Global Green Tires Market Analysis, 2013-2023
Green tires are developed while keeping in mind the sustainable development and environmental factors. The green tires contain dispersible silica in the treads in high amounts. These green tries are classified into passenger tires, light commercial tires, and heavy commercial tires.
The global green tires Market report shows insights on the existing market conditions by conducting primary and secondary research for more than 309 hours. In accordance to the report, the global green tires market is increasing its effective radius throughout the globe rapidly. The global green tires market is estimated at US $ xxx million dollars in 2018 which is then projected to reach a massive US $ xxx million dollars by the end of 2023 growing at a striking growth rate of xx% annually.
The green tires are just like the ordinary tires except they do not harm the environment. The green tires are used for both on-road and off-road purposes. They are in great demand in the automobile industry as these tires are used for all types of vehicles ranging from commercial vehicles, cars, bikes, tractors and much more. These tires are also better in terms of grip, durability, reliability, and efficiency. Hence, most of the automotive and automobile manufacturers only demand for these green tires.
The major factors that are the growth drivers for the green tire market include urbanization and industrialization. Due to these developments and rising environmental concerns, these tires were brought up keeping in mind the need for sustainable development. So, many countries and regions adopted this new model of tires, which led to a rapid expansion of the green tire market.
Even though these green tires promote sustainable development and prevent pollution, they also have certain drawbacks. The raw materials required in the production of these green tires are not easily available unlike the raw materials for regular tires. Some process engineering sectors do not have the knowledge of how to manufacture and produce the green tires. So, only a few regions can manufacture these tires which makes them limited in availability. These tires cannot be used during all seasons which stop the customers from buying the product. So, these factors impede the growth of the green tire market.
The regions where the green tires are deeply concentrated include North America, Latin America, Europe, the Asia Pacific, Middle East, and Africa. In the upcoming years, the United States and Canada are expected to see a rise in the production in the green tires market.
The major companies that manufacture the green tires include Goodyear Tire and Rubber Co, Pirelli Tyre S.P.A and Green Arc Tire Manufacturing Incorporation. Other companies include PPG Industries Incorporation, Bridgestone and Michelin North America Incorporation.
The research process begins with the market segmentation of the global green tires market; which is followed by identifying the growth factors of every segment and conducting market forecast. Market forecasts are done in accordance with the inputs shared by the global green tires industry experts. Market Krystal held more than 45 hours of interviews for this study and its details are given below: