The Latest Green Tire Industry Statistics Explained
Green tire market size is projected to reach USD 37.20 Billion by 2026 from USD 22.80 Billion in 2016, at a CAGR of 10.7%.
This statistic indicates that the green tire market, which was valued at USD 22.80 billion in 2016, is projected to grow to USD 37.20 billion by 2026. The compound annual growth rate (CAGR) of 10.7% reflects the expected average annual growth rate over this period. This suggests a significant expansion in the market for environmentally friendly tires, driven by factors such as increasing awareness of sustainability issues, government regulations promoting eco-friendly products, and consumer preference for products that are more energy-efficient and have reduced environmental impact. The robust CAGR highlights the potential for substantial market growth and opportunities for businesses operating in the green tire sector.
Increasing investments in the green tire sector by manufacturers to develop eco-friendly products are predicted to create opportunities for the market that is projected to grow at around a 12 percent CAGR through 2030.
The statistic suggests that manufacturers are channeling more resources into the green tire sector to innovate and produce environmentally friendly products. This trend is expected to bring about opportunities for growth in the market, with a projected Compound Annual Growth Rate (CAGR) of approximately 12% up to the year 2030. This indicates a strong market potential for green tires as consumer and regulatory demands for sustainable solutions drive the industry towards eco-friendly alternatives. The increasing investments by manufacturers signal a shift towards sustainability and a recognition of the importance of addressing environmental concerns within the tire manufacturing sector.
Green tire market size crossed USD 70 billion in 2018.
The statistic “Green tire market size crossed USD 70 billion in 2018” refers to the total value of the market for environmentally-friendly or sustainable tires reaching over $70 billion in the year 2018. This means that the demand and sales of green tires, which are designed to reduce fuel consumption and emissions compared to traditional tires, have significantly increased and contributed to a multi-billion-dollar industry. The figure of $70 billion indicates the substantial financial impact and consumer interest in sustainable products within the tire industry, reflecting a growing trend towards environmentally conscious purchasing decisions.
Europe is expected to be the largest green tire market over the forecast period, owing to its mature automotive industry.
The statistic suggests that the green tire market in Europe is predicted to be the most significant in terms of size compared to other regions in the foreseeable future. This projection is primarily attributed to Europe’s well-established automotive industry, which has a strong focus on sustainability and environmental initiatives. As a result, there is a growing demand for green tires in Europe due to increasing awareness and regulations regarding environmental protection in the automotive sector. This trend indicates that the market for eco-friendly tires is expected to thrive in Europe due to the region’s maturity in the automotive industry and its commitment to sustainable practices.
The passenger cars segment accounted for the largest share in the green tire market in 2018.
The statistic indicates that in 2018, the passenger cars segment held the highest proportion of market share within the green tire industry. This suggests that among the different vehicle categories such as commercial vehicles, motorcycles, and passenger cars, it was passenger cars that dominated the market in terms of the demand and consumption of green tires. The significant share of passenger cars in the green tire market signifies a growing awareness and preference for eco-friendly and fuel-efficient tires among consumers. This particular segment’s prominence also reflects the emphasis on sustainability and environmental consciousness within the automotive industry, as passenger cars are a major contributor to carbon emissions and fuel consumption.
More than 50% of the global consumption of green tires is from the passenger cars segment in 2018.
This statistic indicates that in 2018, over half of the total global consumption of green tires, which are environmentally friendly tires designed to reduce fuel consumption and emissions, came from the passenger cars segment. This suggests that the demand for green tires in the passenger car market is significant and plays a crucial role in driving the overall consumption of eco-friendly tires worldwide. The data highlights the growing awareness and adoption of sustainable practices in the automotive industry, with consumers and manufacturers increasingly prioritizing environmentally friendly options to reduce their carbon footprint and promote sustainability.
The Asia Pacific is expected to be the fastest-growing market for green tires due to the highest vehicle production in China and India.
