New York, USA, Feb. 17, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Low rolling resistance tire market Research Report: Information by Application, Vehicle Type, Sales Channel and Region – Forecast to 2030″, the low rolling resistance tire market is expected to grow at a rate of 15%, when it is expected that reach 31482.03 million dollars in value.
Low rolling resistance tire market overview
Due to increased consumer demand for fuel-efficient tires, government laws regulating tire labeling, increased environmental awareness, and the expansion of the aftermarket, the global tire market low rolling resistance is expanding rapidly. However, the high costs of low rolling resistance tires may hinder the market expansion.
When Hankook Tire developed the Enfren Eco tire, which combines a unique silica compound and structural design to reduce energy loss and improve fuel efficiency for electric vehicles, low resistance tire manufacturing companies in the bearing are working to develop low rolling resistance tires specifically for electric vehicles.
Prominent players in the global low rolling resistance tire market include
- The Yokohama Rubber Co. Ltd. (Japan)
- Apollo Tires Ltd. (India)
- Cheng Shin Rubber Industry Co. (China)
- Kumho Tire (South Korea)
- Zhongce Rubber Group Co., Ltd (ZC-Rubber) (Germany)
- Nokian Tires plc (Finland)
- MRF Tires (India)
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (USA)
- Sumitomo Rubber Industries, Ltd. (Japan)
- Pirelli and CSpA (Italy)
- Hankook Tire (South Korea)
- Michelin (France)
- Continental AG (Germany)
- Firestone Tire and Rubber Company (USA)
- Cooper Tire & Rubber Company (USA),
- Toyo Tire & Rubber Company (Japan).
- Among others.
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In addition, increasing vehicle sales, expanding aftermarket, declining production costs and advantageous government initiatives are incentivizing multinational corporations to make significant investments in this region, which is expected to drive the market growth over the forecast period.
The company’s analysis indicates that these new tires are made with a silica compound that can save fuel costs for a fleet of 100 vehicles by more than $338,000 annually and help truck manufacturers meet future requirements of emissions. Thus, during the forecast period, low rolling resistance tires have an opportunity due to increased demand, especially within fleets.
Scope of the report:
| Report metrics | Details |
| Market size by 2030 | 2030: $31482.03 million |
| CAGR during 2022-2030 | 15% CAGR |
| base year | 2021 |
| forecast | 2022-2030 |
| Coverage of the report | Revenue forecast, competitive landscape, growth factors and trends |
| Key market opportunities | Government initiative Development of commercial sectors worldwide |
| Main drivers of the market | Increased demand for fuel-efficient tires Growth in the aftermarket |
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Low rolling resistance tires feature stiff sidewalls and a firm rubber compound to minimize flex and friction.
To achieve superior rolling resistance properties while maintaining a comfortable ride and better grip, certain tire companies are working on developing advanced combinations of tire materials with new tire compounds, such as those based on silica and alternative lubricants .
With the help of an improved tire thread design, these tires are made to have low rolling resistance without compromising traction, skid and tread abrasion resistance or other tire performance characteristics which are essential for a smooth ride. They are also made to be quieter than standard tires, which will ultimately increase fuel efficiency.
In 2010, a tire labeling system for passenger cars was introduced in Japan. Similarly, in November 2011 the South Korean government launched a voluntary tire labeling program for passenger cars, which later became mandatory in November 2012. In addition, South Korea began to enforce mandatory tire labeling laws in November 2016. These rules are expected to significantly accelerate the expansion of the low rolling resistance tire market.
Given the potential of commercial vehicles, manufacturers of low-rolling-resistance tires have begun to focus on them by making investments in the search for tread compounds that can reduce the rolling resistance of tires while preserving the wear and durability of truck tires.
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Low Rolling Resistance Tires Market Segmentation:
The global low rolling resistance tire market is segmented on the basis of application, vehicle type, sales channel, and region.
On the basis of application, the global market has been segmented into on-road and off-road.
On the basis of vehicle type, the global market has been segmented into two-wheelers, passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
Based on the sales channel, the global market has been segmented into OEM and aftermarket.
For long distance applications, The Goodyear Tire & Rubber Company is creating low rolling resistance tires that offer optimal fuel economy with minimal heat generation. It aimed to introduce its line of more fuel-efficient tires in 2018.
Geographically, there are four main regions that make up the low rolling resistance tire market: North America, Europe, Asia-Pacific, and Rest of the World. During the forecast period, the low rolling resistance tire market in Asia-Pacific is expected to develop at the highest CAGR in the world. the rapid expansion of the vehicle manufacturing sector in countries such as Indonesia, China and India. In terms of electric car sales, China is the market leader.
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With the “Medium and Long-Term Automobile Development Plan” and the presence of BAIC, BYD and JAC, the Chinese government is expected to play an important role in the sale of electric and hybrid vehicles.
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