As per the study, the global low rolling resistance tire market share is slated to surpass a staggering CAGR of 11.3% across the forthcoming decade with value of 54 billion by the year 2033
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
Get a hold of our Sample Report to stay up to date on the most recent advancements in the automobile industry. Download now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1533
According to the most recent research study by ESOMAR-certified Future Market Insights (FMI), as a result of manufacturers making improvements to current vehicle tyre designs, the demand for low rolling resistance tyres has significantly increased.
Major automakers are working harder than ever to find solutions for one of the biggest issues facing the global automotive industry’s drive for environmental sustainability: fuel economy. According to the US Department of Energy, low rolling resistance tyres can boost fuel efficiency by 5% to 15%. A 5% reduction in rolling resistance would result in a 1.5% improvement in fuel efficiency for light and heavy duty vehicles.
Leading supplier Bridgestone Group’s cutting-edge solutions help customers and partners reduce CO2 emissions across society. It has set a specific objective for 2030: increasing contributions to the reduction of global emissions across the whole value chain. By 2020, it was intended to reduce tyre rolling resistance by 25%; in 2019, a reduction of 23% was accomplished.
“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.
We Offer Personalized Solutions to Address Your Needs; Demanding customization
https://www.futuremarketinsights.com/customization-available/rep-gb-1533
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)
We Offer Personalized Solutions to Address Your Needs; Demanding customization :
https://www.futuremarketinsights.com/ask-question/rep-gb-1533
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futurem
