Increasing Demand for Fuel-Efficient Tires Drives the Global Green...

Increasing Demand for Fuel-Efficient Tires Drives the Global Green Tires Market Size

Posted 2021-06-09 07:13:48

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As per Market Research Future (MRFR), the global Green Tires Market Size is estimated to register a CAGR of 20.63% from 2018 to 2023 (forecast period). The report examines the COVID-19 overview of the global Green Tires Market Size and provides a detailed illustration of market segments, new technologies, growth forecasts, and market challenges.

Green tires are made from renewable materials such as nylon rubber through a process that does not require an enormous amount of energy. Conventional tires are made of rubber, but with growing energy issues, tires are now often made from renewable raw materials such as plasticizers and resins. At present, these environmentally friendly raw materials are taken over conventional products due to advantages such as being lighter than conventional products, which result in a reduction in the total weight of the vehicle. In addition, it takes less fuel and helps to reduce rolling resistance. The global market for green tires is expected to see a lucrative growth rate during the forecast period. This is primarily due to other benefits, such as long life, retreadable tires, etc.

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Market Dynamics

The rising middle classes and the consequent rise in vehicle ownership in emerging economies, especially Asia, are the main drivers of the global green tires market. Growing concerns about both greenhouse gas emissions and the limited availability of natural resources to meet the demands of a growing number of customers are pushing the industry to meet government and market demands for more sustainable goods such as green tires.

As a result, tire makers are moving ahead with sustainable tires technologies, including renewable rubber in their products that perform more than or equal to traditional rubber. Many tires manufacturers have entered into strategic collaborations with government, researchers, and biotechnological companies to advance their efforts to produce renewable rubber on a commercial scale.

Drivers of early and ongoing adoption of green tires are regulatory with growing pressure on vehicle manufacturers to reduce vehicle emissions and meet rising fuel economy targets. This pressure is pushing the development of LLR tires and their rising penetration of the OE market. Growth of alternative powertrains (hybrid and electric) as well as evolution in the use of shared/fleet vehicles and autonomous vehicles, adding additional momentum to green tires adoption and continuing progress in rolling resistance reduction, are demanded.

The replacement market for green tire has also increased through better consumer education and awareness provided by the European Union consumer tires labeling scheme that rates rolling resistance and other performance variables. Regulatory and labeling schemes supporting OE and LRR replacement tire are also spreading outside Europe; OE market penetration is catching up to the European level in other regions with discussions taking place in the US.

Other replacement market drivers are economical, with fuel cost (and battery range) sensitivity on the part of vehicle owners and fleet operators (increasingly assisted by real-time tires data enabling the total cost of tire ownership to be tracked) being important even during periods of more moderate gasoline prices.

Market Segmentation

The global Green Tires Market Size has been segmented based on sales channels, vehicle type, and application.

By the sales channel, the global green tire market growth has been segmented into OEM and aftermarket. The aftermarket segment by both value and volume, captured the largest market share in 2017, as this segment witnessed a substantial increase in demand for green tire due to the increasing preference for green tire over conventional tire among OEMs and fleet owners to reduce vehicle operating costs.

By vehicle type, the global green tires industry has been segmented into passenger car, commercial vehicle, and others. The passenger car segment is predicted to witness the highest market share due to the growing focus of automobile manufacturers on reducing fuel consumption, either reducing CO2 emissions or increasing passenger car mileage. This is anticipated to spur the demand for green tires in passenger cars during the forecast period.

By application, the global Green Tires Market Size has been segmented into on-road and off-road. The on-road segment is expected to hold the highest market share, as green tires are known to deliver enhanced mileage due to their innovative tread and low or ultra-low rolling resistance, which expands the vehicle range in road applications without impacting vehicle costs. In addition, major tire manufacturers, including Goodyear Tire & Rubber Company, manufacture on-road tire designed to minimize aerodynamic drag as they yield less rotating mass, resulting in reduced fuel consumption.

Regional Analysis

Region-wise, the global Green Tires Size has been segmented into North America, Europe, Asia Pacific (APAC), and the rest of the world.

Europe is projected to be the dominant area in the Green Tires Market Size due to the involvement of leading global manufacturers of green tires, such as Michelin, Continental AG, Pirelli & C. S.p.A., Nokian Tires plc. These companies offer low cost and technologically advanced green tire to expand their market share, which leads to the growing use of green tire in the region.

The European Commission is focusing on setting post-2020 CO2 emission standards for cars and vans. This is expected to result in the adoption of green tires in both the OEM and the aftermarket segments in Europe during the forecast period.

Germany is one of the largest vehicle manufacturers in Europe. The green tires industry in Germany is strongly rooted and has been rising at a considerable rate over the last few years. Other major factors contributing to the growth of the Green Tires Market Sizein Germany are changing buying trends, growing fuel efficiency awareness, and the launch of electric and hybrid vehicles.

North America had the second-largest market share in the Green Tires Market Sizein 2017. Continuously growing demand for high-performance tire, particularly replacement tires, is expected to generate lucrative opportunities for the green tire market over the forecast period. In addition to this, increased sales of passenger cars and commercial vehicles, strict government regulations on tire labeling and emissions, and increased demand for fuel-efficient tires are expected to prompt a number of top green tires manufacturers to increase investment in North America during the forecast period.

Key Players

Notable players in the global green tire market growth are Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire, Pirelli & C. S.p.A., Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire), Kumho Tire, Zhongce Rubber Group Co., Ltd (ZC-Rubber), and Nokian Tyres plc.

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Key Questions Addressed by the Report

What was the historic market size?
Which segmentation (Product/ Capacity) is driving market?
What will be the growth rate?
How are the key players in this market?
What are the strategies adopted by key players?

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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