The increasing demand for electric vehicles and the carbon emission targets are contributing to the growth of the automotive green tires market.
According to TechSci Research report, “Automotive Green Tires Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2030,” the global automotive green tires market is growing because of the rising global sales of BEVs and PHEVs in the global market. Moreover, in the coming years, the demand for electric vehicles will increase as green tires help in increasing the efficiency of electric vehicles by reducing the rolling resistance. Also, and tire manufacturing companies are also focusing on switching towards green tires as most of the key global tire companies have set carbon emission goals, and in order to meet these goals, companies are using green raw materials in their production sites. The need for these automotive green tires that are both energy-efficient and environmentally safe is rising as a result of consumer preferences for environmentally friendly mobility solutions and stringent regulations. The first important element of an eco-friendly tire is the raw material used. To replace rubber, businesses are turning to synthetic composites, which usually contain silica. Road friction is decreased, and rubber in the treads is replaced with silica. At the same time research and development work is also in progress, so overall, all these factors are expected to drive the market in the forecast years.
Governments implemented lockdowns and shut down manufacturing facilities during the COVID-19 pandemic. Even though no manufacturing company has been spared, the pandemic's effects have not been uniform. Others have been able to maintain their businesses, though their success has depended on the markets they serve and their ability to adjust to rapidly changing consumer trends. While some suppliers and product manufacturers have experienced dramatic declines in sales and earnings, others have been able to maintain their businesses.
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The Global Automotive Green Tires Market can be segmented based on vehicle type, demand category, tire construction type, region, and company. Based on Vehicle type, the market is further segmented into Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR. Based on demand category, the market is segmented into OEM and Replacement. Based on Tire Construction Type, the Global Automotive Green Tires Market is divided into Radial and Bias. Based on the region type the market is further segmented into North America, Asia Pacific, Europe & CIS, South America, and Middle East & Africa.
Some of the major companies operating in the Global Automotive Green Tires Market include:
- Bridgestone Corporation
- Continental AG
- Michelin Group
- Apollo Tyres Limited
- Yokohama Tire Corporation
- Goodyear Tire & Rubber Company
- Pirelli & C. Spa
- Toyo Tire Corporation
- MRF Limited
- CEAT Limited
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different defense research bodies to stay competitive in the market.
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“Asia-pacific is the leading region, followed by Europe and North America. All these regions capture major market share and in the forecast period these regions are expected to increase their market penetration as the companies in the regions are strengthening their manufacturing capabilities of green tires and also enhancing product portfolio. Moreover, the rise in electric vehicles sales will also generate new opportunities for the global automotive green tires market” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Automotive Green Tires Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region.” has evaluated the future growth potential of Automotive Green Tires Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Automotive Green Tires Market.
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