The Passenger Cars Segment is the Fastest-Growing Vehicle Type Segment of the Green Tires Market

The report “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) – ****** Forecast to 2022″ The green tires market is expected to reach USD 104.23 Billion by 2022. The green tires market is estimated to be USD 62.68 Billion in 2017 and is projected to reach USD 104.23 Billion by 2022, at a CAGR of 10.7% from 2017 to 2022.

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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). 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).

Green Tires Market, Based on Vehicle Type:

  • Passenger Cars
  • LCVs
  • Others

Green Tires Market, Based on Application:

  • On-Road
  • Off-Road

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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.