Global Automotive Green Tires Market Overview
The key driver impacting the Automotive green tires market is increasing vehicle sales globally. For instance, According to the International Organization of Motor Vehicle manufacturers (OICA), the 2019 passenger car sales will increase by 5%, which is 69.5 million units. Similarly, the commercial vehicles segment presents a sound rise as the sales touched 24 million units in 2019. China attained a leading position in commercial vehicle production with 5.3 MN Vehicles produced in 2019. Due to rapidly growing vehicle demand, global automobile production in 2019 was projected as 92 MN Vehicles, and it is predicted to grow by a CAGR of 20.78% by 2028 as per Crescendo Worldwide Organization. It is expected to reach around $ 9 trillion by 2030. Moreover, growing product development and awareness among consumers contribute to automotive green tires market demand in the coming years.
According to Value Market Research, the global Automotive Green Tires market size was valued at about USD 78 billion in 2020 and is estimated to grow at a CAGR of around 12% during the forecast period 2021 to 2027.
The increasing range of e-vehicles is likely to augment the need for automotive green tires in the forecast period. But, the fluctuating prices of raw materials are expected to obstruct the market in the long run. In addition, the energy-intensive manufacturing and higher operational costs are impeding the market growth. Nevertheless, the market trends, expanding automotive manufacturing, and rising demand for fuel-efficient tires might provide massive market opportunities to the market's key players.
The Automotive green tires market is widespread, with many local and international players. The market leaders follow diverse strategies like acquisitions, extending product portfolio, contracts, product innovations, amalgamation to strengthen their market share globally. The key players in the report are Bridgestone, The Goodyear Tire & Rubber Company, Cheng Shin Rubber Ind. Co., Michelin, Continental AG, Hankook Tire Pirelli & C. S.p.A., Cheng Shin Rubber Ind. Co., Zhongce Rubber Group Co., Cheng Shin Rubber Ind. Co., Nokian Tyres Plc, Kumho Tire, and Nokian Tyres Plc.
In this research report, the Automotive green tires market is segmented by vehicle, application, end-user, and region.
Analysis by Vehicle:
By vehicle, the report is segmented into passenger cars, commercial vehicles, and others. The passenger cars segment is likely to grow with a CAGR of 11% in the forecast period. It is due to rising passenger car sales. Moreover, rising disposable income and mobility requirements with the frequent launch of passenger e-vehicles contribute to the growth of passenger cars in the forecast period.
Analysis by Application:
By application, the report is segmented into on-road and off-road. The on-road segment is expected to grow with a substantial CAGR of 12% in the forecast period. It is due to the rising product demand in passenger cars and particularly light commercial vehicles. Moreover, rising ecommerce shipment & logistics services coupled with changing consumer lifestyles are contributing to the market demand at commercial buildings in the coming years.
Analysis by End-User:
By End-user, the report is divided into hospitals, diagnostic imaging centers, and others. The diagnostic imaging centers segment dominates the end-user segment with a market share of 13% in 2020. It is due to the rising automobile sales and the transition toward e-vehicles. Moreover, OEMs send quick access to products via a global distribution network and ensure support services and product quality with a warranty, contributing to the high market demand from the diagnostic imaging center.
Analysis by Region:
区域前景的全球汽车green tires market, the Asia Pacific region dominates with the largest market share in 2020. It is due to the growing market demand from China, India, and Japan due to the rapidly expanding automotive sector. Also, the increasing vehicle ownership due to rising disposable income and strict pollution norms & policies planned by several countries is adding regional market growth. Moreover, robust economic development, accessibility of raw materials, cost-effective labor and rising private & public investments, and favorable government initiatives contribute to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
- Passenger Car
- Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.