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Governments worldwide are taking steps to introduce rules and programs for labeling tires. The goal is to enhance vehicle efficiency, reduce the negative impact of regular tires on the environment, and increase awareness about green tires. In 2010, Japan began a voluntary tire labeling system for passenger cars. Similarly, South Korea launched a voluntary program for tire labeling in November 2011, later making it mandatory in November 2012. In November 2016, South Korea took a step further by implementing mandatory tire labeling regulations. The European Parliament and the European Council introduced REGULATION (EC) No. 1222/2009, proposing tire labeling for fuel efficiency and other crucial parameters. The aim is to enhance safety, promote fuel efficiency, decrease noise, and empower consumers to make informed purchasing decisions.
Many developed countries have put forward regulations on tire performance. However, developing countries are currently lagging in government initiatives. Nevertheless, there is an expectation that government efforts regarding tire labeling will increase in the coming years. This anticipation is fueled by rising fuel prices and growing awareness of fuel efficiency and environmental concerns. As a result, the impact of government regulations on tire labeling on the demand for green tires is predicted to shift from moderate to high during the forecast period.
In recent years, the cost of crude oil has significantly risen, and the availability of oil is diminishing. Ongoing conflicts in the Middle East have further reduced oil supplies from producing countries, leading to a surge in oil prices. According to the Organization of the Petroleum Exporting Countries (OPEC), in the 4th quarter of 2017, the spot prices for crude oil per barrel increased by 45.60% compared to 2016.
The increase in oil prices has led to a growing demand for fuel-efficient tires. As people look for ways to cut costs and reduce their impact on the environment, fuel-efficient tires have become more attractive. These tires, often referred to as green tires, are designed to have low rolling resistance, which decreases fuel consumption. With the rising awareness of environmental issues and the importance of fuel efficiency, the demand for fuel-efficient tires is expected to continue growing.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Sales Channel, Vehicle Type and Application |
Green Tires Market Highlights:
Green Tires Market Overview
According to the market report, the Green Tires Market Size is expected to increase at a 15% CAGR during the estimated time frame. You must know that the worldwide Green Tires Industry is relied upon to observe fast development during the figure time frame. Europe is relied upon to be the ruling area in the green tire market attributable to the presence of driving worldwide green tire producers, like Pirelli and C. S.p.A., Michelin, Continental AG, and Nokian Tires plc. These organizations offer minimal expense and mechanical progress for green tires to expand their portion of the overall industry, which adds to the expanding utilization of green tires throughout the area.
In 2017, North America held the second-biggest portion of the overall industry in the Global Green Tires Market. The persistently rising interest for elite tires, particularly for substitution tires, is relied upon to set out worthwhile open doors to the Market during the figure time frame. Alongside this, expansion in the offer of the traveler vehicles and business vehicles, rigid unofficial laws in regards to tire naming and outflows, and the expanding interest for eco-friendly tires are relied upon to incite a few top green tire fabricating organizations to build interests in North America during the figure time frame.
Vehicles are among the most productive supporters of air contamination because of their enormous scope of utilization of non-renewable energy sources. Although singular vehicles don't create many poisons, their worldwide ubiquity implies that the total commitment of the auto area is gigantically high. Tires establish one of the vital segments of a vehicle by deciding the measure of contaminations delivered by the vehicle. The moving opposition of a vehicle, like the grinding between the tires and the surface, is essential. The higher the moving opposition of a vehicle, the more energy it needs to defeat the rubbing and the more contaminations it discharges.
Because of the vital commitment of car tires in the contamination brought about by the vehicle, green tires have been conceptualized and planned. Green tires mean to lessen the moving opposition of vehicles to a point where the measure of poisons is held under tight restraints, yet the decrease in contact isn't dangerous for the drivers. Hence due to its positive benefit, the Market is expected to grow at a high rate during the estimated time frame.
Covid-19 analysis
Green tires are produced using climate well-disposed elastic that aids in decreasing the energy lost during the grating between a moving surface and the tires. The green tires have low moving opposition, which helps in lessening fuel utilization. The essential elements liable for the development of the Market are the expanding deals of business vehicles and traveler vehicles, just as the interest in eco-friendly tires. Be that as it may, the assembling business is confronting a critical decline caused by the COVID-19 pandemic. The world is battling against the pandemic just as a worldwide financial downturn. The lockdowns forced by governments in many nations during the initial three months of 2022 have seriously affected the worldwide economy to a great extent. The end of all business activities to prevent the spread of the Covid has radically affected the creation of automobile parts just as vehicles, affecting the deals of traveler vehicles and different vehicles, which are frustrating the development of the Green Tires Market. In addition, the spread of COVID-19 confined the development of vehicles to a great extent due to movement limitations across the globe, which killed the substitution tires requirement. This situation is likewise hampering the development of the Market.
