Low Rolling Resistance Tire Market

GMI Research analysis indicates that the global Low Rolling Resistance Tire Market is slated to register a single-digit growth of about 12.2% over the period, 2021-2028.

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Market Dynamic

Key Drivers and Emerging Trends

Growing demand for passenger and commercial vehicles and increasing adoption of nanotechnology in the production of tires are the major factors fueling the low rolling resistance tire market share. With the growing emphasis on improving automotive performance, leading producers have leveraged efficient tire technology, driving the market growth. In addition, increasing urbanization, expansion of automotive industry, and growing concerns towards vehicle safety are expected to propel the market growth over the upcoming years. Increasing environmental concerns pertaining emission level has induced producers to change their existing production approach and introduce effective vehicle designs, contributing to the use of low rolling resistance tires.

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Vehicle type – Segment Analysis

Heavy commercial vehicles are predicted to grow at a faster CAGR over the forecast period, owing to the increasing adoption of fuel effective automotive components. Additionally, rising demand for commercial vehicles for long-distance travel, especially HCV makes them more prone to wear and tear, thus increasing the adoption of low rolling resistance tires.

Passenger cars are estimated to lead the market during the coming years, primarily because of the growing demand for fuel-effective automotive. Also, according to the 2003 California Energy Commission Report, the incorporation of low rolling resistance tires in light-duty fleets is cost effective over the life of the vehicle while using 300 million gallons of gasoline annually, leading to a 3% improvement in fuel efficiency.

Width type – Segment Analysis

Wide bandwidth low rolling resistance tires are estimated to dominate the market over the coming years, due to their abilty to minimize the chances of tire damage from heat by distributing vehicle weight over large surface area. A wide band width tires can reduce 800 pounds of weight, helping attain fuel economy and expand cargo carrying capacity. Also, a wide tire can absorb vibrations from an uneven road to provide a smooth ride and improve rolling resistance, augmenting the Low Rolling Resistance Tire Market Size.

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Regional – Segment Analysis:

Asia Pacific is estimated to witness a faster CAGR during the forecast period, owing to the rising vehicles sales. As per the OICA, in June 2021, Asia pacific registered highest sale of vehicles with 21,372,188. Furthermore, strategic initiatives enforced by the government to minimize carbon emissions, improve fuel effectiveness in vehicles and decrease automobile weight will pave the way for market. Furthermore, the expansion across automotive sector and the presence of leading players including MRF Tyres, JK tyres, CEAT will drive the regional growth.

Top Market Players

Various notable players operating in the market, include, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Pirelli & C S.p.A, Sumitomo Rubber Industries Ltd., Hankook Tire & Technology Co.,Ltd, MICHELIN, Continental AG, THE YOKOHAMA RUBBER CO., LTD, Apollo Tyres Ltd., MRF Tyres, among others.

Key Developments:

• • In March 2021, Sumitomo Rubber Industries Ltd. announced that they are working with the Kansai University on joint research aiming to develop new technology to generate electric power by the tire rotation, which can be done by installing a power generating device inside of a tire to produce the static electricity generated during rotation.
  • In Feb 2021, The Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company for a total enterprise value of approximately USD 2.5 billion. This will expand Goodyear’s product offering by combining two portfolios of complementary brands with increasing presence in distribution and retail channels across the light trucks and LUV product segments.
  • In 2021, Bridgestone Corporation decided to invest ¥ 10.2 billion (US$ 9.3 million) to introduce a revolutionary equipment for certain facilities at Shimonoseki Plant, which produces tires for mining and construction vehicles. The installation process will start from 2022 and will be completed by 2025 to improve company’s production system in terms of disaster preparedness, safety, eco-friendliness, quality and productivity.
  • In 2021, Sumitomo Rubber Industries Ltd., invested in the Kansai University on joint research to innovate new technology to generate electric power by the tire rotation, which can be done by installing a power generating device inside a tire to produce the static electricity generated during rotation.
  • In 2021, Cooper Tire & Rubber Company acquired the Goodyear Tire & Rubber Company for a value of approximately USD 2.5 billion. This will expand Goodyear’s product offering by incorporating two portfolios of complementary brands with strong presence in distribution and retail channels across the light trucks.

Segments covered in the Report:

The global Low Rolling Resistance Tire Market has been segmented on the basis of Vehicle type, Width type, and regions. Based on Vehicle type, the market is segmented into Passenger Vehicle, Light Commercial Vehicle and Heavy Commercial Vehicle. Based on Width type, the market is segmented into Dual Type and Wide Band Type.

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Key questions answered in this research report:

• • At what pace is global Low Rolling Resistance Tire Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Low Rolling Resistance Tire Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Low Rolling Resistance Tire Market?
  • Which Vehicle type generated maximum revenues in 2020 and identify the most promising Vehicle type during the forecast period?
  • What are the various Width type areas of global Low Rolling Resistance Tire Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Low Rolling Resistance Tire Market by Vehicle type

• • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Global Low Rolling Resistance Tire Market by Width type

• • Dual Type
  • Wide Band Type

Global Low Rolling Resistance Tire Market by Region

• • North America Low Rolling Resistance Tire Market (Option 1: As a part of the free 25% customization)
    • By Vehicle type
    • By Width type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Low Rolling Resistance Tire Market (Option 2: As a part of the free 25% customization)
    • By Vehicle type
    • By Width type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Low Rolling Resistance Tire Market (Option 3: As a part of the free 25% customization)
    • By Vehicle type
    • By Width type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Low Rolling Resistance Tire Market (Option 4: As a part of the free 25% customization)
    • By Vehicle type
    • By Width type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Bridgestone Corporation
  • The Goodyear Tire & Rubber Company
  • Pirelli & C S.p.A
  • Sumitomo Rubber Industries Ltd.
  • Hankook Tire & Technology Co.,Ltd
  • MICHELIN
  • Continental AG
  • THE YOKOHAMA RUBBER CO., LTD
  • Apollo Tyres Ltd.
  • MRF Tyres