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New report: Green tires market projected to grow at a CAGR of 10.7% from 2018 to 2022

Automotive and Transportation Market Research

The green or low rolling resistance tires market is projected to reach USD 104.23 billion by 2022, at a CAGR of 10.7% from USD 62.68 billion in 2017. Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the green tires market in 2017, in terms of value and volume. he green tires market in the APAC region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. China and India is the key markets for green tires in the APAC region. The increased demand for green tires for passenger cars is projected to fuel the growth of the green tires market in the region.

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“Government initiatives to reduce carbon emissions and tire labeling regulations are anticipated to drive the green tires market.”

The green or low rolling resistance tires market is projected to reach USD 104.23 billion by 2022, at a CAGR of 10.7% from USD 62.68 billion in 2017. One of the most significant factors driving the growth of the green tires market is the increased government initiatives for a green and clean environment.

There is a rising concern over factors affecting the fuel efficiency of vehicles and CO2 emissions. Thus, governments across the globe have started several initiatives to reduce fuel consumption and release of greenhouse gases.

However, lack of awareness regarding the benefits of green tires restricts the growth of the green tires market in emerging economies.

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“The passenger cars segment is the largest vehicle type segment of the green tires market.”

Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the green tires market in 2017, in terms of value and volume. Passenger cars lead the automotive production across the globe.

In recent years, automotive manufacturers have been focusing on fuel efficiency, which, in turn, has created a demand for fuel-efficient tires. Increased regulations regarding CO2 emissions are also driving the demand for green tires.

“The rising demand for green tires from the Asia Pacific region is a major factor driving the green tires market.”

The green tires market in the APAC region is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. China and India is the key markets for green tires in the APAC region.

The increased demand for green tires for passenger cars is projected to fuel the growth of the green tires market in the region.

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Break-up of primary interviews is given below:

By Company Type: Tier 1 –42%, Tier 2 – 33%, and Others – 25%

By Designation: Director level 33%, C-Level 17%, and Others 50%

By Region: North America – 33%, APAC– 25%, Europe –17%, South America – 17%, and the Middle East& Africa –8%

Key companies profiled in this market research report include Michelin (France), Bridgestone (Japan), Goodyear Tire and Rubber (US), Continental (Germany), Hankook (South Korea), Pirelli (Italy), Cheng Shin Rubber (China), Kumho Tires (South Korea), ZC Rubber (China), Nokian Tires (Finland).

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Research Coverage

The green tires market has been segmented on the basis of vehicle type, application, and region. This report covers the green tires market, in terms of value and volume, and forecasts its market size till 2022.

The green tires market report includes market segmentation based on vehicle type (passenger cars, LCVs, others), application (off-road, on-road), and region (APAC, Europe, North America, the Middle East & Africa, and South America). Key countries considered for market analysis in these regions include China, India, Japan, South Korea, the US, Canada, Mexico, Germany, Spain, Italy, the UK, France, Brazil, Argentina, Iran, and South Africa.

The report also provides company profiles and competitive strategies adopted by the key players in the green tires market.

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