Global Green Tires Market to reach 104.23 billion dollars

The "Green Tires Market by Vehicle Type (Passenger Cars, Light Commercial Vehicle), Application (On-Road, and Off-Road), and Region (North America, Asia-Pacific, Europe, South America, and Middle East & Africa) - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.

The green or low rolling resistance tires market is estimated to be USD 56.74 Billion in 2016 and is projected to reach USD 104.23 Billion by 2022, at a CAGR of 10.7% from 2017 to 2022.

The growth of this market can be attributed to the rising use of green tires in emerging economies. In addition, increased tire labeling regulations in Europe and disposable income in emerging economies is also anticipated to fuel the growth of the green tires market.

Green tires are used for different applications such as on-road application and off-road application. On-road application segment is the largest type application segment of the green tires market. Though green tires in the road industry have gained widespread acceptance, the usage of green tires is still low in emerging economies. Green tired are majorly used in the on-road application, as the manufacturing capacity can be scaled up easily for passenger car tires.

Based on vehicle type, the passenger cars segment accounted for the largest share of the green tires market in 2016. This growth can be attributed to the increased use of green tires in passenger cars and stringent tire regulations. Other factors driving the passenger cars segment include increased demand for green tires for the electric and hybrid vehicles.

APAC, North America, Europe, South America, and the Middle East & Africa are the key regions considered for market analysis in the report. Europe was the largest market for green tires in 2016, in terms of volume. Europe is expected to become the largest market by 2022, as tire labeling regulations and growing awareness about green tires are expected to drive the green tires market in Europe during the forecast period. 

The green tires market in the APAC region is projected to grow at the highest CAGR between 2017 and 2022, in terms of value and volume. The increasing demand for green tires in the Asia Pacific region is anticipated to drive the green tires market. Increasing number of passenger cars, as well as a rise in the disposable income of consumers, are expected to drive the green tires market during the forecast period.

Lack of awareness regarding the benefits of green tires and the role it plays in reducing fuel consumption is acting as a key challenge for the green tires market. Green tires are being used in passenger vehicles such as hybrid and electric vehicles, which are touted as green vehicles.

Key players in the green tires market include Michelin (France), Bridgestone (Japan), Goodyear Tire and Rubber (US), Continental (Germany), Hankook (South Korea), Pirelli (Italy), Cheng Shin Rubber (China), Kumho Tires (South Korea), ZC Rubber (China), Nokian Tires (Finland) are the leading companies in the green tires market.

These companies are expected to venture into new markets to widen their customer base and strengthen their market presence.

Other manufacturers of green tires include Apollo tires (India), Sailun Tires (China), Shandong Linlong Tire (China), Kenda Tires (Taiwan), Giti Rubber (Singapore), Cooper (US), Yokohama (Japan), Nexen (South Korea), MRF (India), Petlas (Turkey), BKT (India)