Green Tire Market

Green tires alternatively termed as energy tires and fuel-efficient tries are made up of environment-friendly rubber. They are designed to have low tire rolling resistance with the help of improved tire thread design without affecting skid and tread abrasion resistance, traction and other aspects of tire performance that are vital to the operating smoothness, as well as they are designed to reduce the noise generated by the tire. The different green tires available in market excel in any one of the mentioned characteristics or all in combination in order to improve efficiency and safety of a vehicle, ensure environmental benefits, and reduce noise.

In terms of value, the market is estimated to register a 20.63% CAGR during the forecast period, 2018–2023. In 2017, the market was led by Europe with a 44.61% share, followed by North America and Asia-Pacific with shares of 28.65% and 19.45%, respectively.

The global green tire market in terms of volume is estimated to register a 22.57% CAGR during the forecast period, 2018–2023, In 2017, the market was led by Europe with a 45.40% share, followed by North America and Asia-Pacific with shares of 26.52% and 20.92%, respectively.

The global green tire market has been segmented on the basis of vehicle type, application, sales channel, and region. On the basis of vehicle type, passenger car segment held the largest market share of 45.05% in 2017 and was valued at USD 23,696.6 million and is projected to exhibit a CAGR of 17.67% during the forecast period. This segment, by volume, held the largest market share of 64.31% in 2017 and accounted for 149.74 million units; it is projected to exhibit a CAGR of 21.89% during the forecast period.

On the basis of application, on-road segment held the largest market share of 85.85% in 2017 and was valued at USD 45,156.0 million and is projected to exhibit a CAGR of 19.70% during the forecast period. This segment, by volume, held the largest market share of 90.75%, in 2017 and accounted for 211.30 million units; it is projected to exhibit a CAGR of 22.15% during the forecast period.

On the basis of sales channel, aftermarket segment held the largest market share of 71.02% in 2017and was valued at USD 37,356.5 million; it is projected to exhibit a CAGR of 19.67% during the forecast period. The segment, by volume, held the largest market share of 66.88% in 2017 and accounted for 155.73 million units; it is projected to exhibit a CAGR of 21.72% during the forecast period.