The statistic indicates that the Asia Pacific region is projected to experience the most rapid growth in the market for green tires primarily because of the significant vehicle production levels in China and India. As both countries are major players in the automotive industry and have large populations with increasing demand for vehicles, there is a substantial opportunity for the adoption of eco-friendly green tires in the region. This growth is driven by the increasing awareness and emphasis on sustainability and environmental concerns, leading to a shift towards more sustainable practices in the automotive sector. Overall, the Asia Pacific region’s high vehicle production levels in key countries like China and India are driving the increasing demand for green tires, making it the fastest-growing market for such products.
The passenger cars application segment is projected to grow at a CAGR of 10.9% during 2016-2022 in the Green tire market.
The statistic indicates that the passenger cars application segment within the Green tire market is expected to experience a Compound Annual Growth Rate (CAGR) of 10.9% between 2016 and 2022. This suggests a significant projected growth rate for Green tires specifically designed for use in passenger cars over the specified time period. The CAGR of 10.9% implies a consistent annual growth rate, signifying a positive trend in demand and adoption of Green tires within the passenger car market segment. This statistic highlights an opportunity for growth and investment in environmentally friendly tire solutions for passenger vehicles in the coming years.
The Green tire market for electric cars is projected to grow at the highest CAGR of 12.5% during 2016-2022.
This statistic indicates that the market for green tires specifically designed for electric cars is expected to experience a Compound Annual Growth Rate (CAGR) of 12.5% between the years 2016 and 2022. This implies a substantial increase in demand for environmentally-friendly tires suited for electric vehicles over the specified time period. The high growth rate suggests that there is a growing market for green tires as more consumers opt for electric cars, paving the way for potential opportunities and advancements in the manufacturing and distribution of eco-friendly tire products.
The global green tire consumption market is valued at about 140.9 million units in 2019.
The statistic indicates that the global green tire consumption market reached a size of approximately 140.9 million units in 2019. Green tires are eco-friendly alternatives to traditional tires, designed to improve fuel efficiency and reduce harmful emissions. This figure reflects the growing consumer awareness and demand for sustainable and environmentally-friendly products in the automotive industry. The increase in green tire consumption suggests a shift towards more sustainable transportation options and a recognition of the importance of reducing the carbon footprint associated with tire manufacturing and usage.
The global Green Tire market share is predicted to rise at a 10.7% CAGR from 2016 to 2026.
This statistic indicates that the global Green Tire market share, which includes environmentally friendly tires that are designed to reduce fuel consumption and emissions, is expected to increase at a Compound Annual Growth Rate (CAGR) of 10.7% from 2016 to 2026. This predicted growth suggests a positive trend towards the adoption of sustainable practices in the tire industry, driven by factors such as increasing environmental awareness, government regulations promoting eco-friendly products, and the growing demand for fuel-efficient vehicles. The forecasted rise in market share implies an expanding consumer preference for green tires and signifies potential opportunities for companies operating in this sector to capitalize on the increasing demand for environmentally conscious products.
In 2018, the North America green tire market was valued at nearly 280 million units.
The statistic states that in the year 2018, the green tire market in North America had a total value of almost 280 million units. Green tires are a type of environmentally friendly tire that are designed to improve fuel efficiency and reduce emissions. The high value of nearly 280 million units suggests that there is a growing demand for eco-friendly tires in the North American market, likely driven by increasing environmental awareness and regulations promoting sustainable practices in the automotive industry. This statistic indicates a shift towards more sustainable products in the tire industry and signifies a potential trend towards greener solutions in the transportation sector.
In Europe, almost 44% tires sold in 2017 were green tires.
The statistic that almost 44% of tires sold in Europe in 2017 were green tires suggests a significant shift towards environmentally friendly products in the automotive industry. Green tires typically offer improved fuel efficiency, reduced carbon emissions, and enhanced performance compared to traditional tires. This data indicates a growing awareness and adoption of sustainable practices among consumers and manufacturers within the European tire market. The high percentage of green tires being sold highlights a positive trend towards greener and more eco-friendly products in the automotive sector, reflecting a broader movement towards environmental consciousness and sustainability in the region.
