Green tires are designed to reduce environmental impact and enhance performance. They offer low rolling resistance, which improves fuel efficiency and reduces carbon emissions. These tires are used in passenger cars and commercial vehicles. Key features of green tires include advanced tread compounds and tire construction for increased durability and lower road noise. They also provide better traction and grip on wet surfaces. The benefits include cost savings through improved fuel economy, reduced greenhouse gas emissions, and a smaller carbon footprint, contributing to a more sustainable and eco-friendly driving experience.
According to Data Bridge Market Research, the Global Green Tires Market is expected to grow with a CAGR of 16.22% in the forecast period of 2022 to 2029.
“Heightened consumer awareness regarding environmental safety boosts the market’s growth”
The green tires market is experiencing growth due to heightened consumer awareness regarding environmental safety. Consumers are increasingly conscious of their carbon footprint and are actively seeking eco-friendly products. Green tires, designed with reduced rolling resistance for improved fuel efficiency and lower emissions, align with these environmental concerns. As a result, there is a growing demand for green tires in the automotive sector. This trend towards sustainability not only benefits the environment but also propels market growth as consumers prioritize eco-conscious choices when it comes to their vehicles.
What restraints the growth of the global green tires market?
High volatility of raw material prices restraints the market’s growth”
The green tires market faces growth constraints due to the high volatility of raw material prices. Many components used in green tires, such as natural rubber and silica, are subject to price fluctuations influenced by factors like weather conditions, geopolitical events, and supply chain disruptions. This volatility impacts production costs and can hinder manufacturers' ability to offer competitive pricing. Consequently, it poses a challenge for the green tire market's expansion as it affects affordability and market adoption, despite the environmental benefits these tires provide.
Segmentation: Global Green Tires Market
The global green tires market is segmented on the basis of application and type.
- On the basis of application, the market is segmented into on-road, and off-road
- On the basis of type, the market is segmented into passenger cars, and light commercial vehicle.
Regional Insights: Asia-Pacific dominates the Global Green Tires Market
Asia-Pacific dominates the green tires market owing to excellent production of polyester goods" implies that a particular entity or industry is expected to maintain its strong position in the market in the foreseeable future. This is attributed to the exceptional manufacturing of polyester products, suggesting a competitive advantage that is likely to persist and drive success in the coming period.
Europe and North America will continue to project the highest CAGR for this period due to benefits from a favourable mix of aromatic hydrocarbon resources, likely supporting specific industries. Additionally, the presence of a robust distribution network implies efficient access to markets, contributing to the region's economic strength and success.
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The Prominent Key Players Operating in the Global Green Tires Market Include:
- Pirelli & C. S.p.A (Italy)
- Bridgestone Corporation (Japan)
- Green Arc Tire Manufacturing Inc. (Canada)
- The Goodyear Tire & Rubber Company (U.S.)
- Hankook Tire (South Korea)
- CST (Cheng Shin Tire) (Taiwan)
- Sailun (China)
- LINGLONG TIRE (China)
- Kenda Tires (Taiwan)
- CRAIN COMMUNICATIONS, INC. (U.S.)
- Cooper Tire & Rubber Company (U.S.)
- Michelin North America Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global green tires market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Green Tires Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
