Green Tire Market to Note Remarkable Growth by 2023
Enhanced fuel-efficacy offered by green tire is the primary factor that is expected to boost its global market, states Market Research Future (MRFR). As per the fresh report, published by MRFR, on the global green tire market, the market is expected to strike a 20.63% CAGR over the forecast period of 2017 to 2023 and scale to valuation of USD 1,52,409.2 million by the end of the forecast period.
Green tires offer increased durability. Hence, the abrasion of these tires due to friction is less. This cut-down their maintenance cost. Green tires are ballooned with nitrogen, instead of oxygen that reduces the price of their production. The cost-effectiveness of green tires is likely to gain traction for its global market. Green tires also reduce carbon emission from an automobile, which contributes in maintaining the environment quality. This is expected to boost the sales of green tires due to rising environmental concerns. The ability of green tires to improve fuel efficiency of the vehicle and reduce noise production are other factors that are likely to push the market growth. In addition, the strong grip offered by green tires aid in preventing road accidents that can promote the market growth.
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Key Players
Nokian Tyres plc., Bridgestone Corporation, Michelin, Continental AG, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Hankook Tire, Kumho Tire, Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire), and Zhongce Rubber Group Co., Ltd (ZC-Rubber) are some of the renowned companies that manufacture green tire.
Segmental Overview
The green tire market study has been segmented on the basis of vehicle type, sales channel, and application.
By type of vehicle, the market has been segmented into passenger car, commercial vehicle, and others. The others segment includes Two-Wheeler, Construction Machinery, Agriculture Vehicle, and Off-Road Vehicle. By 2023, the passenger segment of the market is expected to expand at a CAGR of 17.67% and scale to a valuation of USD 59,399.4 million. Increase in number of passenger cars that are incorporated with green tires due to their ability to reduce carbon emission has been noted.
By the sales channel, the market has been divided into original equipment manufacturer (OEM) and aftermarket. The aftermarket segment is set to attain a valuation of USD 15,243.5 million and expand at a CAGR of 22.81% by 2023. The rising demand for fuel-efficient transport to control environmental issues is escalating the sale of green tires.
By application, the market has been segmented into on-road and off-road. The on-road segment is likely to expand at a 19.70 % CAGR over the assessment period. Green tires features ultra-low rolling resistance and offer improved mileage. These merits of green tire are beneficial in on-road applications of a vehicle. The on-road segment accounted for 85.85% share in 2017, and valued at USD 45,156.0 million. The on-road segment is set to increase to a valuation of USD 1,25,072.0 million by 2023.
Regional Outlook
The green tire market has been studied in regions that include Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Europe is expected to be at the global forefront, followed by North America. In North America, the rising awareness of green tire and the presence of numerous original equipment manufacturers (OEMs) producing green tires are factors that are likely to push the regional market growth. The expansion of the Europe market can be attributed to the existence of strict environmental policies regarding carbon emission from automobiles, which is being responsible for green tires to gain popularity. The market in Germany is expected to register the highest growth rate.
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Key Questions Addressed by the Report
- What was the historic market size (2017)?
- Which segmentation (Sales Channel/Vehicle Type/Application is driving market?
- What will be the growth rate by 2023?
- How are the key players in this market?
- What are the strategies adopted by key players?
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