Global green tyre market to grow @10%
A new report published by Research and Markets suggests that the global “green” or eco-tyre market is expected to grow at a 9.82 per cent compound annual growth rate (CAGR) between 2012 and 2016.
According to the writers, the report provides an in-depth market analysis with inputs from industry experts. One analyst from the research team said: “Increase in factory automation is another major trend in the Global Green Tire market. The Global Factory Automation market was valued at US$128.98 billion in 2011 and is expected to reach US$184.99 billion by 2015. Automation offers various benefits such as a decrease in production time, which further reduces the lead time. As a result, products are available more quickly in the market. Automation also reduces long-term production costs by increasing efficiency, and helps improve quality by reducing human error. In addition, automation reduces cycle time and thus helps companies remain competitive.
According to the report, one of the main drivers in this market is the implementation of stringent fuel efficiency standards. The increasingly strict fuel economy standards being implemented globally have a direct positive influence on the demand for green tyres, resulting in the growth of the global green tyre market.