Low Rolling Resistance Tire Market Demand to Witness Impressive Surge in the Aftermarket Segment
Surging carbon footprint attributed to heavy automotive usage has led manufacturers to improve existing vehicle tire designs has significantly heightened demand for low rolling resistance tires, according to ESOMAR-certified Future Market Insights’ (FMI) latest research report. As per the study, the global low rolling resistance market is slated to surpass a staggering CAGR of 11% across the forthcoming decade.
Low Rolling Resistance Lrr Tire Market
A recent market study published by FMI on the low rolling resistance tire market includes ...
Key manufacturers are increasingly focusing on achieving fuel economy, one of the top priorities in the global fight to achieve environmental sustainability in the automotive domain. The United States Department of Energy advocates that adopting low roller resistance tires can yield around 5-15% of fuel economy. A 5% reduction in rolling resistance would improve fuel economy by approximately 1.5% for light and heavy duty vehicles.
Prominent manufacturer Bridgestone Group offers revolutionary solutions contributing to CO2 emissions reductions by customers and partners across society. To accelerate its contributions, it has set the focused target towards 2030: contributing to global emissions reduction across the lifecycle and value chain. For the target of a 25 percent reduction in tire rolling resistance by 2020, it achieved a 23 percent reduction in 2019.
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
“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.
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.
More Insights on the Global Low Rolling Resistance Tire Market
In its latest report, FMI offers an unbiased analysis of the global low rolling resistance tire market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (passenger vehicle, light commercial vehicle and heavy commercial vehicle), width type (dual type and wide band type) and sales channel (OEM and aftermarket) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa)
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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