Green tires use tightly bonded rubber in the tread blocks to retain more energy while driving. Green tires also reduce rolling resistance, noise emissions, and carbon emissions.
The increasing adoption of green tires, owing to increase fuel efficiency and government initiatives taken for green and clean environment, are major factors expected to drive growth of the green tires market over the forecast period. However, lack of awareness regarding eco-friendly tire technology may hinder demand of the green tires and restrain growth of the target market.
The global green tires market has been segmented on the basis of vehicle type, application, and region. On the basis of vehicle type, the target market is segmented into passenger cars and light commercial vehicles (LCVs). The passenger cars segment is expected to register a major revenue share in the target market over the forecast period. On the basis of application, the target market is segmented into on-road and off-road. The on-road segment is expected to account for major shares in terms of revenue in the target market during the forecast period.
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On the basis of region, the global green tires market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe green tires market accounted for highest share in terms of revenue to the global green tires market and is expected to dominate the green tires market over the forecast period. The North America market also accounted for a significant revenue share during the forecast period. The Asia Pacific green tires market is estimated to witness a fastest growth and is expected to register a significant CAGR in coming years.
Key players operating in the global green tires market include MICHELIN, Bridgestone Americas Tire Operations, LLC, The Goodyear Tire & Rubber Company, Continental Tire the Americas, LLC, Pirelli Tyre S.p.A, Hankook Tire, KUMHO TIRE USA, INC., ZC-RUBBER, Nokian Tyres plc, and Cheng Shin Rubber Ind. Co. Ltd.