Green Tires Market by Vehicle Type (Passenger Cars, Light Commercial Vehicle), Application (On-Road, and Off-Road), and Region (North America, Asia-Pacific, Europe, South America, and Middle East & Africa) - Global Forecast to 2022
“Government initiatives to reduce carbon emissions and tire labeling regulations are anticipated to drive the green tires market.”
The green or low rolling resistance tires market is projected to reach USD 104.23 billion by 2022, at a CAGR of 10.7% from USD 62.68 billion in 2017. One of the most significant factors driving the growth of the green tires market is the increased government initiatives for a green and clean environment. There is a rising concern over factors affecting the fuel efficiency of vehicles and CO2 emissions. Thus, governments across the globe have started several initiatives to reduce fuel consumption and release of greenhouse gases. However, lack of awareness regarding the benefits of green tires restricts the growth of the green tires market in emerging economies.
“The passenger cars segment is the largest vehicle type segment of the green tires market.”
Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the green tires market in 2017, in terms of value and volume. Passenger cars lead the automotive production across the globe. In recent years, automotive manufacturers have been focusing on fuel efficiency, which, in turn, has created a demand for fuel-efficient tires. Increased regulations regarding CO2 emissions are also driving the demand for green tires.
“The rising demand for green tires from the Asia Pacific region is a major factor driving the green tires market.”
The green tires market in the APAC region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. China and India are the key markets for green tires in the APAC region. The increased demand for green tires for passenger cars is projected to fuel the growth of the green tires market in the region.
Break-up of primary interviews is given below:
By Company Type: Tier 1 - 42%, Tier 2 - 33%, and Others - 25%
By Designation: Director level 33%, C-Level 17%, and Others 50%
By Region: North America - 33%, APAC - 25%, Europe - 17%, South America - 17%, and the Middle East & Africa - 8%
Key companies profiled in this market research report include Michelin (France), Bridgestone (Japan), Goodyear Tire and Rubber (US), Continental (Germany), Hankook (South Korea), Pirelli (Italy), Cheng Shin Rubber (China), Kumho Tires (South Korea), ZC Rubber (China), Nokian Tires (Finland).
The green tires market has been segmented on the basis of vehicle type, application, and region. This report covers the green tires market, in terms of value and volume, and forecasts its market size till 2022. The report includes market segmentation based on vehicle type (passenger cars, LCVs, others), application (off-road, on-road), and region (APAC, Europe, North America, the Middle East & Africa, and South America). Key countries considered for market analysis in these regions include China, India, Japan, South Korea, the US, Canada, Mexico, Germany, Spain, Italy, the UK, France, Brazil, Argentina, Iran, and South Africa. The report also provides company profiles and competitive strategies adopted by the key players in the green tires market.
Reasons to buy the report
The report will help market leaders as well as new entrants in this market in the following ways:
This report segments the green tires market and provides the closest approximations of revenue numbers for the overall market and its subsegments across different regions.
This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report helps stakeholders identify competitors and gain insights to improve their position in the market. The competitive landscape section includes new product developments, expansions, agreements, acquisitions, and joint ventures.