The study on the low rolling resistance tire market offers an exhaustive analysis of market dynamics, pricing analysis, raw material export and import analysis and competition scenario among the prominent industry players in the global low rolling resistance tire market for the period 2018 to 2028.
A tire’s rolling resistance is the energy that a vehicle needs to keep the tire roiling. The lower the rolling resistance, the lower is the energy needed by a vehicle to operate; thus, low rolling resistance translates to reductions in overall fuel consumption. In recent years, low rolling resistance tires have been gaining traction in the transportation sector.
Low rolling resistance tires are widely employed in passenger and commercial vehicles, especially in heavy commercial vehicles. According to FMI’s study, more than 870 million units of low rolling resistance tires were sold in 2018 and the volume has been estimated to increase at over 10% CAGR through 2028.
Fuel-efficiency of Low Rolling Resistance Tires to Gain Significant Traction in Coming Years
Increasing inclination towards environmental protection and conservation of natural resources, coupled with the increasing demand for fuel-efficient vehicles, has led to an increase in the demand for next-generation tires such as low rolling resistance tires. Therefore, a number of tire manufacturers are developing their existing product lineup to include environment-friendly and fuel-efficient low rolling resistance tires that are designed to save fuel and reduce emissions.
According to the United States Department of Energy, with the adoption of low rolling resistance tires, about 10-15% fuel can be saved. However, in some vehicles, these savings may be reduced to 3%. Though 3% doesn’t seem like much, but in the long run, it can amount to a substantial level of fuel and spending.
Further, low rolling resistance tires are more flexible and elastic, and therefore, they allow better control in adverse weather conditions. Swelling demand for fuel efficiency, lower rolling resistance, and reduced tread depth are collectively expected to drive the market for low rolling resistance tires.
Wide Band Type Segment to Surpass Growth of Dual Type Segment
The dual type low rolling resistance tires segment accounts for over three-fourths of the global low rolling resistance tire market. However, attributing to the fact that dual tires are thinner than wide tires, which necessitates their frequent replacement, wide band tires are expected to surpass dual type low rolling resistance tires in terms of growth during the forecast period.
Further, the installation of wide type low rolling resistance tires can save up to 800 pounds in weight, which helps in reducing fuel consumption, and, in turn, increases the cargo capacity of commercial trucks that are weight limited. While fuel economy increases by 2-5% in wide type low rolling resistance tires, not all low rolling resistance wide band tires outperform low rolling resistance dual tires.
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Manufacturing Shift towards Emerging Economies in Asia
At the beginning of the twentieth century, the low rolling resistance tire market was occupied by the players from the Americas and Europe, such as Michelin SCA, Bridgestone Corporation, and Continental AG.
While these players are among the top manufacturers in the global low rolling resistance market, their share has declined significantly due to the emergence of players from emerging countries such as China and India. Cumulatively, China and India are estimated to grow 3.2X, in terms of value, in the global low rolling resistance tire market.
Traditional Players to Remain Prominent in Low Rolling Resistance Tire Market
The global low rolling resistance tire market is fairly consolidated wherein organized players such as Apollo Tyres Ltd., Michelin SCA, The Goodyear Tyre and Rubber Company, and Bridgestone Corporation account for half the global low rolling resistance tire market share. The marketplace has numerous international players vying for market share, which in turn has been creating a competitive environment for established low rolling resistance tire manufacturers.
Key Questions Answered in Low Rolling Resistance Tire Market Report
- How has the low rolling resistance tire market evolved over the past five years?
- What shape is the low rolling resistance tire market expected to take in terms of volume and value during the study period?
- What are the prevailing market dynamics in the low rolling resistance tire market?
- What are some of the competition developments and trends in the low rolling resistance tire market?
- What are the underlying macro-economic and industry factors impacting the growth of the low rolling resistance tire market?
- Which are the key challenges, opportunities and improvement factors for low rolling resistance tire market players?
- What are the market positioning and key strategies of manufacturers as per the low rolling resistance tire market taxonomy?
- How is the competition structured in the low rolling resistance tire market at present and how has it evolved over the past few years?
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Dual Type
- Wide Band Type
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa