The ‘Global Low Rolling Resistance Tyre Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global low rolling resistance tyre market, assessing the market on the basis of its segments like vehicle type, width type, sales channel, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Low Rolling Resistance Tyre Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 11.70%
Low rolling resistance tyres are made up of materials other than synthetic rubber which makes them highly resistant. In addition, these tyres provide safety and good traction which enables safe driving experiences during wet and dry conditions. Low rolling resistance tyres are durable, resistant to temperature, and strong. Hence, the increasing awareness pertaining to the advantages offered by these tyres are bolstering the low rolling resistance tyre market growth.
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The increasing sale of passenger and commercial vehicles is heightening the incorporation of low rolling resistance tyres, leading to a higher market growth. In this regard, the anticipated increase in per capita income across emerging economies, thriving transportation sector, and growing enthusiasm for inter-city exploration, are escalating the demand for low rolling resistance tyres. Moreover, the increasing inclination towards fuel efficient tyres, to achieve cost savings and to conform with the stringent environment regulations of various governments, is further boosting the low rolling resistance tyre market development.
The rising applications of low rolling resistance tyres in heavy commercial vehicles (HCVs) such as trucks and buses is a crucial driving factor of the market. This can be attributed to the rising demand for HCVs across industries such as food and beverage, healthcare, and pharmaceutical, among others, to achieve fuel efficiency.
Low Rolling Resistance Tyre Market Definition and Major Segments
Low rolling resistance tyres are a type of tyre which require less energy to move. Hence, less energy is consumed by engine, resulting in better vehicle economy. The tyre treads of low rolling resistance tyres have a contiguous and connected design which seamlessly roll on the road as one interconnected unit.
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Based on vehicle type, the market is segmented into:
• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
By width type, the market is bifurcated into:
• Dual Type
• Wide Band Type
On the basis of sales channel, the market is divided into:
Based on application, the market is categorised into:
• On Road
• Off Road
On the basis of region, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Low Rolling Resistance Tyre Market Trends
The key trends in the global low rolling resistance tyre market include technological innovations in the automotive sector, aimed towards producing fuel-efficient, light-weight, and durable vehicles to increase cost-efficiency and improve the driving experience of end users. Numerous automobile manufacturers are focussing on using nanomaterials in order to decrease rolling resistance while enhancing safety and resistance to wear.
Emission control policies across countries with alarming rates of air pollution are expected to be the crucial trends in the low rolling resistance tyre market, encouraging the growth of the market. The increasing sale of light commercial vehicles, to facilitate cost-effective operations of various sectors such as e-commerce, food service, and event management, among others, is anticipated to fuel the sale of low rolling resistance tyres in the forecast period.
In geographical terms, the Asia Pacific holds a significant share in the global low rolling resistance tyre market. This can be attributed to the strong foothold of major automotive players across countries such as South Korea and Japan. Additionally, the strong OEM infrastructure in the Asia Pacific region is expected to expand the market opportunities for low rolling resistance tyres in the forecast period. The increasing vehicle ownership across well-established economies, owing to the increasing number of corporate workers and rising urbanisation, is further likely to aid the market for low rolling resistance tyres.
Key Market Players
The major players in the global low rolling resistance tyre market report are
• Bridgestone Corporation
• Continental A
• The Michelin Group
• The Goodyear Tyre & Rubber Company
• Madras Rubber Factory
• Apollo Tyres Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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