Global Low-Rolling Resistance Tire Market, Trends & Growth Opportunity, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Application (On-road, Off-road), By Region and Forecast till 2030.
Global Low-Rolling Resistance Tire Market
The Global Low-Rolling Resistance Tire Market was valued at USD 12.18 Bn in 2022 and is expected to expand to USD 35.18 Bn by 2030 at a CAGR of 13.89% during the forecast period of 2023-2030.
A low-rolling resistance tire is a type of tire that is designed to reduce the energy loss caused by friction between the tire and the road surface. These tires are specifically designed to increase fuel efficiency and reduce carbon emissions. The construction of a low-rolling resistance tire typically involves the use of specialized rubber compounds that reduce the tire's rolling resistance, as well as improvements in tire design and construction that minimize deformation and heat buildup. Low rolling resistance tires are commonly used in hybrid and electric vehicles, as well as in trucks and other commercial vehicles that require fuel-efficient and environmentally friendly tires.
Market Drivers
The market for low-rolling resistance tires is being driven by a combination of factors, including increased environmental awareness, government regulations promoting fuel efficiency, and rising fuel prices. Low rolling resistance tires can improve fuel efficiency and reduce carbon emissions by reducing the amount of energy required to move a vehicle, resulting in lower fuel costs and a lower carbon footprint. Additionally, the growing demand for electric and hybrid vehicles, which require tires with lower rolling resistance to maximize battery range, is also driving the market for low-rolling resistance tires. Furthermore, the increasing adoption of advanced technologies and materials in tire manufacturing, such as the use of silica in tire compounds, is also contributing to the growth of the market.
Market Restraints
One of the key challenges facing the global low-rolling resistance tire market is the high cost associated with the development and manufacturing of these tires. The technology involved in producing these tires is more complex than traditional tires, which results in higher production costs. Additionally, the lack of awareness among potential consumers about the benefits of low-rolling resistance tires also presents a challenge to the market. Many consumers may be hesitant to pay a premium for these tires, despite the potential fuel savings and environmental benefits.
3Market Segmentation
The global low rolling resistance tire market is segmented by vehicle types, such as passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on the application, the market is segmented into on-road and off-road.
Regional Analysis
The Asia-Pacific region is dominating the low-rolling resistance tire market. This can be attributed to the growing demand for fuel-efficient vehicles, stringent government regulations regarding carbon emissions, and increasing awareness among consumers about the benefits of using low-rolling resistance tires. In addition, the presence of several key players in this region has also contributed to the growth of the market. Furthermore, the increasing urbanization and the growth of the automotive industry in countries such as China and India are expected to drive the demand for low-rolling resistance tires in the region.
Key Players
Bridgestone Corporation, Continental AG, Sumitomo Rubber Industries Ltd, Michelin Group, Goodyear Tire and Rubber Company, Toyo Tire Corporation, Pirelli & C. SpA, Hankook Tire & Technology Co Ltd, Yokohama Rubber Co Ltd, Cooper Tire & Rubber Company, Kumho Tire Co Inc, Nokian Tyres plc, Giti Tire Pte Ltd, Apollo Tyres Ltd, Cheng Shin Rubber Industry Co Ltd.
Market Taxonomy
By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
By Application
• On-road
• Off-road
By Region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Rest of Europe)
• Asia Pacific (China, India, Japan, Rest of Asia Pacific)
• Latin America (Brazil, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa)
Global Low-Rolling Resistance Tire Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Low-Rolling Resistance Tire Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Low-Rolling Resistance Tire Market, By Vehicle Type
5.1 Y-o-Y Growth Comparison, By Vehicle Type
5.2 Global Low-Rolling Resistance Tire Market Share Analysis, By Vehicle Type
5.3 Global Low-Rolling Resistance Tire Market Size and Forecast, By Vehicle Type
5.3.1 Passenger Cars
5.3.2 Light Commercial Vehicles
5.3.3 Heavy Commercial Vehicles
6 Global Low-Rolling Resistance Tire Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Low-Rolling Resistance Tire Market Share Analysis, By Application
