The low rolling resistance tire market is poised for substantial growth, with forecasts predicting it will reach USD 54 billion by 2033, driven by a strong compound annual growth rate (CAGR) of 11.3%. This expansion is largely attributed to the rising demand for fuel-efficient vehicles and the increasing focus on reducing carbon emissions. Low rolling resistance tires, designed to minimize energy loss as a tire rotates, are essential for improving vehicle efficiency and sustainability.
As both consumers and manufacturers prioritize environmental impact and cost savings, the market for low rolling resistance tires is set to see continued innovation and widespread adoption, becoming a key component in the automotive industry’s shift toward greener technologies.
Industry players are increasingly incorporating nanomaterials into tire production to leverage their benefits in reducing rolling resistance, enhancing wear resistance, and improving safety. The demand for fuel-efficient vehicles, which require less engine power to move due to the lower rolling resistance of these tires, is expected to drive market growth and boost sales.
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The growing popularity of electric and hybrid vehicles, which use low rolling resistance tires to maximize battery range, is further fueling demand. Additionally, advancements in tire technologies, such as the use of silica compounds, are benefiting the market. Many manufacturers are collaborating with leading research institutions to drive product innovation. For example, Sumitomo Rubber Industries Ltd. partnered with Kansai University in March 2021 to develop new technology capable of generating electricity from tire rotation. This research aims to integrate a power-generating device within the tire to capture static electricity produced during rotation. Such innovative efforts are anticipated to create significant growth opportunities in the market throughout the forecast period.
Key Takeaways from the Low Rolling Resistance Tire Market Report:
- 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.
Competitive Landscape:
The low rolling resistance tire market is intensely competitive, with several key industry players investing heavily in providing these services.
Leading Key Players:
The low rolling resistance tire market is dominated by leading key players such as Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C S.p.A, Hankook Tire, MICHELIN, and Continental AG. Other significant contributors include Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd., Maxxis International (Cheng Shin Rubber), Marangoni S.p.A, and MRF Tyres. These companies are at the forefront of innovation, focusing on enhancing fuel efficiency and reducing carbon emissions through advanced tire technologies. Their competitive strategies involve substantial investments in research and development to produce high-performance, sustainable tire solutions.
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Recent Developments:
- In 2021, Goodyear Tire & Rubber Company began the acquisition of Cooper Tire & Rubber Company for approximately USD 2.5 billion. This move expands Goodyear’s product range, strengthens its position as a US-based manufacturer, and boosts its presence in retail and distribution channels for LUV product and light trucks segments.
- In February 2022, Yokohama Tire Corporation launched sustainable tires for Supercars, utilizing biomass-derived synthetic rubber and recyclable thermo-reversible rubber.
- Bridgestone Corporation, in 2021, announced a USD 9.3 billion investment in launching revolutionary equipment at the Shimonoseki Plant. This facility manufactures tires for construction and mining vehicles. The installation process, scheduled to begin in 2022 and conclude by 2025, aims to enhance the company’s production system in terms of eco-friendliness, disaster preparedness, safety, quality, and productivity.
Low Rolling Resistance Tire Market Segmentation:
By Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Width Type:
- Dual Type
- Wide Band Type
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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