Automotive Green Tires Market is expected to Grow in the Forecast Years
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.
“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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