The global low rolling resistance tire market is estimated to attain a valuation of US$ 18.4 billion in 2023 and is expected to reach US$ 54 billion by 2033, expected to incline at a CAGR of 11.3% during the forecast period.
Technological Trends: Technological advancements in low rolling resistance tires focus on improving fuel efficiency, wet and dry traction, and tread wear characteristics through innovations such as silica-based tread compounds reducing energy loss, asymmetric tread designs enhancing handling and stability, tire aerodynamics optimizing airflow around the tire, and integrated tire pressure monitoring systems (TPMS) optimizing tire inflation for efficiency.
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Market Drivers: Factors driving the low rolling resistance tire market include increasing awareness of climate change and air pollution, government regulations mandating fuel economy standards and emissions reductions, rising fuel prices driving consumer demand for fuel-efficient vehicles and tires, and advancements in tire manufacturing processes enabling cost-effective production of low rolling resistance tires.
Market Challenges: Challenges facing the low rolling resistance tire market include cost pressures from tire manufacturers and automotive OEMs, trade-offs between rolling resistance reduction and other tire performance attributes such as traction and tread life, consumer perception challenges related to tire safety and durability, and the need for continuous innovation to meet evolving regulatory requirements and consumer preferences.
Opportunities: Despite challenges, there are opportunities for growth in the low rolling resistance tire market, particularly in segments such as electric and hybrid vehicles, fleet operations seeking fuel cost savings, and emerging markets with increasing vehicle ownership rates and environmental awareness. Additionally, there is potential for partnerships and collaborations between tire manufacturers, automotive OEMs, and government agencies to promote sustainable mobility solutions.
Key Takeaways
- The United States low rolling resistance tire market is expected to grow with a CAGR of 11%.
- The market in China is expected to grow with a CAGR of 11.4% during the forecast period.
- By sales channel, aftermarket segment is projected to grow with an impressive CAGR of 14.4% during the forecast period.
- The market in India is expected to grow with a CAGR of 11.5% throughout the forecast period.
Rising popularity and demand for electric and hybrid vehicles is expected to drive the demand for low rolling resistance tires during the forecast period,” comments an FMI Analyst
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Competitive Landscape
The low rolling resistance tire market is intensely competitive, with several key industry players investing heavily in providing these services.
The key industry players are 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, MRF Tyres.
Key Segments Profiled in the Low Rolling Resistance Tire Industry Survey
Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Width Type:
- Dual Type
- Wide Band Type
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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