Environmental concerns such as pollution caused by greenhouse gases, vehicle emissions, industrial effluents, and other harmful exhausts have become a key concern around the world. The hazardous effects of pollution on the environment and human lives have led to rising awareness among industries which motivates them to opt for environment-friendly production processes and commodities. Changing consumer preferences for environment-friendly products have resulted in the use of renewable processes for power generation in an effort to reduce the global carbon footprint.
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The automobiles sector has been under the radar for contributing significantly to the rise in global pollution levels. Technological advancements in the production of automobiles such as the introduction of electrically operated vehicles and usage of advanced materials are in line with the global shift toward environment-friendly products. Automobile manufacturers are investing extensively into research and development to offer innovative solutions and cater to the changing consumer demands. Battery-operated vehicles are an emerging trend, especially in Asia Pacific. This technology was pioneered in North America and Europe, indicating that the market in these regions is already mature. This has led to the curbing of pollution caused by vehicle emissions. However, the need for batteries to generate power has limited the use of electric vehicles to short trips. Goodyear unveiled the concept of electricity generating tires at the Geneva Auto Show in 2015. Piezoelectric materials are employed to generate electricity through the mechanical strain on the tires of a moving vehicle. Electricity is produced by converting the heat and motion into electric current when the vehicle moves.
Increasing awareness about pollution among consumers and technological advancements in the automobile industry are the key factors driving the electricity generating tires market. Also, the rising disposable incomes and expenditure boost the demand for innovative automotive solutions offered by manufacturers. The cost incurred in the incorporation and maintenance of the piezoelectric system is a major factor restraining the development of the market.
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In terms of geography, the electricity generating tires market can be distributed over North America, South America, Europe, Asia Pacific, and Middle East & Africa. Consequently, the increasing population and rising establishment of automobile manufacturing plants in Asia Pacific are projected to fuel the demand for electricity generating tires. In addition, low labor costs and mounting disposable incomes are likely to propel the market in Asia Pacific. North America and Europe account for a larger market share due to presence of key automobile companies and technological advancements in the development of innovative automobile solutions in these regions. Key players in the industry are focusing on capturing the market in emerging economies such as China and India which are characterized by a rapidly developing automobile industry, high GDP, swift industrialization, and increasing investments of global automobile players into the region.
The electricity generating tires technology is being pioneered by the Goodyear Tire & Rubber Company; however, its potential competitors such as Bridgestone Corporation, Michelin SCA, Continental AG, Pirelli & C. SpA, Nokian Tyres PLC, Sumitomo Rubber Industries Ltd., and Yokohama Rubber Co. Ltd. could adopt this technology as well.