(MENAFN- Ameliorate Digital Consultancy)
The rise in regulations related to vehicle emission levels along with the growing popularity of eco-friendly and sustainable vehicles is expected to boost the automotive green tires market share in the coming years. Notably, a green tire is retreadable, lightweight, and sensibly dimensioned with reduced rolling resistance, enhanced shelf-life, and a high fuel-efficiency.
These tires are designed and developed with the help of renewable materials. The manufacturing process does not require excessive energy and also does not generate high waste and pollution. Reports estimate that the global automotive green tires market could cross USD 175 billion in terms of total valuation by 2027.
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Escalating demand for larger vehicle fleet to enhance the economies of scale in the logistics sector has propelled the demand for heavy trailers and trucks. Enhancement in the global construction and infrastructure industry over the years to meet the rising demands of the people along with the positive outlook in the mining sector will drive the adoption of automotive green tires.
There is a growing sale of SUV vehicles worldwide owing to several benefits like the high center of gravity, rigid look, ground clearance, high H-point, and many others. The rising eminence of improved mobility vehicles for use in the construction and agriculture industry and the rise in number of adventure parks and trails will also boost the sale of green tires in the SUV- vehicle segment.
Regionally speaking, Europe has emerged as a profitable revenue terrain as the regulatory bodies across the region including federal and regional have imposed standards and regulations to control vehicle emissions.
Many policies have been drafted in Europe to improve the efficiency of vehicles, increasing the adoption of electric cars and complementing the regional consumption of the product. Germany and France in particular boast of a robust automobile sector with many leading companies like Audi, Fiat, BMW, Ferrari, among various others. This will benefit the overall automotive green tire market size in Europe.
Original Equipment Manufacturers or OEMs account for a significant share of the market as they enter into partnerships or multi-year contracts with raw material suppliers, ensuring a continuous supply chain. OEMs follow a collaborative procedure and mainly focus on the research and development to produce green tires that meet the emission norms.
Developing regions in Latin America have also emerged as key consumers of automotive green tires owing to favorable efforts such as the increase in Foreign Direct Investments and certain supportive trade policies. With market players investing in research and development, production of vehicles, finance, and other auto-centered activities will propel the regional green tires sector.
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Automotive green tire companies are actively working towards enhancing their market offerings to meet the changing, sustainable automobile needs. Industry manufacturers include Hankook Tire, Continental AG, The Goodyear Tire & Rubber Company, Zhongce Rubber Group Co., Nokian Tyres Plc., and Kumho Tire, among various others.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.1. Market definitions
1.2. Base estimation & working
1.2.1. North America
1.2.2. Europe
1.2.3. Asia Pacific
1.2.4. Latin America
1.2.5. Middle East & Africa
1.3. Forecast calculation
1.3.1. COVID-19 impact calculations on industry forecast
1.4. Data sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid sources
1.4.2.2. Public sources
Chapter 2. Executive Summary
2.1. Automotive green tires market 3600 synopsis, 2017 – 2027
2.1.1. Business trends
2.1.2. Vehicle trends
2.1.3. Application trends
2.1.4. End-user trends
2.1.5. Regional trends
Chapter 3. Automotive Green Tires Industry Insights
3.1. Industry segmentation
3.2. COVID-19 impact on industry
3.3. Industry ecosystem analysis
3.3.1. Value addition at each stage
3.3.2. COVID-19 impact on value chain
3.3.3. End-user analysis
3.3.4. Vendor matrix
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