tires Drives the Global Green Tires Market Size
As per Market Research Future (MRFR), the global Green Tires Market Size
is estimated to register a CAGR of 20.63% from 2018 to 2023 (forecast period).
The report examines the COVID-19 overview of the global Green Tires Market Size
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. In
addition, it takes less fuel and helps to reduce rolling resistance. The global
market for green tires is expected to see a lucrative growth rate during the
forecast period. This is primarily due to other benefits, such as long life,
retreadable tires, etc.
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Market Dynamics
The rising middle classes and the consequent rise in vehicle ownership
in emerging economies, especially Asia, are the main drivers of the global green
tires market. Growing concerns about both greenhouse gas emissions and the
limited availability of natural resources to meet the demands of a growing
number of customers are pushing the industry to meet government and market
demands for more sustainable goods such as green tires.
As a result, tire makers are moving ahead with sustainable tires
technologies, including renewable rubber in their products that perform more
than or equal to traditional rubber. Many tires manufacturers have entered into
strategic collaborations with government, researchers, and biotechnological
companies to advance their efforts to produce renewable rubber on a commercial
scale.
Drivers of early and ongoing adoption of green tires are regulatory with
growing pressure on vehicle manufacturers to reduce vehicle emissions and meet
rising fuel economy targets. This pressure is pushing the development of LLR
tires and their rising penetration of the OE market. Growth of alternative
powertrains (hybrid and electric) as well as evolution in the use of
shared/fleet vehicles and autonomous vehicles, adding additional momentum to
green tires adoption and continuing progress in rolling resistance reduction,
are demanded.
The replacement market for green tire has also increased through better
consumer education and awareness provided by the European Union consumer tires
labeling scheme that rates rolling resistance and other performance variables.
Regulatory and labeling schemes supporting OE and LRR replacement tire are also
spreading outside Europe; OE market penetration is catching up to the European
level in other regions with discussions taking place in the US.
Other replacement market drivers are economical, with fuel cost (and
battery range) sensitivity on the part of vehicle owners and fleet operators
(increasingly assisted by real-time tires data enabling the total cost of tire
ownership to be tracked) being important even during periods of more moderate
gasoline prices.
Market Segmentation
The global Green Tires Market Size has been segmented based on sales channels,
vehicle type, and application.
By the sales channel, the global green tire market growth 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. This is anticipated to spur the
demand for green tires in passenger cars during the forecast period.
By application, the global Green Tires Market Size 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. In addition,
major tire manufacturers, including Goodyear Tire & Rubber Company,
manufacture on-road tire designed to minimize aerodynamic drag as they yield
less rotating mass, resulting in reduced fuel consumption.
Regional Analysis
Region-wise, the global Green Tires Size has been segmented into North America, Europe, Asia Pacific (APAC), and
the rest of the world.
Europe is projected to be the dominant area in the Green Tires Market
Size due to the involvement of leading global manufacturers of green tires,
such as Michelin, Continental AG, Pirelli & C. S.p.A., Nokian Tires plc.
These companies offer low cost and technologically advanced green tire to
expand their market share, which leads to the growing use of green tire in the
region.
The European Commission is focusing on setting post-2020 CO2 emission
standards for cars and vans. This is expected to result in the adoption of
green tires in both the OEM and the aftermarket segments in Europe during the
forecast period.
Germany is one of the largest vehicle manufacturers in Europe. The green
tires industry in Germany is strongly rooted and has been rising at a
considerable rate over the last few years. Other major factors contributing to
the growth of the Green Tires Market Sizein Germany are changing buying trends,
growing fuel efficiency awareness, and the launch of electric and hybrid
vehicles.
North America had the second-largest market share in the Green Tires
Market Sizein 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. In addition to this,
increased sales of passenger cars and commercial vehicles, strict government
regulations on tire labeling and emissions, and increased demand for
fuel-efficient tires are expected to prompt a number of top green tires
manufacturers to increase investment in North America during the forecast period.
Key Players
Notable players in the global green tire market growth 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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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/
Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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