Europe green tire market is projected to grow at a CAGR of over 14% during 2019 - 2024
NEW YORK, Jan. 7, 2020 /PRNewswire/ --
Europe Green Tire Market, By Vehicle Type (Passenger Car, LCV & HCV), By Product Type (Radial & Bias), By End User (Aftermarket & OEM), By Rim Size (12-15 Inch, 16-20 Inch & Above 20 Inch), By Country, Competition, Forecast & Opportunities, 2024
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Europe green tire market is projected to grow at a CAGR of over 14% during 2019 - 2024, on account of increasing vehicle sales and fleet size as well as government regulations on tire energy labelling.Green tires are manufactured from renewable materials such as nylon rubber unlike conventional tires that are made of rubber.
Several tire manufacturers have started adopting environment friendly raw materials that help make tires lighter, thereby reducing vehicle weight.Low weight of the vehicle provides high efficiency with low rolling resistance and less fuel consumption.
Moreover, government regulations pertaining to the environmental performance of tire industry and surging consumer awareness is expected to positively influence the market during forecast period.
Europe green tire market can be segmented based on vehicle type, product type, end user and rim size.Based on vehicle type, the region's green tire market can be segmented into passenger car, LCV and HCV.
Passenger cars lead automobile production in Europe and the segment is expected to grow at a brisk rate during the forecast period.Moreover, automakers are focusing on enhancing the fuel efficiency of vehicles, which is resulting in high demand for fuel-efficient tires, thereby driving the green tire market in Europe.
Based on product type, the market can be bifurcated into radial and bias. Consumers prefer radial tires due to their advantages, such as flexible sidewalls and reduced fuel consumption due to less vibration and resistance over their counterparts.
Green tire market in Europe is registering growth, on account of rising vehicle production and sales as well as increasing government regulations on tire energy labelling that is increasing the installation rate of green tires.In terms of regional analysis, the market has been segmented into Germany, France, Spain, Italy, and UK.
Germany accounts for the largest share in the region's green tire market, primarily due to large existing fleet of passenger cars in the country.Being one of the major exporting hubs for automobile producers, Germany's automotive industry is known worldwide for its high-quality automobile manufacturing.
Moreover, the country is the fourth largest in terms of total vehicle production, globally, after China, US and Japan. High vehicle ownership coupled with moderate growth in new vehicle sales is expected to continue boosting green tire sales in Germany in the coming years.
Some of the major players operating in Europe green tire market are Compagnie Générale des Établissements Michelin, Goodyear Dunlop Tires Europe B.V., Continental Aktiengesellschaft, Bridgestone Europe NV/SA, Pirelli & C. S.p.A., Nokian Tyres Plc, Yokohama Europe Gmbh, Hankook Reifen Deutschland GmbH, Apollo Vredestein B.V., and Cooper Tire & Rubber Company Europe Limited. Key players operating in the market are investing in innovations to earn sound returns on investments. Moreover, strategic moves such as mergers and collaborations are also helping the key players to increase their customer base and expand sales & distribution networks.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
• To analyze and forecast Europe green tire market size.
• To classify and forecast Europe green tire market based on vehicle type, product type, end user, rim size and country.
• To identify drivers and challenges for Europe green tire market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Europe green tire market.
• To conduct pricing analysis for Europe green tire market.
• To identify and analyze the profile of leading players operating in Europe green tire market.
Some of the leading players in Europe green tire market include Compagnie Générale des Établissements Michelin, Goodyear Dunlop Tires Europe B.V., Continental Aktiengesellschaft, Bridgestone Europe NV/SA, Pirelli & C. S.p.A., Nokian Tyres Plc, Yokohama Europe Gmbh, Hankook Reifen Deutschland GmbH, Apollo Vredestein B.V., and Cooper Tire & Rubber Company Europe Limited.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of leading manufacturers across the region.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst examined the product offerings, distribution channels and presence of all major players operating in green tire market in Europe.
The analyst calculated Europe green tire market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Green tire manufacturers, suppliers, distributors and other stakeholders
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to green tire market
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as green tire manufacturers, suppliers, distributors and other stakeholders. The report would enable the stakeholders in strategizing investments and capitalizing on emerging market opportunities.
Report Scope:
In this report, Europe green tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, By Product Type:
o Radial
o Bias
• Market, By Vehicle Type:
o Passenger Car
o LCV
o HCV
• Market, By End User:
o Aftermarket
o OEM
• Market, By Rim Size:
o 12-15 Inch
o 16-20 Inch
o Above 20 Inch
• Market, by Country:
o Germany
o France
o Spain
o Italy
o United Kingdom
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Europe green tire market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five)
Read the full report: https://www.reportlinker.com/p05837316/?utm_source=PRN
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