Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The global green tires market size was USD 27.24 billion in 2019. The market is expected to grow from USD 24.79 billion in 2020 to USD 38.35 billion by 2027 at a CAGR of 4.4% in the 2020-2027 period. This information is provided by Fortune Business Insights, in its report titled, “Green Tires Market, 2020-2027.” The growing awareness about the superior benefits of green tires such as rolling resistance and fuel-efficient will spur opportunities for the market.
Market Drivers & Restraints:
The rolling resistance plays a crucial role in reducing carbon emissions in vehicles, which, in turn, will aid the growth of the market. It helps to reduce the overall weight of the vehicle, thereby consuming less fuel. Rolling resistance raises the energy required for the tires to get in contact with the road surface and deform itself. The increasing knowledge about the benefits of rolling resistance among populations will subsequently stimulate the growth of the market.
Rolling resistance accounts for about 10 to 15% of the fuel consumption in passenger cars. The percentage is expected to rise to 30% for heavy vehicles in the near future. The advancements in rolling resistance will further favor the healthy growth of the market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 4.4% |
| 2027 Value Projection | USD 38.35 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 27.24 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 200 |
| Segments covered | Green Tires Market Size, Share & COVID-19 Impact Analysis, By Size Type (15 inch, 16 inch, 17 inch, and 18 inch), By Application Type (On-Road and Off-Road). |
| Growth Drivers | Rising Carbon Emissions to Spur Demand for Green Tires. |
| The increasing rate of carbon emission from vehicles is leading to severe environmental problems. |
COVID-19 Impact:
The immense losses encountered by manufacturers due to coronavirus has led to a drastic bearing on the market. Various industries are shifting their investment plans to recover the losses from the COVID-19 pandemic. All these problems have ultimately impacted the automotive and transportation industry on a larger scale. The disrupted import and export trades and shut down of manufacturing activities have resulted in increased prices of raw materials, thus, hampering the production and inhibiting the green tires market growth. Moreover, deterioration in vehicle sales is expected to hinder the market in the forthcoming years. However, the governments in many nations have lifted the lockdown to cope up with enormous losses and consequently stabilize trade activities.
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Segmentation of Report:
Prominent tire manufacturers such as Bridgestone, Hankook, Continental, Goodyear, etc. have been investing a high percentage in research methodologies to develop and innovate advanced raw materials for tires to improve their rolling resistance, enhance fuel efficiency and minimize the noise level. The companies are greatly into developing green tires for on-road vehicles owing to the enormous number of cars across the world. Thus, the 15-inch type is greatly preferred by the customers in order to reduce carbon emission and save fuels.
Regional Insights:
Strict Emission Laws to Augment Growth in Europe
The market size in Europe stood at USD 8.01 billion in 2019 and is expected to grow rapidly during the forecast period owing to the government regulations to curb carbon emissions. The growing demand for low-emission vehicles and vehicular components will enable the speedy expansion of the market in the region. Green tires are also called energy tires in Europe. The growing focus of European tire manufacturers and suppliers on green tires will bolster healthy growth. Tires are an important aspect in reducing emissions and providing a good fuel economy. Besides, the prominent tire manufacturers and automotive companies are coming together to develop next-generation eco-friendly tires. For instance, the European Commission is formulating post-2020 carbon dioxide emission standards for passenger cars and commercial vehicles. Moreover, the ongoing partnerships and collaborations among major car manufacturers will accelerate the growth of the market. For instance, Michelin and General Motors established a partnership to develop a new wheel prototype designed to replace traditional pneumatic tires and wheels
Industry Development:
Goodyear introduced a self-recharging design to expand the life of tires and make them highly adaptable to different weather conditions. The Goodyear ReCharge is the latest concept in the tire that uses a tread that can be supplemented with liquid-filled capsules.
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Report Coverage
The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
List of Key Players Covered in the Green Tires Market Report
- MICHELIN (Clermont-Ferrand, France)
- Bridgestone Corporation (Tokyo, Japan)
- The Goodyear Tire & Rubber Company (Ohio, United States)
- Continental AG (Hanover, Germany)
- Hankook Tire & Technology Co. Ltd. (Seongnam-si, South Korea)
- Pirelli & C. S.p.A. (Milan, Italy)
- Cheng Shin Rubber Ind. Co. Ltd. (Taiwan, ROC)
- THE YOKOHAMA RUBBER CO., LTD. (Tokyo, Japan)
Green Tires Market Segmentation:
By Tire Size Type
- 15 Inch
- 16 Inch
- 17 Inch
- 18 Inch
By Application Type
- On-Road
- Off-Road
By Sales Channel Type
- OEM
- Aftermarket
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- 4.1 Merger, Acquisitions, and Partnerships
- 4.2 Distributor Analysis – For Major Players
- 4.3 Growth and Penetration Analysis
- 4.4 Porter’s Five Forces Analysis
- 4.5 PEST Analysis
- 4.6 Vendor Landscape
Continued…
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