Green Tires Market Market Worldwide Top Players Revenue Analysis of Michelin, Bridgestone Corporation, The Goodyear Tire and Rubber Company, Hankook Tire Group

Green tires are defined as those tries, which are lighter in weight, make the vehicle fuel-efficient, have lower rolling resistance, long-life, and retreadable tire, which is produced from renewable materials. The production process for these tires does not require excessive amount of energies while manufacturing of these tires and the pollution generated is relatively low.

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Increasing demand for fuel efficient vehicles and government initiatives for environment protection are major factors driving growth of the market
Growing demand for fuel efficient vehicles, due to low availability of convectional fuel is one of the major driving factors for growth of the market. This green tire helps in reducing consumption of fuel, as it creates less amount of friction while moving the vehicle on road. This reduces rolling resistance of the tire, which further lessens fuel consumption of vehicles. According to the California Energy Commission (CEC) analysis, the adoption of low-rolling resistance tires could save 1.5–4.5% of all gasoline consumption. Thus, adoption green tire will positively help in reducing consumption of fuel, which in turn helps in propelling growth of the green tires market during the forecasted period (2018–2026).

Increasing government initiative for environment protection is another factor propelling growth of the market. For instance, the U.S. Environmental Protection Agency (EPA) enacted the Clean Air Act in 1963. The aim of the act is to control air pollution. As per the Motor Vehicle Air Pollution Control Act 1965 authorized the federal government to set standards for controlling the emission of pollutants from automobiles.

Global Green Tries Market: Regional Insights

Europe accounted for the largest market share in 2017 and is expected to retain its dominance during the forecasted period. This growth is attributed to stringent government regulation regarding emission control. For instance, the European Union has set emissions standards. EU Regulation No 443/2009 sets an average CO2 emission target for new passenger cars of 130 grams/kilometre.

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Global Green Tires Market: Competitive Landscape

Major players operating in the global green tires market are Michelin, Bridgestone Corporation, The Goodyear Tire and Rubber Company, Hankook Tire Group, Pirelli & C. S.p.A., Cheng Shin Rubber, Kumho Tires, ZC Rubber Group Co. Ltd, Nokian Tires, and Apollo tires Ltd.

Global Green Tires Market: Taxonomy

By Vehicles Type

• Passenger Cars
• Commercial Vehicles

By Applications

• On-road
• Off-road

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa

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