The new report by Expert Market Research titled, ‘Global Green Tyre Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global green tyre market, assessing the market based on its segments like vehicle types, applications, end-users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): About USD 85.3 Billion
• Forecast CAGR (2022-2027): 11%
• Forecast Market Size (2027): Approximately USD 150.9 Billion
The key characteristics of these tyres include lightweight, reduced rolling resistance, carbon dioxide emission, and fuel consumption, long-life, and excellent durability, which makes them suitable for off-road applications, thereby boosting the growth of the market. In addition, rising e-commerce shipment and logistics services coupled with changing consumer lifestyles are additional factors driving the demand for green tyres in light commercial vehicles for weight and fuel optimisation, hence contributing to the market growth. With growing awareness among both consumers and companies pertaining to the demand for a cleaner environment, the market of green tyres is witnessing healthy growth. Further, the increasing demand for eco-friendly tyres, owing to the initiatives taken by the government for a green and clean environment, are major factors shaping the market growth of green tyres.
Industry Definition and Major Segments
Green tyres refer to a type of environmentally friendly rubber tyre, manufactured with a focus on fuel effectiveness. The principal advantage of going green is advertised as lower rolling resistance, which helps in reducing fuel consumption and carbon dioxide emission. Under extreme weather conditions, green tyres keep vehicles on the road safely. It includes various components and various types of rubber, all having their own excellent qualities.
By vehicle type, the market is divided into:
• Passenger Cars
• Light Commercial Vehicles (LCVS)
• Heavy Commercial Cars
On the basis of application, the market can be segregated into:
The market can be broadly categorised on the basis of its end-users into:
The global markets of green tyres can be divided into:
• North America
• Asia Pacific
• Latin America
• The Middle East and Africa
Airless green tyres are expected to drive the market demand. Airless tyres, also known as non-pneumatic tyres (NPT), are tyres that are not supported by air pressure. It comprises a rigid hub connected to a shear band by means of flexible, deformable polyurethane spokes, all of which functions as a single unit. It acts like a normal air-filled tyre with similar features. However, the main advantage of an airless tyre is that it does not go flat, and it is required to be replaced less frequently. Heavy equipment outfitted with airless tyres can carry more weight and engage in more rugged activities. These are some of the factors providing impetus to the market growth of green tyres.
Key Market Players
The major players in the market are Michelin North America, Inc., Bridgestone Americas Tire Operations, LLC, Continental Reifin Deutschland GmbH, Apollo Tyres Ltd, Pirelli & C. S.p.A. – Pirelli Tyre S.p.A, and Kumho Doublestar Tyre Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.