Impact of COVID-19 on the Global Green Tires Market
Green tires are made from environment-friendly rubber that helps in reducing the energy lost during the friction between a rolling surface and the tires. The green tires have low rolling resistance, which helps in reducing fuel consumption. The primary factors responsible for the growth of the market are the increasing sales of commercial vehicles and passenger cars, as well as the demand for fuel-efficient tires. However, the manufacturing industry is facing a significant slowdown caused due to the COVID-19 pandemic. The world is struggling against the pandemic as well as a global economic recession. The lockdowns imposed by governments in most countries during the first three months of 2020 have severely impacted the global economy. The closing of all business operations to prevent the spread of the coronavirus has drastically impacted the production of auto parts as well as vehicles, impacting the sales of passenger cars and other vehicles, which is hindering the growth of the green tires market. Besides, the spread of COVID-19 has also restricted the movement of cars due to travel restrictions across the globe, which has eliminated the need for the replacement of tires. This scenario is also hampering the growth of the market.
Europe is the leading region in the green tires market owing to the presence of a large number of green tires manufacturers. The coronavirus has spread rapidly from China to the European countries during the initial period of the pandemic. The lockdowns imposed by several countries in Europe have significantly impacted the growth of the green tires market. The lifting of lockdowns in various countries is expected to resume manufacturing, logistics, and transportation activities, which is expected to drive market growth. Green tires are known to provide enhanced mileage owing to their rolling resistance and innovative tread designs, which helps in extending the vehicle range in on-road applications without impacting vehicle costs.
Production of Commercial Vehicles from 2015 to 2019