The global green tires market size is expected to reach USD 38.35 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. The growing awareness about the superior benefits of green tires such as rolling resistance and fuel-efficient will spur opportunities for the market, states Fortune Business Insights, in a report, titled “Green Tires Market Size, Share & Industry Analysis, By Size Type (15 inch, 16 inch, 17 inch, and 18 inch), By Application Type (On-Road and Off-Road), By Sales Channel Type (OEM, and Aftermarket), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) and Regional Forecasts, 2020-2027.” The market size stood at USD 27.24 billion in 2019.
The Report Lists the Key Companies
in the Green Tires Market:
- 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. Lt. (Taiwan, ROC)
- THE YOKOHAMA RUBBER CO., LTD. (Tokyo, Japan)
 |
| Get Sample PDF Brochure |
REPORT COVERAGE-
The report
on the green tires market incorporates, important understandings of the market,
all-inclusive data about prominent players, distinguished facts and figures,
latest developments, key drivers and restraints along with imperative
information about dominant regions. Moreover, the report also provides a brief
study on the pandemic impact on the industry.
DRIVERS & RESTRAINTS-
Rising Carbon Emissions to Spur Demand for
Eco-friendly Tires
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.
Read a
Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/green-tires-market-104702
COVID-19 IMPACT-
Thwarting Automotive Industry to Retard
Market in Coronavirus
The immense
losses encountered by manufacturers due to coronavirus have 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 market. 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.
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.
KEY INDUSTRY DEVELOPMENT-
- March 2020:
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.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-green-tires-market-10486
No comments:
Post a Comment