Competitive Landscape
The major key players of the global Green Tires Marketare mentioned below:-
- Michelin, Bridgestone Corporation
- Hankook Tire
- Pirelli & C. S.p.A.
- Zhongce Rubber Group Co., Ltd (ZC-Rubber)
- Continental AG
- Nokian Tyres plc
- The Goodyear Tire & Rubber Company
- Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire)
- Kumho Tire
Recent Developments
- In October 2017, Bridgestone resolved to put 266 million euros into three key European creation locales, grow plant creation limit, buy state-of-the-art hardware, and advance existing creation lines.
Market Dynamics
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Major Drivers of the Market
Increase in eco-friendliness is the major driver of the Green Tires Market. Green tires help in lessening the energy lost because of grating among tires and the moving surface. This is called moving obstruction. Seven to ten percent of the fuel is devoured to conquer the moving opposition in light engine vehicles and regular traveler vehicles. In heavy trucks and business vehicles, the fuel utilization is higher. Over the long haul, the utilization of green tires turns out practical, as the additional expense paid for the green tires is recuperated by investment funds made on fuel costs.
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Significant Opportunities For The Market
However, the interest for green tires is expanding among different car producers, i.e., at the Original Equipment (OE) level, the substitution tires market is relied upon to give a great deal of opportunity to Green Tires Market later on. The interest for substitution tires will probably ascend during the estimated time frame, because of the greater vehicle usage in the background of an expansion in taxi sharing offices across the globe.
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Market Restraints
Lack of awareness in arising economies is considered as the major market restraint for Green Tires Market. The shoppers are very much aware of the advantages of utilizing CNG and crossover vehicles. In any case, awareness is absent regarding the advantages of green tires and their job in lessening fuel utilization. In arising economies like India and Indonesia, the overall purchaser is less centered on the advantages offered by green tires. This goes about as a huge restriction for the Green Tires Industry.
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Significant market growth
The developing worldwide awareness for the climate among buyers and legislatures of different nations has provoked a tremendous and steady interest in green tires, accordingly driving the development of theGreen Tires Market. Progressively strict guidelines concerning discharges in created economies are driving the reception of green tires. In addition, the development of arising economies has driven the interest for green tires in new and developing car vehicle deals.
Segment Overview
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By Vehicle Type
In view of Vehicle type, the market is segmented into Passengers Cars, Light Commercial Vehicles, and Others. Another fragment is additionally isolated into Heavy trucks, Buses and Coaches, and Two-wheelers. The Passenger vehicles section has seen a most impressive piece of the pie and is likewise assessed to witness the most noteworthy CAGR for the conjecture time frame.
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By Application
In light of Application, the Market is segmented into On-Road and Off-Road. The On-Road section is assessed to witness the most elevated CAGR for the gauge time frame. The elements that can be ascribed to the development of the On-Road section are related to the expanding interest in on-street vehicles like traveler vehicles and LCVs.
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By Region
In view of the region, the Global Market is characterized into Asia Pacific, North America, Europe, and the Rest of the world. Europe is relied upon to develop at most noteworthy CAGR during the gauge time frame. The development of the locale is credited to moving buying designs, rising mindfulness about eco-friendliness, and the presentation of electric and a half and half vehicles.
Regional Analysis
The regional analysis report offers the worldwide Green Tires Marketsegmentation by separating Europe, North America, Latin America, the Middle East and Africa, and the Asia Pacific. Europe caught the biggest portion of the market and is relied upon to stay the main district in the worldwide Market of Green Tires over the figure time frame. The area has numerous rigid guidelines regarding vehicle outflows, and awareness of the advantages of green tires is likewise high in the district. The presence of worldwide famous car producers and a strong car area in the locale is relied upon to drive the Market. North America is another locale with rigid guidelines which have put the regional market in the main situation behind Europe.
Report Outlook
The Global Green Tires Market or overviews is as follows:
- Global Market Share Overview
- COVID 19 impact on Global Market
- Global Market dynamics
- Market Value chain analysis
- Market Overview
- Regional Analysis as per the Market
- Market Competitive Landscape analysis
- Market Trends Developments
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