The automotive green tires market is anticipated to witness a lucrative growth rate up to 2027 due to increasing demand for fuel-efficient vehicles. There is rising awareness among consumers, numerous initiatives by automotive manufactures regarding carbon dioxide emissions and pollution levels.
Green tires refer to a whole new class of environmentally friendly rubber which is bursting onto the global market. Currently, green technology is transforming the overall automotive sector and is very much applicable to the tires as for the cars. Green tires are specially designed keeping in mind both aerodynamics and lightness, which is extremely essential for having a strong grip while on the road.
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In comparison to traditional tires, green tires are manufactured in fuel efficient ways and are mainly designed for lower rolling resistance. This in turn leads to lower consumption of fuel over the tire's life. In simple words, lower rolling resistance means that the vehicles which are well-fitted with these kinds of tires will not consume much fuel while travelling.
Besides, green tires are also made from more recycled and sustainable materials. Although there are numerous substances found in tires, but the most researched material is said to be silica. This material is very versatile and sustainable material usually derived from quartz, glass, and sand, acting as one of the best binding agents in tires.
In addition, green manufacturing basically entails the implementation of eco-friendly practices around waste disposal and carbon dioxide emission reduction. It further involves adhering to safety practices and highest quality standards. The automotive green tires market is segmented in terms of vehicle type, application, end-user, and regional landscape.
With respect to application, the market for automotive green tires is divided into off-road and on-road. Among these, the on-road application segment will witness substantial growth over the coming time period. Superior performance abilities are expected to drive automotive green tires demand from on-road application.
In terms of end-user, the overall automotive green tires market is classified into aftermarket and OEM. Among these, the aftermarket segment is slated to grow at a CAGR of more than 11.5% over 2021-2027 owing to growing awareness among consumers regarding green tires technology.
From a regional frame of reference, Middle East & Africa region is expected to witness around 11% CAGR through the analysis timeframe owing to increasing demand for fuel efficient vehicles. Ongoing initiatives undertaken by automotive manufacturers to reduce carbon emissions and to adhere by government policies will also contribute towards regional growth.
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Key participants in the automotive green tires market include Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company, Hankook Tire, Continental AG, Pirelli & C. S.p.A., Cheng Shin Rubber Ind. Co., Zhongce Rubber Group Co., Kumho Tire, and Nokian Tyres Plc.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.1. Market definitions
1.2. Base estimation & working
1.2.1. North America
1.2.2. Europe
1.2.3. Asia Pacific
1.2.4. Latin America
1.2.5. Middle East & Africa
1.3. Forecast calculation
1.3.1. COVID-19 impact calculations on industry forecast
1.4. Data sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid sources
1.4.2.2. Public sources
Chapter 2. Executive Summary
2.1. Automotive green tires market 3600 synopsis, 2017 – 2027
2.1.1. Business trends
2.1.2. Vehicle trends
2.1.3. Application trends
2.1.4. End-user trends
2.1.5. Regional trends
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