The rolling resistance segment is anticipated to display the highest growth within the green tire market through 2022.
The statistic indicates that among various segments within the green tire market, the rolling resistance segment is expected to experience the most significant growth up to the year 2022. Rolling resistance refers to the force that resists the motion of a tire as it rolls on a surface, and reducing this resistance is a key focus in the development of green tires as it can improve fuel efficiency and reduce carbon emissions. This forecast suggests that advancements and innovations within the rolling resistance segment, such as new materials or tire designs aimed at minimizing resistance, are likely to drive growth and capture a larger share of the green tire market in the coming years.
In 2018, the global carbon footprint from green tires was around 7.53 million tons, and it is estimated to reach approximately 13.03 million tons by 2023.
The statistic provided states that in 2018, the global carbon footprint resulting from the production and use of green tires was approximately 7.53 million tons, a measure of the total amount of carbon dioxide emissions released into the atmosphere due to this specific source. Furthermore, it is projected that by the year 2023, this carbon footprint is expected to increase to around 13.03 million tons. This indicates a significant anticipated growth in the environmental impact of green tires within a relatively short time frame, highlighting the importance of implementing sustainable practices and technologies in the tire manufacturing industry to mitigate the associated carbon emissions.
Demand for green tires is expected to surge at a CAGR of 10.7% between 2017 and 2022.
This statistic indicates that there is projected to be a consistent and significant increase in the demand for green tires over the period from 2017 to 2022. The Compound Annual Growth Rate (CAGR) of 10.7% suggests a steady annual growth in the market for environmentally friendly tires. This could be driven by various factors such as increasing awareness and concern about environmental sustainability, stricter regulations on emissions and fuel efficiency, as well as consumer preferences for eco-friendly products. The projected surge in demand highlights the growing importance of green initiatives in the automotive industry and the potential for significant market opportunities for manufacturers and suppliers of green tires.
Green tire sales’ market share in terms of revenue was over 25% for Europe in 2018.
This statistic indicates that within the European market in 2018, over 25% of the revenue generated from tire sales was attributed to green tires. Green tires typically refer to eco-friendly or sustainable tires that are manufactured using materials and processes that are less harmful to the environment compared to traditional tires. This data suggests a significant shift towards environmentally conscious consumer preferences in the tire industry in Europe, with a quarter of the market opting for more sustainable options. The high market share of green tire sales in terms of revenue highlights the growing importance of sustainability in the automotive industry and consumer demand for eco-friendly products.
In Europe, Germany was the largest market for green tires in 2019, accounting for more than 20% of the sales volume.
The statistic suggests that in 2019, Germany held the leading position as the largest market for green tires within Europe, with its sales volume making up over 20% of the total sales in the region. This indicates that Germany was a significant player in the green tire market, highlighting a strong demand for environmentally friendly tire options within the country. The dominance of Germany in this sector could be attributed to various factors such as government incentives, environmental awareness among consumers, and a supportive infrastructure for green technology adoption. This statistic underscores Germany’s role as a key market driving the growth of sustainable practices within the automotive industry in Europe.
By 2026 the global Green tire market volume is projected to reach around 2.5 billion units.
The statistic indicates that by the year 2026, the global market volume for Green tires is expected to reach approximately 2.5 billion units. This projection suggests a growing trend towards the adoption of environmentally-friendly and sustainable tire options worldwide. Green tires are those designed to have reduced carbon footprint, improve fuel efficiency, and decrease emissions of pollutants. The increasing emphasis on sustainability and environmental consciousness within the automotive industry is likely driving this expected growth in the Green tire market, as consumers and manufacturers alike prioritize eco-friendly alternatives. The statistic implies a shift towards greener practices within the tire industry, reflecting a broader global movement towards sustainability and responsible consumption.
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