New York, US, Feb. 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Low Rolling Resistance Tires Market Research Report: Information by Application, Vehicle Type, sales channel and Region - Forecast till 2030 “, The low rolling resistance tires market is anticipated to grow at a rate of 15%, when it is anticipated to reach USD 31482.03 Million in value.
Low Rolling Resistance Tires Market Overview
Due to rising consumer demand for fuel-efficient tyres, government laws governing tyre labelling, increased environmental awareness, and expansion of the aftermarket, the global low rolling resistance tires market is expanding quickly. However, the high costs of low rolling resistance tires may impede market expansion.
As Hankook Tire developed the Enfren Eco tyre, which combines a unique silica compound and structural design to reduce energy loss and improve fuel efficiency for electric vehicles, low rolling resistance tyre manufacturing companies are working to develop low rolling resistance tires specifically for electric vehicles.
The Prominent Players in the global low rolling resistance tires market include
- The Yokohama Rubber Co. Ltd. (Japan)
- Apollo Tyres Ltd. (India)
- Cheng Shin Rubber Industry Co. (China)
- Kumho Tire (South Korea)
- Zhongce Rubber Group Co., Ltd (ZC-Rubber) (Germany)
- Nokian Tyres plc (Finland)
- MRF Tyres (India)
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (US)
- Sumitomo Rubber Industries, Ltd. (Japan)
- Pirelli & C. S.p.A. (Italy)
- Hankook Tire (South Korea)
- Michelin (France)
- Continental AG (Germany)
- Firestone Tire and Rubber Company (US)
- Cooper Tire & Rubber Company (US),
- Toyo Tire & Rubber Company (Japan).
- Among others.
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Additionally, rising vehicle sales, aftermarket expansion, declining production costs, and advantageous government initiatives are incentivizing multinational corporations to make significant investments in this region, which is anticipated to further fuel market growth over the course of the forecast period.
The company's analysis indicates that these new tyres are made with a silica compound that can save fuel expenses for a fleet of 100 vehicles by more than USD 338,000 annually and assist truck manufacturers in meeting future emission requirements. Thus, during the projection period, low rolling resistance tires have a chance due to the increase in demand, particularly inside fleets.
|Market Size by 2030||2030: 31482.03 Million USD|
|CAGR during 2022-2030||15% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Government initiative Developing commercial sectors globally|
|Key Market Drivers||Increasing demand for fuel-efficient tires Growth in the aftermarket|
Browse In-depth Market Research Report (100 Pages) on Low Rolling Resistance Tires Market:
Tires with low rolling resistance include rigid sidewalls and a firm rubber compound to minimise flex and friction.
To attain superior rolling-resistance properties while preserving a comfortable ride and better grip, certain tyre firms are working on developing the advanced tyre material combinations with novel tyre compounds, such as those based on silica and alternative lubricants.
With the aid of improved tyre thread design, these tyres are made to have low rolling resistance without compromising traction, skid and tread abrasion resistance, or other tyre performance characteristics that are essential for a smooth ride. They are also made to be quieter than standard tyres, which will ultimately increase fuel efficiency.
A tyre labelling system for passenger cars was introduced in Japan in 2010. Similar to this, in November 2011 the South Korean government launched a voluntary tyre labelling programme for passenger cars, which was later made mandatory in November 2012. Furthermore, South Korea began enforcing obligatory tyre labelling laws in November 2016. These rules are anticipated to significantly accelerate the market expansion for low rolling resistance tires.
Given the potential of commercial vehicles, low rolling resistance tyre producers have begun concentrating on them by making investments in the research of tread compounds that can lower tyre rolling resistance while retaining the treadwear and durability of truck tyres.
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Low Rolling Resistance Tires Market Segmentation:
The global low rolling resistance tires market is segmented based on 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-wheeler, passenger car, light commercial vehicle, heavy commercial vehicle, and others.
On the basis of 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 optimum fuel savings with minimal heat generation. It intended to introduce its line of most fuel-efficient tyres in 2018.
Geographically, there are four main regions that make up the low rolling resistance tyre market: North America, Europe, Asia-Pacific, and the Rest of the World. During the projected period, the low rolling resistance tyre market in Asia-Pacific is anticipated to develop at the highest CAGR worldwide. the rapid expansion of the vehicle manufacturing sector in nations like Indonesia, China, and India. In terms of electric car sales, China is the market leader.
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With the "Automobile Mid and Long-Term Development Plan" and the presence of BAIC, BYD, and JAC, the Chinese government is anticipated to play a significant role in the selling of electric and hybrid vehicles.
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