As per the study, the global low rolling resistance tire market demand is slated to surpass a staggering CAGR of 11.3% across the forthcoming decade with value of 54 billion by the year 2033
The demand for low rolling resistance tyres has greatly increased as a result of manufacturers improving existing vehicle tyre designs, claims the most recent research study from ESOMAR-certified Future Market Insights (FMI).
One of the top concerns in the international struggle for environmental sustainability in the automotive industry is fuel economy, which major manufacturers are putting more and more emphasis on accomplishing. According to recommendations made by the US Department of Energy, reduced rolling resistance tyres can increase fuel efficiency by 5 to 15%. For light and heavy duty vehicles, a 5% reduction in rolling resistance would result in a 1.5% increase in fuel efficiency.
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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.
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.
Competitive Landscape
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.
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Key Segments Covered
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Width Type
- Dual Type
- Wide Band Type
Sales Channel
- OEM
- Aftermarket
Region
- North America (US and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, France, Spain, UK, Italy, Nordics, BENELUX, Russia and Rest of Europe)
- East Asia (China, Japan and South Korea)
- South Asia (India, Malaysia, Thailand, the Philippines and Rest of South Asia)
- Oceania (Australia and New Zealand)
- Middle East & Africa (GCC, South Africa, Turkey and Rest of MEA)
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