The report "Green Tires Marketby 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.
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.
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.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]