Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global green tires market size is expected to reach USD 38.35 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. The growing awareness about the superior benefits of green tires such as rolling resistance and fuel-efficient will spur opportunities for the market, states Fortune Business Insights, in a report, titled “Green Tires Market Size, Share & Industry Analysis, By Size Type (15 inch, 16 inch, 17 inch, and 18 inch), By Application Type (On-Road and Off-Road), By Sales Channel Type (OEM, and Aftermarket), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) and Regional Forecasts, 2020-2027.” The market size stood at USD 27.24 billion in 2019.
Key Development:
March 2020: Goodyear introduced a self-recharging design to expand the life of tires and make them highly adaptable to different weather conditions. The Goodyear ReCharge is the latest concept in the tire that uses a tread that can be supplemented with liquid-filled capsules.
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Rising Carbon Emissions to Spur Demand for Green Tires
The rolling resistance plays a crucial role in reducing carbon emissions in vehicles, which, in turn, will aid the growth of the market. It helps to reduce the overall weight of the vehicle, thereby consuming less fuel. Rolling resistance raises the energy required for the tires to get in contact with the road surface and deform itself. The increasing knowledge about the benefits of rolling resistance among populations will subsequently stimulate the growth of the market. Rolling resistance accounts for about 10 to 15% of the fuel consumption in passenger cars. The percentage is expected to rise to 30% for heavy vehicles in the near future. The advancements in rolling resistance will further favor the healthy growth of the market.
Thwarting Automotive Industry to Retard Market in Coronavirus
The immense losses encountered by manufacturers due to coronavirus has led to a drastic bearing on the market. Various industries are shifting their investment plans to recover the losses from the COVID-19 pandemic. All these problems have ultimately impacted the automotive and transportation industry on a larger scale. The disrupted import and export trades and shut down of manufacturing activities have resulted in increased prices of raw materials, thus, hampering the production and inhibiting the green tires market growth. Moreover, deterioration in vehicle sales is expected to hinder the market in the forthcoming years. However, the governments in many nations have lifted the lockdown to cope up with enormous losses and consequently stabilize trade activities.
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Strict Emission Laws to Augment Growth in Europe
The market size in Europe stood at USD 8.01 billion in 2019 and is expected to grow rapidly during the forecast period owing to the government regulations to curb carbon emissions. The growing demand for low-emission vehicles and vehicular components will enable the speedy expansion of the market in the region. Green tires are also called energy tires in Europe. The growing focus of European tire manufacturers and suppliers on green tires will bolster healthy growth. Tires are an important aspect in reducing emissions and providing a good fuel economy. Besides, the prominent tire manufacturers and automotive companies are coming together to develop next-generation eco-friendly tires. For instance, the European Commission is formulating post-2020 carbon dioxide emission standards for passenger cars and commercial vehicles. Moreover, the ongoing partnerships and collaborations among major car manufacturers will accelerate the growth of the market. For instance, Michelin and General Motors established a partnership to develop a new wheel prototype designed to replace traditional pneumatic tires and wheels.
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The Report Lists the Key Companies in the Green Tire Market:
- MICHELIN (Clermont-Ferrand, France)
- Bridgestone Corporation (Tokyo, Japan)
- The Goodyear Tire & Rubber Company (Ohio, United States)
- Continental AG (Hanover, Germany)
- Hankook Tire & Technology Co. Ltd. (Seongnam-si, South Korea)
- Pirelli & C. S.p.A. (Milan, Italy)
- Cheng Shin Rubber Ind. Co. Ltd. (Taiwan, ROC)
- THE YOKOHAMA RUBBER CO., LTD. (Tokyo, Japan)
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