Green Tires Market Worth 104.23 Billion USD by 2022
PUNE, India, April 26, 2018 /PRNewswire/ --
The report "Green Tires Market by Vehicle Type (Passenger Cars, Light Commercial Vehicle), Application (On-Road, and Off-Road), and Region (North America, Asia-Pacific, Europe, South America, and Middle East & Africa) - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 104.23 Billion by 2022. The Green Tires Market is estimated to be USD 62.68 Billion in 2017 and is projected to reach USD 104.23 Billion by 2022, at a CAGR of 10.7% from 2017 to 2022. This growth can be attributed to the increased demand for green tires for use in passenger cars and light commercial vehicles across the globe. Apart from low rolling resistance, these tires also provide greater fuel efficiency. In addition, the increasing environmental initiatives by governments of various countries and increased stress on fuel efficiency is further anticipated to fuel the consumption of the Green Tires Market.
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Browse 69 market data Tables and 30 Figures spread through 106 Pages and in-depth TOC on "Green Tires Market"
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The passenger cars segment is the fastest-growing vehicle type segment of the Green Tires Market.
Based on vehicle type, the passenger cars segment of the Green Tires Market is projected to grow at the highest CAGR during the forecast period. Passenger cars lead the automotive production across the globe. The use of green tires in passenger cars has garnered industry-wide acceptance for the former's performance and general characteristics. In recent years, automotive manufacturers have been focusing on enhancing the overall fuel efficiency of vehicles, which, in turn, has created the demand for fuel-efficient tires.
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On-road application segment accounted for the largest share of the Green Tires Market in 2016.
Based on application, the on-road application segment accounted for the largest share of the Green Tires Market in 2016. On-road vehicles include passenger cars, LCVs, and trucks, which run on roads to transport passengers and goods from one place to another. The demand for on-road vehicles, such as passenger cars and LCVs is on the rise and is expected to drive the on-road application segment of the Green Tires Market.
Europe is the largest market for green tires.
The European region is estimated to be the largest market for green tires, in terms of volume, in 2017. Germany is a key consumer of green tires in the European region. The increased use of green tires in passenger vehicles in the region has contributed to the growth of the Europe Green Tires Market. New product launches & developments and expansions are the key growth strategies adopted by the leading manufacturers of green tires in the European region.
Bridgestone (Japan), Goodyear Tire and Rubber (US), Michelin (France), Continental (Germany), and Hankook (South Korea) are the key players operating in the Green Tires Market.
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