Green Tires Market Insights
The global green tires market is expected to grow at a significant CAGR over the forecast period. This growth can be mainly attributed to increasing adoption of the product coupled with the rising disposable income in emerging economies. Accordingly, the increase in the number of environmental initiatives by governments such as tire labeling regulation in Europe is also likely to foster growth over the coming years.
Along with this, owing to the benefits associated with the green tires such as superior fuel efficiency and low rolling resistance is also anticipated to be one of the major factors influencing market growth.
However, lack of awareness about the benefits of green tires is likely to hinder the growth of the industry.
Green Tires Market: Vehicle Type Insights
Based on vehicle type, the market is segmented into passenger cars and light commercial vehicle among others. The passenger cars segment is likely to hold the major market share in the green tires market during the forecast period. This growth can be associated with rising demand for green tires for hybrid and electric vehicles. Stringent tire regulations coupled with increasing adoption of green tires in passenger cars are also likely to propel the market growth.
Green Tires Market: Application Insights
On the basis of application, the industry is segmented into on-road, and off-road. The on-road segment is anticipated to grow at a healthy CAGR in the forecast period. This segment includes vehicles such as LCV’s, passenger cars and trucks among others. The growing demand for these vehicles is likely to stimulate market growth.
Green Tires Market: Regional Insights
The European region is projected to grow at the highest CAGR, wherein Germany is expected to be the market leader. Growing awareness about the application of green tires along with the presence of key manufacturers is major factors motivating the growth of the market.
Asia-Pacific is also anticipated to record the highest share in terms of value and volume. This can be attributed to rising disposable income coupled with new product launches in this region.
Green Tires Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase green tires over the coming years. Some leading consumers of green tires are Groupe PSA, Fiat Chrysler Automobiles, Ford, General Motors, Daimler AG, Dongfeng Motor and Tata Group.
Green Tires Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Green Tires Market Share & Competitor Analysis
Some of the players operating in the global green tires market include Michelin, Bridgestone, Nokian Tires, ZC Rubber, Goodyear Tire and Rubber, Continental, Pirelli, Cheng Shin Rubber, Apollo tires, Sailun Tires, Shandong Linlong Tire, Hankook, Kenda Tires, Giti Rubber and Kumho Tires.
In July 2018, Doublestar Group announced an agreement with Korea Development Bank (KDB). The agreement announced acquisition of a 45% stake in Kumho Tire. Doublestar Group’s businesses include tires, smart equipment, green tires and industrial robots.
In February 2018, Evonik A.G. announced increasing its production capacity in Adapazari, Turkey for precipitated silica by 4,000 metric tons per year. The expansion is projected to support increasing levels of demand for highly dispersible silica in southeastern Europe and the Middle East.
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