The Global Green Tires Market is expected to reach a valuation of USD 1, 52,409.2 Million with a vigorous CAGR of 20.63% by 2023, according to the latest research report from Market Research Future (MRFR). The report examines the COVID-19 overview of the global green tires market 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.
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.
Key Players
Notable players in the global green tire market 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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Market Segmentation
Regional Analysis
Region-wise, the global green tires market has been segmented into North America, Europe, Asia Pacific (APAC), and the rest of the world.
North America had the second-largest market share in the green tires market in 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.
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