Goodyear (US) and Bridgestone (Japan) are the Active Players in the Green Tires Market
Green tires are defined as tires adjusted for low rolling resistance, using materials such as silica. Rolling resistance is the energy dissipated from the friction of the tire rolling on a given surface. Addition of silica to the tire formulation results in tires being more energy-efficient as well as increases the overall safety of green tires. This market intelligence report segments the green tires market on the basis of vehicle type and application, in terms of value and volume.
Increasing government initiatives and stress on fuel efficiency are key factors anticipated to drive the green tires market. Companies operating in this market are focused on the adoption of various strategies, such as new product launches, expansions, and agreements & contracts to cater to the rising demand for green tires in various regions worldwide. 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).
Besides new product launches, companies have adopted the strategy of expansions to increase their market share and distribution network. These strategies accounted for a significant share of the total growth strategies adopted by the key players in the green tires market between 2015 and 2017.
Active Players in the Green Tires Market
Goodyear (US), one of the key players in the green tires market, is involved in the development and manufacturing of green tires. The company has adopted expansions and new product launches as key growth strategies to enhance their market share and widen their customer base. The company maintains a strong brand image in the green tires market, as it provides high-grade products for different applications. In April 2015, the company built a new tire factory in San Luis Potosi, Mexico to cater to its North and South American customers. The factory enabled the company to meet the robust demand in North America and South America for high-value-added (HVA) consumer tires. In March 2015, the company opened its first development center in China. The facility improved the company's capabilities in the Asia Pacific region. It also aided tire development for passenger cars and commercial trucks manufacturers located in China. In October 2015, the company unveiled a commercial truck tire, Fuel Max RSA that provides improved fuel economy for long-haul journeys as well as greater toughness for on-road applications. The tire also features Goodyear Fuel Max Technology enabling lower rolling resistance and improved efficiency.
Bridgestone (Japan) is involved in the development and manufacturing of tires. In October 2017, Bridgestone committed to investing USD 288.2 million into 3 key European production sites. The funds were used to expand plant production capacity, purchase cutting-edge equipment, and optimize existing production lines. In November 2015, the company acquired a majority stake in A.R.S, a leading tire company in Slovakia. The combined strength of the 2 companies ensured clients had access to better tire quality products.
Related Reports:
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
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