Global Low rolling resistance tire Market, By Type (Bias, Radial, Tubeless, Tube, Others), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), Width Type (Dual Type, Wide Band Type), Sales Channel (OEM, Aftermarket), Application Type (On-Road, Off Road) – Industry Trends and Forecast to 2030.
Low Rolling Resistance Tire Market Analysis and Size
As per the data of International Energy Agency, average global fuel consumption of recently registered LDVs reached 7.2 liters of gasoline-equivalent per 100 km in 2017. Moreover, it has been recognized by the U.S. Department of Energy that adopting low roller resistance tires can yield approx. 5-15% of fuel economy. A 5 percent reduction in rolling resistance would increase fuel economy by around 1.5% for heavy and light-duty vehicles. Installing these tires can aid fleets in reducing fuel costs and ensure proper tire inflation. For instance, changing traditional dual tires with one wide-base tire can increase fuel proficiency by about 5 percent by reducing rolling resistance.
Data Bridge Market Research analyses that the low rolling resistance tire market is expected to reach USD 46.03 billion by 2030, which is USD 17.94 billion in 2022, at a CAGR of 12.50% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Low Rolling Resistance Tire Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Bias, Radial, Tubeless, Tube, Others), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), Width Type (Dual Type, Wide Band Type), Sales Channel (OEM, Aftermarket), Application Type (On-Road, Off Road)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (U.S.), Sumitomo Rubber Industries, Ltd (Japan), Pirelli & C. S.p.A. (Italy), Hankook Tire & Technology (South Korea), MICHELIN (France), Continental AG (Germany), Trelleborg AB (publ) (Sweden), The Yokohama Rubber Co. Ltd (Japan), APOLLO TYRES LTD (India), Maxxis International–USA. (U.S.), Marangoni S.p.A (Italy), MRF Limited (India), Cooper Tire & Rubber Company (U.S.), Toyo Tire & Rubber Co. Ltd. (Japan), KUMHO TIRE (South Korea), Nokian Tyres plc. (Finland)
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Market Opportunities
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Market Definition
A low-rolling resistance tire is a type of tire which is mainly designed to make as little friction as possible between the road surface and rubber. This enables the tires to move more easily, which can improve the vehicles' performance and fuel economy. They are made up of special rubber compounds which help to reduce energy losses owing to friction between road surface and the tire, thereby improving efficiency of vehicle. Low-rolling resistance tires are used in trucks, cars, buses and other vehicles that require to travel long distances.
Low Rolling Resistance Tire Market Dynamics
Drivers
- Increase in offering new products by major manufacturers
The major manufacturers of low rolling resistance tire majorly rely on offering new products equipped with the latest low rolling resistance gripping technology to expand their presence. For instance, Bridgestone Corporation delivers the ECOPIA low rolling resistance tire designs for light automobiles. Its eco-friendly design enables superior road performance, aiding higher safety and fuel efficiency. Moreover, ECOPIA also decreases the production of harmful emissions of carbon dioxide and allowing for reduced rolling resistance. Thus, increase in offering new products by major manufacturers is anticipated to drive the market growth rate during the forecast period.
- Increasing usage of Low rolling resistance tire in light commercial vehicle (LCV)
Increasing usage of low rolling resistance tire in light commercial vehicle (LCV) is expected to witness significant growth of the market during the forecast period. These products are widely used by transport authorities globally for increasing fuel efficiency by reducing rolling resistance without compromising ride safety performance or quality. Furthermore, the increasing use of light commercial vehicle (LCV) on account of their ability to haul heavy loads at high speeds also increases product demand worldwide.
Opportunities
- Increasing agreements between manufacturers and research institutes
Many manufacturers are forging agreements with major research institutes to product innovation. For instance, in March 2021, Sumitomo Rubber Industries Ltd. has declared that it has been working with Kansai University on joint research targeting. This joint research improve new technology which capable of generating electric power from rotation of a tire. This joint research was accomplished by installing a power generating device inside the tire to harness the generated static electricity during rotation. Therefore, increasing product innovation will create numerous market growth opportunities during the forecast period.
Restraints
- Multiple drawbacks associated with low rolling resistance tire
Certain structural limitations in the low rolling resistance tires may impede uptake to an extent. As a result of presence of less rubber, these tires have a considerably lesser grip, which could affect braking, mainly on wet roads. This may surge chances of skidding and consequently fatalities owing to accidents. Moreover, as technologies keep changing, manufacturers have to constantly upgrade their product, which often surges operational prices and hamper the market's growth.
This low rolling resistance tire market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the low rolling resistance tire market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In 2021, The Goodyear Tire & Rubber Company started processes to acquire Cooper Tire & Rubber Company for a total enterprise value of around US$ 2.5 billion. The transaction will increase Goodyear’s product offering by joining two portfolios of balancing brands, whereas making a stronger US-based manufacturers with augmented presence in retail and distribution channels across the LUV product and light trucks segments.
- In 2021, Bridgestone Corporation decided to spend US$ 9.3 million to launch a revolutionary equipment for assured facilities at Shimonoseki Plant, which manufacture tires for construction and mining vehicles. The installation process will start from 2022 and will be finished by 2025 to increase the company’s production system in terms of eco-friendliness, disaster preparedness, safety, quality and productivity.
Global Low Rolling Resistance Tire Market Scope
The low rolling resistance tire market is segmented based on the type, vehicle type, width type, sales channel and application type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Bias
- Radial
- Tubeless
- Tube
- Others
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Width Type
- Dual Type
- Wide Band Type
Sales Channel
- OEM
- Aftermarket
Application Type
- On-Road
- Off Road
Low Rolling Resistance Tire Market Regional Analysis/Insights
The low rolling resistance tire market is analyzed and market size insights and trends are provided by country, type, vehicle type, width type, sales channel and application type as referenced above.
The countries covered in the low rolling resistance tire market report are report U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the low rolling resistance tire market in terms of revenue owing to the increase in the sales of electric vehicles in this region.
North America is projected to be the fastest developing region during the forecast period of 2023-2030. This is mainly owing to increase in the awareness regarding the timely maintenance of vehicles. Furthermore, the rising automotive sector is further expected to propel the market growth in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Low rolling resistance tire Market Share Analysis
The low rolling resistance tire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to low rolling resistance tire market.
Some of the major players operating in the low rolling resistance tire market are:
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (U.S.)
- Sumitomo Rubber Industries, Ltd (Japan)
- Pirelli & C. S.p.A. (Italy)
- Hankook Tire & Technology (South Korea)
- MICHELIN (France)
- Continental AG (Germany)
- Trelleborg AB (publ) (Sweden)
- The Yokohama Rubber Co. Ltd (Japan)
- APOLLO TYRES LTD (India)
- Maxxis International–USA. (U.S.)
- Marangoni S.p.A (Italy)
- MRF Limited (India)
- Cooper Tire & Rubber Company (U.S.)
- Toyo Tire & Rubber Co. Ltd. (Japan)
- KUMHO TIRE (South Korea)
- Nokian Tyres plc. (Finland)
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