Market Overview:
The global market report on the Green Tire Market reveals a possibility of attaining a 20.63% CAGR during the forecast period of 2018 to 2023. The same period will witness a rise in volume by 22.57%. Market Research Future (MRFR) predicts the growth of this market after discussing several factors and dynamics that can transform the market outcome. Among these, reducing fuel consumption, curbing the carbon footprint, improving recyclability, a hike in research funding, participation from big companies, and others are expected to set the market for better prospects.
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Segmentation:
The global green tires market has been segmented by MRFR analysts on the basis of sales channel, vehicle type, and application. Inputs fetched from these segments can provide a better understanding of dynamics and factors that impact the market.
By sales channel, the global study of the Automotive Green Tires Market has been divided into OEM and aftermarket. The aftermarket segment, when considered both on the basis of value and volume, had the largest market share in 2017. Fleet-owners are creating a huge demand for the segment.
By vehicle type, the global market includes commercial vehicle, passenger car, and others. The passenger car segment had the maximum market share. Growing demand to reduce carbon footprint is expected to drive this segment forward. In fact, automotive giants are also considering this as a viable option.
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By application, the market study on the global green tires market comprises on-road and off-road. The on-road segment has the better coverage as innovative tread design and low or ultra-low rolling resistance has a huge demand in the segment. Green tires also play an important part in reducing fuel consumption, which increase its demand for the on-road segment.
Regional Analysis
Stringent environmental regulations would spur the demand for the same in the European countries. France, Germany, the UK, and others would create enough scope for this market to percolate. In North America, the green tires industry will witness a steadfast rise.
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Competitive Landscape:
The Green Tire Industry is getting backing from companies like Bridgestone Corporation, Michelin, Continental AG, Hankook Tire, The Goodyear Tire Rubber Company, Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire), Pirelli C. S.p.A., Zhongce Rubber Group Co., Ltd (ZC-Rubber), Kumho Tire, and Nokian Tyres plc. Strategic tools initiated by these companies can ensure a smooth growth for the market. MRFR has recorded steps that were taken in the last few years to get a good knowledge about how the market is advancing.
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