Low Rolling Resistance Tire Market Growth, Size and In-Depth Research Study to 2031 | Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C SpA
According to the latest Future Market Insights (FMI) research report certified by ESOMAR, the growing carbon footprint attributed to heavy automobile use has led manufacturers to improve existing vehicle tire designs and dramatically increased demand for low rolling resistance tires. According to the study, the global level low rolling resistance market is expected to exceed a staggering 11% CAGR over the next decade.
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Leading manufacturers are increasingly focusing on achieving fuel savings, one of the top priorities in the global struggle to achieve environmental sustainability in the automotive industry. The US Department of Energy argues that adopting low roll resistance tires can result in approximately 5 to 15 percent fuel savings. A 5% reduction in rolling resistance would improve fuel economy by about 1.5% for light and heavy vehicles.
Leading manufacturer Bridgestone Group offers breakthrough solutions that help reduce CO2 emissions by the company’s customers and partners. To accelerate its contributions, it has set itself the target target for 2030: to contribute to the reduction of global emissions throughout the life cycle and the value chain. For the target of a 25% reduction in tire rolling resistance by 2020, it reached a reduction of 23% in 2019.
Key Points from IMF Low Rolling Resistance Tire Market Research
- By vehicle type, passenger vehicles will become the main end users of low rolling resistance tires
- Wide tread, low rolling resistance tires account for almost a quarter of global demand
- Sales in the aftermarket segment are likely to exceed an impressive estimate, given the ever increasing volumes of the global transport fleet
- The United States will experience notable expansion amid a strong presence of regional tire manufacturers
- India and China to generate lucrative opportunities in South Asia and East Asia, collectively experiencing growth of more than 3 times
- Massive investment projects to increase production capacities to support demand across Japan
- Expanding the electric vehicle market to expand the adoption of low rolling resistance tires across Germany
“The visibly increasing consumer inclination towards commercial vehicles for long-distance travel is likely to boost sales of low rolling resistance tires by the major auto manufacturing giants,” the IMF analyst said.
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Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C SpA, Hankook Tire, MICHELIN, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tires Ltd., Maxxis International (Cheng Shin Rubber ), Marangoni SpA and MRF Tires are major players in the low rolling resistance tire market.
The emphasis on lightweight tires prompts leading players to introduce suitable product portfolios. For example, in April 2021, Pirelli & C SpA, based in Milan, presented P ZERO RACE Tub SL, a new rubber, equipped with a special inner tube that guarantees a reduction in total tire weight of more than 10%, while maintaining the same grip, smoothness and reliability of the bikes.
Manufacturers are also focused on delivering customized solutions to the appropriate end-use industries. Hankook Tire, for example, announced in April 2021 its intention to supply original equipment for the Porsche 718 Boxster and Cayman models, including bespoke Ventus S1 evo 3 tires in sizes 235/40 ZR19 (92Y). NO for the front axle and 265/40 ZR19 (98Y) NO for the rear axle.
Key segments covered
- Tourism vehicle
- Light utility vehicle
- Heavy utility vehicle
- North America (United States and Canada)
- Latin America (Brazil, Mexico and the rest of Latin America)
- Europe (Germany, France, Spain, United Kingdom, Italy, Nordic countries, BENELUX, Russia and rest of Europe)
- East Asia (China, Japan and South Korea)
- South Asia (India, Malaysia, Thailand, Philippines and rest of South Asia)
- Oceania (Australia and New Zealand)
- Middle East and Africa (GCC, South Africa, Turkey and rest of MEA)
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1.1. Global Market Outlook
1.2. Demand side trends
1.3. Supply side trends
1.4. Analysis of the technological roadmap
1.5. Analysis and recommendations
2. Market overview
2.1. Market taxonomy
2.2. Market definition
3. Market context
3.1. Macroeconomic factors
3.2. Prediction factors Relevance and impact
3.3. Value chain
3.4. Market dynamics
3.4.3. Opportunity analysis
4. Market forecast
4.1. Global Low Rolling Resistance (LRR) Tire Market Analysis (Market Size USD Million)
4.1.1. Historical Market Value Analysis (US $ Millions)
4.1.2. Current and future market value projections (in millions of US dollars)
188.8.131.52. Year-over-year growth trend analysis
184.108.40.206. Absolute $ opportunity analysis
4.2. Price Analysis
4.2.1. Price analysis by vehicle type
4.2.2. Price analysis by region
Key questions answered in the report
- How will the low rolling resistance tire market develop in the future?
According to IMF, the global low rolling resistance tire market is expected to show impressive gains through 2021 and beyond with strong growth. Growth is primarily driven by the growing rush to incorporate sustainability guidelines and the imposition of stringent regulatory standards governing automotive emissions standards.
- Which region is likely to represent the maximum growth opportunity?
The IMF report establishes that the Asian market is likely to post impressive gains in the future, with significant packaging improvement initiatives visible in the Chinese and Japanese markets. However, North America and Europe are expected to contribute equally attractive revenue shares in the global landscape.
- What is the preferred low rolling resistance tire width type?
The demand for wide tread, low rolling resistance tires is expected to increase significantly over the next few years, and is expected to account for nearly a quarter of the revenue share over the forecast period. Improved automotive performance thanks to even load distribution and greater fuel economy