The production process for these tires does not require excessive amount of energies while manufacturing of these tires and the pollution generated is relatively low. Growing demand for fuel efficient vehicles, due to low availability of convectional fuel is one of the major driving factors for growth of the market. This green tire helps in reducing consumption of fuel, as it creates less amount of friction while moving the vehicle on road. This reduces rolling resistance of the tire, which further lessens fuel consumption of vehicles. This factor in turn helps in reducing fuel consumption by 5–15%. According to the California Energy Commission (CEC) analysis, the adoption of low-rolling resistance tires could save 1.5–4.5% of all gasoline consumption. Thus, adoption green tire will positively help in reducing consumption of fuel, which in turn helps in propelling growth of the Green Tires Market during the forecasted period (2018–2026).
Major Players in the Green Tires Industry:
1. Michelin
Michelin was founded in 1889 and it’s headquarter in Clermont-Ferrand, France. The company operates in 170 countries. In 2023 Michelin launched new tires dedicated to electric automobiles in China, a quick response to carmakers and general consumers.
2. Bridgestone Corporation
Bridgestone Corporation was launch in 1931. And its headquarter - Chuo City, Tokyo, Japan. It operate over 170 country
3. The Goodyear Tire and Rubber Company
The Goodyear Tire and Rubber Company, was launch in 1889 and it’s headquarter located in Akron, Ohio, United States. It operate over 23 country. In 2021Goodyear Tire & Rubber Company announced on Monday that it has completed its acquisition of Cooper Tire & Rubber Company,
4. Hankook Tire Group.
Hankook Tire Group was launch in 1941 and it’s headquarter located in Seongnam-si, South Korea.it operate over 160+ country.
5. Pirelli & C. S.p.A.
Pirelli & C. S.p.A. founded in 1872. It headquarters located in Milan, Italy. With businesses in over 13 countries. In 2023 Pirelli has also introduced certified tires that contain FSC-certified natural rubber and rayon.
6. Cheng Shin Rubber
Cheng Shin Rubber, was launch 1967 and its headquarter Changhua, Taiwan. . It operate over 150 country.
7. Kumho Tires
Kumho Tires Founded in 1960, with its headquarters in Gwangju, South Korea. With businesses in over 20 countries. Kumho Tire exports tires worldwide and has a global network of sales organizations.
8. Nokian Tires
Nokian Tires founded in 1988, with its headquarters in Nokia, Finland.With businesses in over 60 countries.
*Definition- Green tires are defined as those tries, which are lighter in weight, make the vehicle fuel-efficient, have lower rolling resistance, long-life, and retread able tire, which is produced from renewable materials.
