Pune, India, July 17, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) unveils in a detailed analysis that the green tire market is predicted to garner an impressive CAGR of 20.63% in terms of value and a CAGR of 22.57% in terms of volume during the review period (2018-2023). The global green tire market is anticipated to touch a valuation of USD 1,52,409.2 million in terms of value and 742.1 million units in terms of volume by the end of 2023. Acknowledged as low rolling resistance tires, green tires either offer single benefits of improved grip, durability, improved fuel efficiency, noise reduction, reduced carbon emission, or all in combination. They are specifically designed with improved thread structure in order to have reduced the rolling resistance of the tire with the road. They are made of green compounds or materials like silica, special synthetic rubbers, and soybean. The surging demand for fuel-efficient tires is presumed to dictate the growth trajectory of the market.
Prominent Players
Presently, some market players are contributing to the market growth. Bridgestone Corporation, Michelin, Continental AG, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Hankook Tire, Kumho Tire, Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire), Nokian Tyres plc., and Zhongce Rubber Group Co., Ltd (ZC-Rubber) are among them.
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Demand for High-Performance Tires Assisting Market Growth
The demand for high-performance tires is witnessing a noticeable increase in the past few years, especially for the replacement tires. This is highly influencing the growth of green tire market across the globe. The ever-increasing population has resulted in the growth of commercial vehicles and passenger cars, surging demand for fuel-efficient tires, and strict government mandates associated with the tore labeling and emissions. Such factors are encouraging the manufacturing companies to propel their investments in the North American region. The increased energy costs along with the rising environmental awareness associated with the consumption of fuels have ensured a burgeoning market for 3D bioprinting.
The growing acknowledgment of the environmental damage caused by the inroads and cars is anticipated to contribute to the market growth. Not just that the cumulative amount of pollutants released by the vehicles is harmful for the environment and the human health, the problem is also compounded by the increasing scarcity of natural petroleum reserves. The implementation of green tires is considered a small step towards reducing the pollution globally.
Meanwhile, the replacement of the renewable raw materials with the conventional ones are estimated to pose a negative impact on the braking performance. The dearth of awareness associated with the green tires is anticipated to restrict the market growth across the globe. On a brighter note, the rising globalization and urbanization, growing fuel consumption, and environmental awareness has enabled the market to reach out to a wider segment of audiences.
Segmental Analysis
Aftermarket and OEM are two mediums of sales channel-based segmentation in the global Green Tire Market. By both volume and value, the aftermarket segment acquires the largest market share. The segment is experiencing significant demand for green tires due to the surging preferences for green tires over conventional ones.
The vehicle type comprises commercial vehicle, passenger car, and others. The passenger car segment commands the maximum share owing to the increased focus of automotive manufacturers on lowering the consumption of fuel. The need to reduce CO2 emissions and increase the mileage of the passenger cars are other two factors influencing the segment’s growth.
By application, the market constitutes on-road and off-road. The on-road segment commands the maximum market share as the green tires are known to provide improved mileage owing to ultra-low rolling resistance and their innovative tread design. This further extends the vehicle range in on-road applications without affecting the vehicle cost. Prominent tire manufacturing companies like The Goodyear Tire & Rubber Company manufactures tires for on-road applications with sidewall designs in order to reduce the aerodynamic drag as they yield low rotating mass which leads to lower consumption of fuels.
Regional Frontiers
The regions discussed in the report span across Europe, Asia-Pacific, North America, and the Rest-of-the-World (RoW). Due to the presence of world-class R&D infrastructure, automotive value chain integration, and highly skilled industry workers, Europe is likely to secure the top position in the global market. For instance, Goodyear launched their first-ever full silica tread compound tire in September 2018, which acquired a European grade “A” for proving its fuel efficiency and met all the required three-peak mountain snowflake tire requirements at the IAA truck show. The manufacturing companies of green tire are constantly working to meet the CO2 targets which is further triggering the demand for green tires in this region.
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Germany is considered a major producer in the European region. The green tire sector is deep-rooted in Germany and is expanding at a significant pace in the recent past. The shifting purchasing patterns, the emergence of electric and hybrid vehicles, and surging awareness regarding fuel efficiency are leading to the market growth.
Industry Upgradations
April 26, 2019: Continental will be addressing the all-new Conti Urban HA3 315/60 R22.5 154/148J (156/150F) tires for the electric buses. The tires for the electric buses require to support an overall vehicle weight owing to the heavy electric battery and also to withstand the torque delivery. In order to master these challenges, the new range of tires will be introduced in the global market.
Related Reports
Off-The-Road Tire Market Information by Construction Type (Bias, Belted bias and Radial), by Vehicle type (Mining, Agriculture Vehicles, Construction and Industrial Equipment and Others), by distribution channel (OEM and Aftermarket) And Region - Forecast To 2023.
https://www.marketresearchfuture.com/reports/off-the-road-tire-market-5029
Advanced Tires Market Research Report by On-Highway Vehicle Type (LDV, HDV), Off-Highway Vehicle Type (Agriculture Tractors, Construction and Mining Equipment), Material Type (Natural Rubber, Synthetic Rubber, Elastomers, and Others), Type (Pneumatic Tires, Run-Flat Tires, and Others), and Region–Global Forecast to 2023.
https://www.marketresearchfuture.com/reports/advanced-tires-market-6668
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