Surging carbon footprint attributed to heavy automotive usage has led manufacturers to improve existing vehicle tire designs has significantly heightened demand for low rolling resistance tires, according to ESOMAR-certified Future Market Insights’ (FMI) latest research report. As per the study, the global low rolling resistance market is slated to surpass a staggering CAGR of 11% across the forthcoming decade.
Key manufacturers are increasingly focusing on achieving fuel economy, one of the top priorities in the global fight to achieve environmental sustainability in the automotive domain. The United States Department of Energy advocates that adopting low roller resistance tires can yield around 5-15% of fuel economy. A 5% reduction in rolling resistance would improve fuel economy by approximately 1.5% for light and heavy duty vehicles.
Prominent manufacturer Bridgestone Group offers revolutionary solutions contributing to CO2 emissions reductions by customers and partners across society. To accelerate its contributions, it has set the focused target towards 2030: contributing to global emissions reduction across the lifecycle and value chain. For the target of a 25 percent reduction in tire rolling resistance by 2020, it achieved a 23 percent reduction in 2019.
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Key Takeaways from FMI’s Low Rolling Resistance Tire Market Study
- By vehicle type, passenger vehicles to emerge as primary low rolling resistance tire end-users
- Wide band width low rolling resistance tires to account for nearly a quarter of the global demand
- Sales across the aftermarket segment are likely to surpass an impressive valuation, given the ever expanding volumes of global transportation fleet
- US to experience noteworthy expansion amid robust presence of regional level tire manufacturers
- India and China to generate lucrative opportunities across South Asia & East Asia, collectively experiencing over 3x growth
- Massive investment projects to augment production capabilities to bolster demand across Japan
- Broadening EV market to widen low rolling resistance tires adoption across Germany
“Visibly increasing consumer tilt towards commercial vehicles for long distance travel is likely to amplify sales of low rolling resistance tires by prominent automotive manufacturing giants,” says the FMI analyst.
Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C S.p.A, Hankook Tire, MICHELIN, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd., Maxxis International (Cheng Shin Rubber), Marangoni S.p.A and MRF Tyres are some prominent players operating in the low rolling resistance tire market.
Emphasis on lightweight tires is prompting prominent players to introduce appropriate product portfolios. For instance, in April 2021, Milan-based Pirelli & C S.p.A introduced P ZERO RACE Tub SL, a new rubber, equipped with a special inner tube which guarantees a reduction in overall tire weight exceeding 10%, while maintaining the same grip, smoothness and reliability for bicycles.
Manufacturers are also focusing on offering customized solutions to appropriate end-use industries. Hankook Tire, for instance, announced in April 2021 that it intends to supply original equipment for Porsche 718 Boxster and Cayman models, including tailor-made Ventus S1 evo 3 tires in sizes 235/40 ZR19 (92Y) N-O for the front axle and 265/40 ZR19 (98Y) N-O for the rear axle.
Key Segments Covered
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Dual Type
- Wide Band Type