Newark, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global green tires market is expected to grow from USD 88.85 billion in 2019 to USD 196.59 billion by 2027, at a CAGR of 10.4% during the forecast period 2020-2027. The Europe and North America regions dominate the market for green tires with Europe leading in terms of global market share and North America following in the second place. This dominance is expected to continue over the forecast period due to key factors such as advancement in green automotive technologies, rising demand for tires, strict government regulations, environmental concerns, presence of leading tire manufacturers like Michelin, Pirelli and Dunlop as well as the presence of automotive giants like Audi, Mercedes-Benz, Ford, Volkswagen and BMW. The Asia-Pacific region is anticipated to grow at the highest CAGR in terms of value, during the projected period. This growth is attributed to factors like increasing demand for passenger vehicles and an increase in the purchasing power of consumers in the APAC region. The markets in Japan, China, and India are proliferating, commanding significant shares in the regional market.
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Key players in the global green tires market are Bridgestone, Yokohama, Michelin, Goodyear Tire and Rubber Company, MRF, Continental, and Pirelli, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global green tires market.
For instance, Bridgestone pledged €266 million in October 2017 to invest in three European manufacturing sites, in order to increase production capacity, buy cutting-edge machinery and expand existing production lines. On the basis of vehicle type, the global green tires market is divided into commercial vehicles, passenger vehicles, and others. Due to the growing focus of automobile manufacturers on maximizing fuel consumption efficiency in order to improve mileage and minimize emissions, the passenger car segment is projected to retain the highest market share.
On the basis of sales channel, the global green tires industry is segmented into aftermarket and OEM. The aftermarket segment accounted for the majority market share by both value & volume since this segment was experiencing substantial growth thanks to the increasing inclination of green tires over traditional tires. On the basis of application, the global green tires industry is segmented into on-road and off-road. The on-road category is projected to retain the highest market share because green tires are proven to deliver enhanced mileage thanks to their advanced tread design resulting in super-low rolling resistance, which expands the range of the vehicle as well as keeping the cost to a minimum.
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About the report:
The global green tires market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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