As per the study, the global low rolling resistance tire market size is slated to surpass a staggering CAGR of 11.3% across the forthcoming decade with value of 54 billion by the year 2033
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
The demand for low rolling resistance tyres has greatly increased, per the most recent research study by ESOMAR-certified Future Market Insights (FMI), as a result of manufacturers making advancements to existing vehicle tyre designs.
One of the key problems in the global struggle for environmental sustainability in the automotive industry is fuel economy, and major manufacturers are putting an increasing amount of effort into accomplishing it. Low rolling resistance tyres, according to the US Department of Energy, can increase fuel efficiency by 5% to 15%. For light and heavy duty vehicles, a 5% decrease in rolling resistance would lead to a 1.5% increase in fuel efficiency.
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Innovative products from top supplier Bridgestone Group assist clients and partners in lowering CO2 emissions across society. It has declared a specific goal for 2030: boosting contributions to the value chain-wide reduction of global emissions. The goal was to cut tyre rolling resistance by 25% by 2020; in 2019, a reduction of 23% was achieved.
“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.
Competitive Landscape
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.
The focus on lightweight tyres is motivating major players to create suitable product ranges. 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.
Additionally, manufacturers are emphasising providing specialised solutions to relevant end-use sectors. For instance, Hankook Tyre declared in April 2021 that it intended to provide original equipment for Porsche 718 Boxster and Cayman models. This equipment will include specially produced Ventus S1 evo 3 tyres in sizes 235/40 ZR19 (92Y) N-O for the front axle and 265/40 ZR19 (98Y) N-O for the rear axle.
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Key Segments Covered
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Width Type
- Dual Type
- Wide Band Type
Sales Channel
- OEM
- Aftermarket
Region
- North America (US and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, France, Spain, UK, Italy, Nordics, BENELUX, Russia and Rest of Europe)
- East Asia (China, Japan and South Korea)
- South Asia (India, Malaysia, Thailand, the Philippines and Rest of South Asia)
- Oceania (Australia and New Zealand)
- Middle East & Africa (GCC, South Africa, Turkey and Rest of MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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