The implementation of the EU tire labeling regulation (EC/1222/2009) on November 1, 2012, and other countries' tire labeling laws, will accelerate the growth of the global green tire market to reach $70.6 billion (35 percent of the total) by 2017 (a CAGR of 9.5 percent). Asia will hit a CAGR of 13 percent over the next five years as the report forecast. Meanwhile, due to strong demand of increasing sales of passenger and commercial vehicles and for replacement tires (13.4 peercent raise of vehicle sales in the U.S.; 19.3 million in China which overtook the EU and U.S. in 2012; and expected a CAGR of 4 percent globally to 2017), the global tire market holds significant opportunities for industry players. The "green tire" trend will surely promote the market transformation towards more fuel-efficient, low noise, safer and intelligent tires, which encourages the global tire manufactures and industry players to pay more attention to technology improvement by R&D, innovation and in-depth cooperation with automakers, chemical and materials providers, technology providers, R&D centers, etc.
Source: rubberworld.com
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