Tire manufacturers have focused on producing green tires, owing to the rising environmental concerns and stringent norms and regulations.
Green tires contribute to sustainability by increasing fuel efficiency and reducing greenhouse gas emissions.
In addition, green tires offer excellent safety and driving comfort to vehicle occupants. According to Lanxess, a vehicle with green tires moving at 80 km/h reduce shorter braking distance by up to 21 meters as compared to normal tires.
Moreover, it is estimated that fitting green tires in all vehicles, worldwide, could result in annual savings of around 20 billion liters of fuel and nearly 50 million metric tons of CO2 emissions. Thus, the global green tires market is expected to grow a significant rate across the globe.
The green tires market is expected to grow at a CAGR of 9.2% from 2017 to 2025.
The global green tires market is segmented based on application, vehicle type, and geography. Based on application, the market is segmented into on-road, and off-road.
Based on the type of vehicle, the market is categorized into two wheelers, passenger cars, and commercial vehicles. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
â€¢ Stringent environmental laws and regulation
â€¢ Rise in price of gasoline and diesel
â€¢ Increasing demand for eco-friendly vehicles and component
â€¢ Lack of technological advancement
â€¢ Fluctuating prices of raw material
The top players in the green tires market include PPG Industries Inc., Michelin, The Goodyear Tire & Rubber Co., Bridgestone Corporation, Lanxess, Green Arc Tire Manufacturing Inc., Pirelli Tire LLC, Continental AG, Vittoria, and Pyrolyx AG.
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â€¢ By Application Modes
â€¢ By Vehicle Type
? Two Wheelers
? Passenger Cars
? Commercial Vehicles
â€¢ By Geography
? North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
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