New York, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Increasing demand for fuel-efficient tires is a significant factor estimated to stimulate market demand.
The global green tires market is expected to reach USD 178.07 Billion by 2026, according to a new report by Reports and Data. The growing awareness about environmental damage instigated by the inroads and cars is likely to add to the industry growth in the forecast period. Moreover, the cumulative amount of pollutants emitted by the automobile is damaging to the environment and human health. The application of green tires helps in tackling the increasing scarcity of natural petroleum reserves as well as reducing the pollution globally.
Increasing demand for fuel-efficient tires is a significant factor estimated to stimulate demand in the forecast period. A rise in the price of gasoline and diesel is prompting a switch in the interest of automakers to green tires to improve the mileage of the automotive along with lower emissions.
The green tire industry is composed of low rolling resistance tires along with the tires emerging from sustainable materials, is a significantly growing part of the global tire industry. The rapid growth of this industry is partly due to growth in the tire market itself, but mainly due to consumers increased interest in sustainability. Approximately one-fourth of the pollution is generated by an automobile to overcome the rolling resistance of its tires. In the U.S., an annual reduction of up to 45.0 million tons of CO2 emissions could be realized by the addition of precipitated silica to tire treads. Further, silica also significantly enhances a tire’s steering capability and responsive handling in various adverse weather conditions. These tires are also found to improve traction on icy roads.
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Further key findings from the report suggest
- By raw materials, Silica incorporated rubber held a substantial market share in 2018. The high silica content permits the studded tire to attain low rolling resistance, thus reducing fuel consumption and harmful vehicular emissions.
- By vehicle type, commercial vehicles are expected to grow at a rate of 9.3% in the forecast period owing to the increasing need to improve fuel efficiency to reduce operational cost.
- By region, the Europe region contributed to the largest share in 2018 and is expected to grow at a rate of 10.7% in the forecast period. The dominance of this region may be attributed to the increasing vehicle production and sales and per capita increase in income.
- By country, Germany contributes to the largest share in the Europe green tire segment, chiefly due to the large existing fleet of passenger vehicles in the country. It is one of the significant exporting hubs for automobile producers and is popular across the globe for its high-quality automobile production.
- Key participants include Bridgestone, Continental, Michelin, Goodyear, Hankook, Pirelli, Kumho, ZC Rubber, Nokian, and Cheng Shin Rubber, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/green-tires-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global green tires market on the basis of raw materials, vehicle type, application, sales, and region:
Raw Materials Outlook (Volume, Thousand Units & Revenue, USD Million; 2016-2026)
- Silica Incorporated Rubber
- Butyl Rubber
- Silane Incorporated Rubber
- Others
Vehicle Type Outlook (Volume, Thousand Units & Revenue, USD Million; 2016-2026)
- Passenger Vehicles
- Commercial Vehicles
Application Outlook (Volume, Thousand Units & Revenue, USD Million; 2016-2026)
- On-Road
- Off-Road
Sales Outlook (Volume, Thousand Units & Revenue, USD Million; 2016-2026)
- OEM
- Aftermarket
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Regional Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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