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The global green tyre industry is driven by the European market. An increase in fuel efficiency drives the green tyre industry. The use of green tyres in vehicles can enhance the fuel economy. Some of the factors propelling the use of green tyres include increasing energy costs, severe government regulations, the need for improved handling and safety, increasing urbanization, and globalization. Rising environmental awareness among consumers regarding fuel consumption among the global population has resulted in a preference for green tyres among private automobile owners and commercial fleet owners. This sector is also attracting high investments leading to better research and development. Various governments have incentivized the usage of green tyres. Severe government regulations compel manufacturers to opt for green tyres. The application of green tyres help in tackling the increasing scarcity of natural petroleum reserves and reduce pollution globally. With the rapidly increasing population leading to the growth of commercial vehicles and passenger cars, automotive sales primarily drive the automotive green tyres market. Still, the COVID-19 pandemic heavily disrupted passenger car sales, especially in 2020. However, with the rise in vaccination drives, it is anticipated that the market will witness growth in the future. However, factors hampering the growth of the green tyre industry include the lack of awareness regarding the advantages of green tyres and the role it plays in decreasing fuel consumption.
The rising competition among the key players also provides an impetus to market growth. In March 2021, Apollo Tyres Ltd (NSE: APOLLOTYRE) introduced Apterra Cross tyres for India's fast-growing Compact SUV (CSUV) segment. This is the first dedicated range of tyres that caters to the CSUV segment. It is an outcome of an in-depth research to understand the exact usage patterns of CSUV drivers, the basis on which the team designed and developed. It has a twin steel belt, with JCP protection, for high puncture resistance, while the high abrasion resistant multi polymer blend used for the tread ensures longer tyre life. The rounder contact patches provide maximum ride comfort, which has been specially tuned for better compression during impact, basic advanced simulation techniques, also ensuring low noise generation.
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The major players in the global green tyre industry are Michelin North America, Inc., Bridgestone Americas Tyre Operations, LLC, Continental Reifin Deutschland GmbH, Apollo Tyres Ltd, Pirelli & C. S.p.A. - Pirelli Tyre S.p.A and Kumho Doublestar Tyre Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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