Global Green Tire Market 2019 Trends, Market Share, Industry Size, Growth, Sales, Opportunities, Analysis and Forecast To 2024

Summary:
A new market study, titled “Discover Global Green Tire Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Introduction
Global Green Tire Market
Tires that are manufactured from renewable materials like nylon rubber through a process that doesn’t require a large amount of energy are known as green tires. Conventional tires are made from rubber. However, with rising concerns regarding effective usage of energy, tires are also produced from renewable raw materials like plasticizers and resins. Presently, these environment-friendly raw materials are in higher demand, as compared to conventional products. This can be owed to the mounting inclination towards materials that come from renewable sources and are made using lower amount of energy.
Further, these products are lighter as compared to conventional tires, which aids in the reduction of the overall weight of the vehicle. In addition, it requires lesser fuel consumption and aids in lowering the rolling resistance. The global green tire market is estimated to witness proliferated growth during the forecast period, mainly due to all the above-mentioned factors. Other factors contributing to the ascension of the green tire market include higher longevity, retreadable tires, etc.
Other key factors that are attributable to the ascension of the global green tire market include rising energy costs and stringent government regulations that are curbing the amount of carbon emissions. All these factors are weighing heavier on the positive side of the scales for the market. Apart from that, increasing awareness towards climate change and the environment has led many consumers to opt for products and services that are in tune with environment-friendliness and support green initiatives. Escalating disposable income and a change in lifestyle has also led consumers to be carefree towards the cost of green tires, owing to higher affordability. Also, faster urbanization and growing globalization are other factors that are fueling the consumption of green tires over the estimate period.

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Market Segmentation
The global green tire market is studied for various segments for gaining better insights on the market landscape, enabling better decision-making. The market is segmented by type, application, and region. Based on type, the global green tire market is segmented into all steel tire and semi-steel tire. Based on application, the global green tire market is segmented into light commercial vehicle, passenger vehicle, and heavy commercial vehicle.

Detailed Regional Analysis
The green tire market is segmented into the regions of North America, South America, Asia Pacific, the Middle East & Africa, and Europe. Europe held a dominant stance in the global green tire market at the beginning of the forecast period. Further, this regional market is also anticipated to boast a dominant share of the global green tire market over the estimate period. This can be owed to the major research hubs based in the region, along with a presence of several giant automotive vendors in the region.
North America is expected to set track on the same path as Europe and garner the second-largest green tire market. Moreover, Asia Pacific is expected to witness fast paced ascension, with Japan, China, and India as prospective leaders in the region.

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