Pune, India, March 2019, MRFR Press Release/Market Research Future (MRFR) Announces the Publication of its Cooked Research Report — Global Green Tire Market 2022–2030.
The global green tire market is expected to gain an unprecedented value of USD 1,52,409.2 million by 2022 with a CAGR of 15% during the forecast period (2022–2030).
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. Green tires are mostly low rolling resistance tires. They offer either the single benefits of improved durability, grip, noise reduction, improve fuel efficiency, reduced carbon emission, or all in combination. Green tires are designed with improved thread structure to have reduced rolling resistance of tire with road and are made up of green materials or compounds, such as special synthetic rubbers, silica, and soybean. These tires involve the above-mentioned advantages without compromising on safety in terms of road grip and CO2 emission while being fuel-efficient.
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On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Europe is anticipated to lead the green tire market during the forecast period, followed by North America. The global automotive value chain integration, world-class R&D infrastructure, and highly skilled industry workers are factors that are driving the green tire market in Europe. For instance, in September 2022, Goodyear launched its first-ever full silica tread compound tire, which gained a European grade “A” for fuel efficiency and met all the three-peak mountain snowflake (3PMSF) tire requirements at the IAA truck show in Germany. Moreover, the green tire manufacturing companies are continuously working to meet the EU’s ambitious CO2 targets, according to which heavy-duty vehicles are to reduce their CO2 emissions by 15% in 2022, and 15% by 2030.
The global green tire market is expected to reach USD 1,52,409.2 million at a CAGR of over 15% by the end of the forecast period.
Taste the market data and market information presented through more than 140 market data tables and 50 figures spread over 141 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Green Tire Market Research Report- Forecast to 2030.”
The global green tire market is segmented based on sales channel, vehicle type, and application.
On the basis of sales channel, the global green tire market is divided into into OEM and aftermarket. The aftermarket segment is expected to dominate the market, owing to the increased demand for energy efficient transport options among fleet owners.
In terms of value the aftermarket segment accounted for the larger market share of 71.02% in 2017, with a market value of USD 37,356.5 million; it is expected to register a CAGR of 19.67% during the forecast period. The OEM segment was valued at USD 15,243.5 million; it is projected to register the higher CAGR of 22.81%.
On the basis of vehicle, the global green tire market is segmented into passenger car, commercial vehicle, and others. In 2017, the passenger car segment held the largest market share of 45.05% in 2017, with a market value of USD 23,696.6 million. This value is projected to reach USD 59,399.4 million by 2023. This segment is expected to grow with the fastest CAGR of 17.67% during the forecast period.
On the basis of application, the global green tire market is divided into on-road and off-road. In 2017, the on-road segment held the larger market share of 85.85% in 2017, with a market value of USD 45,156.0 million. This value can rise to USD 1,25,072.0 million by 2023. This segment is expected to grow with the fastest CAGR of 19.70 % during the forecast period.
Some of the prominent players operating in the global green tire market report are Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire, Pirelli & C. S.p.A., Cheng Shin Rubber Ind. Co. Ltd (Cheng Shin Tire), Kumho Tire, Zhongce Rubber Group Co., Ltd (ZC-Rubber), and Nokian Tyres plc.
The Goodyear Tire & Rubber Company is concentrating on successfully executing its key initiatives, which includes effectively utilizing its distribution, technology, innovation, and brand capabilities to gain a larger market share in the 17-inches and larger rimmed tire segments. It is also concentrating on taking sustainable efforts to reduce tire producing costs and increase its efficiency. The company is aiming to target profitable vehicle fitments that have high loyalty rates and pull-through in the replacement market. In Europe and the Middle East & Africa (EMEA), The Goodyear Tire & Rubber Company is taking necessary strategic actions to shift resources, realign its go-to-market approach, and strengthen its brand value. Furthermore, it is focusing on establishing a connected business model to make the tire buying process easier for customers.
Continental AG is investing in research and development, testing, and production sectors to produce next-generation tires that are more energy efficient and eco-friendly throughout their manufacturing, use, and recycling lifecycle stages. It is working to find more environmentally compatible materials to achieve greater sustainability. For instance, the company has introduced an innovative process to return waste rubber to the production cycle, which enables rubber from truck tires to be reutilized during retreading. Continental AG is working to reduce the distances covered by the tires further.