Green Tires Market Strategies, Industry, Growth Analysis, Future Scope, key Drivers Till 2023

Pollution levels are high across the globe and there are several factors contributing to it. Air pollution due to rising traffic problems has prompted the overwhelming support for the development of efficient automotive vehicles with minimum environmental impact. Vehicle pollution results in high emissions of nitrogen oxide, carbon monoxide, and other pollutants. Green tires are one such solution. Market Research Future has analyzed the global ogreen tires market in its new report for the forecast period from 2017 to 2023. The market for green tires is anticipated to witness considerable expansion over the forecast period.

Inefficient use of fuel in a vehicle can lead to greater emissions and leave a higher negative impact on the environment. The reduced use of proper public transport systems due to the lack of the same combined with the use of old diesel vehicles has further increased the air pollution level in developing countries, thus contributing to a global problem. As a result, the demand for green vehicle components has grown considerably. Green tires are a great option as they reduce the rolling resistance between the tire and surface of the road. Companies have developed green tires which are highly safe and help in reducing emissions by being more fuel efficient.  Traditional tires are made from rubber, green tires are made from a number of raw materials including silane incorporated rubber, recycled rubber, and renewable raw materials to name a few. The growing global consciousness for the environment among consumers and governments of various countries has prompted a huge and supportive demand for green tires, thus driving the growth of the market. Increasingly stringent regulations regarding emissions in developed economies are driving the adoption of green tires. Moreover, the growth of emerging economies has driven the demand for green tires in new and growing automotive vehicle sales.

Ongoing development of green tires using suitable materials has not yet resulted in the best solution. The uncertainty surrounding materials used is both a challenge and opportunity as it is driving R&D activities for the development of the same. Moreover, the lack of awareness regarding green tires in emerging countries will likely slow market growth over the review period.

Various market players that have been included in MRFR’s competitive analysis of the global green tires market are MRF (India), Michelin (France), Giti Tire Pte Ltd (Singapore), Lanxess (Germany), Evonik Industries AG (Germany), Hankook Tire (South Korea), PPG Industries, Inc. (US), Pirelli Tire North America LLC (US), Bridgestone Americas Tire Operations, LLC (US), Sailun Tires (Canada), Nexen Tire America Inc. (US), Apollo Tyres (India), Green Arc Tire Manufacturing Inc. (Canada), and Goodyear Tire & Rubber Company (US).

Segmental analysis of the global green tires market has been performed on the basis of raw material, application, vehicle type, and region. Raw materials used in green tires have been segmented into silica incorporated rubber, silane incorporated rubber, butyl rubber silica, recycled rubber, renewable raw materials, and others.

By vehicle type, the market has been segmented into heavy-duty vehicles, light-duty vehicles, motorcycles, aircraft, non-road diesel equipment, and others.

Applications of green tires have been divided to include on-road and off-road.

Key regions in the report encompass the global market by dividing into Europe, Latin America, the Middle East & Africa, North America, and the Asia Pacific. Europe captured the largest share of the market and is expected to remain the most significant region in the global green tires market over the forecast period. The region has many stringent regulations regarding vehicle emissions and awareness regarding the benefits of green tires is also high in the region. The presence of globally renowned automotive manufacturers and the presence of a solid automotive sector in the region is expected to drive the market. North America is another region with stringent regulations which have placed the regional market in a leading position behind Europe. The Asia Pacific is a rapidly growing market which is likely to grow during the assessment period due to the high pollution levels and massive automotive sales in the region.