6.3 Global Low-Rolling Resistance Tire Market Size and Forecast, By Application
6.3.1 On-road
6.3.2 Off-road
7 Global Low-Rolling Resistance Tire Market, By Region
7.1 Global Low-Rolling Resistance Tire Market Share Analysis, By Region
7.2 Global Low-Rolling Resistance Tire Market Size and Forecast, By Region
8 North America Low-Rolling Resistance Tire Market Analysis and Forecast (2023-2030)
8.1 Introduction
8.2 North America Low-Rolling Resistance Tire Market Share Analysis, By Vehicle Type
8.3 North America Low-Rolling Resistance Tire Market Size and Forecast, By Application
8.4 North America Low-Rolling Resistance Tire Market Size and Forecast, By Country
8.4.1 U.S.
8.4.2 Canada
8.4.3 Mexico
9 Europe Low-Rolling Resistance Tire Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 Europe Low-Rolling Resistance Tire Market Share Analysis, By Vehicle Type
9.3 Europe Low-Rolling Resistance Tire Market Size and Forecast, By Application
9.4 Europe Low-Rolling Resistance Tire Market Size and Forecast, By Country
9.4.1 Germany
9.4.2 France
9.4.3 UK
9.4.4 Rest of Europe
10 Asia Pacific Low-Rolling Resistance Tire Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Asia Pacific Low-Rolling Resistance Tire Market Share Analysis, By Vehicle Type
10.3 Asia Pacific Low-Rolling Resistance Tire Market Size and Forecast, By Application
10.4 Asia Pacific Low-Rolling Resistance Tire Market Size and Forecast, By Country
10.4.1 China
10.4.2 Japan
10.4.3 India
10.4.4 Rest of Asia
11 Latin America Low-Rolling Resistance Tire Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Latin America Low-Rolling Resistance Tire Market Share Analysis, By Vehicle Type
11.3 Latin America Low-Rolling Resistance Tire Market Size and Forecast, By Application
11.4 Latin America Low-Rolling Resistance Tire Market Size and Forecast, By Country
11.4.1 Brazil
11.4.2 Rest of Latin America
12 Middle East Low-Rolling Resistance Tire Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Middle East Low-Rolling Resistance Tire Market Share Analysis, By Vehicle Type
12.3 Middle East Low-Rolling Resistance Tire Market Size and Forecast, By Application
12.4 Middle East Low-Rolling Resistance Tire Market Size and Forecast, By Country
12.4.1 Saudi Arabia
12.4.2 UAE
12.4.3 Egypt
15.4.4 Kuwait
12.4.5 South Africa
13 Competitive Analysis
13.1 Competition Dashboard
13.2 Market share Analysis of Top Vendors
13.3 Key Development Strategies
14 Company Profiles
14.1 Bridgestone Corporation
14.1.1 Overview
14.1.2 Offerings
14.1.3 Key Financials
14.1.4 Business Segment & Geographic Overview
14.1.5 Key Market Developments
14.1.6 Key Strategies
14.2 Continental AG
14.2.1 Overview
14.2.2 Offerings
14.2.3 Key Financials
14.2.4 Business Segment & Geographic Overview
14.2.5 Key Market Developments
14.2.6 Key Strategies
14.3 Sumitomo Rubber Industries Ltd
14.3.1 Overview
14.3.2 Offerings
14.3.3 Key Financials
14.3.4 Business Segment & Geographic Overview
14.3.5 Key Market Developments
14.3.6 Key Strategies
14.4 Michelin Group
14.4.1 Overview
14.4.2 Offerings
14.4.3 Key Financials
14.4.4 Business Segment & Geographic Overview
14.4.5 Key Market Developments
14.4.6 Key Strategies
14.5 Goodyear Tire and Rubber Company
14.5.1 Overview
14.5.2 Offerings
14.5.3 Key Financials
14.5.4 Business Segment & Geographic Overview
14.5.5 Key Market Developments
14.5.6 Key Strategies
14.6 Toyo Tire Corporation
14.6.1 Overview
14.6.2 Offerings
14.6.3 Key Financials
14.6.4 Business Segment & Geographic Overview
14.6.5 Key Market Developments
14.6.6 Key Strategies
14.7 Pirelli & C. SpA
14.7.1 Overview
14.7.2 Offerings
14.7.3 Key Financials
14.7.4 Business Segment & Geographic Overview
14.7.5 Key Market Developments
14.7.6 Key Strategies
14.8 Hankook Tire & Technology Co Ltd
14.8.1 Overview
14.8.2 Offerings
14.8.3 Key Financials
14.8.4 Business Segment & Geographic Overview
14.8.5 Key Market Developments
14.8.6 Key Strategies
14.9 Yokohama Rubber Co Ltd
14.9.1 Overview
14.9.2 Offerings
14.9.3 Key Financials
14.9.4 Business Segment & Geographic Overview
14.9.5 Key Market Developments
14.9.6 Key Strategies
14.10 Cooper Tire & Rubber Company
14.10.1 Overview
14.10.2 Offerings
14.10.3 Key Financials
14.10.4 Business Segment & Geographic Overview
14.10.5 Key Market Developments
14.10.6 Key Strategies
14.11 Kumho Tire Co Inc
14.11.1 Overview
14.11.2 Offerings
14.11.3 Key Financials
14.11.4 Business Segment & Geographic Overview
14.11.5 Key Market Developments
14.11.6 Key Strategies
14.12 Nokian Tyres plc
14.12.1 Overview
14.12.2 Offerings
14.12.3 Key Financials
14.12.4 Business Segment & Geographic Overview
14.12.5 Key Market Developments
14.12.6 Key Strategies
14.13 Giti Tire Pte Ltd
14.13.1 Overview
14.13.2 Offerings
14.13.3 Key Financials
14.13.4 Business Segment & Geographic Overview
14.13.5 Key Market Developments
14.13.6 Key Strategies
14.14 Apollo Tyres Ltd
14.14.1 Overview
14.14.2 Offerings
14.14.3 Key Financials
14.14.4 Business Segment & Geographic Overview
14.14.5 Key Market Developments
14.14.6 Key Strategies
14.15 Cheng Shin Rubber Industry Co Ltd
14.15.1 Overview
14.15.2 Offerings
14.15.3 Key Financials
14.15.4 Business Segment & Geographic Overview
14.15.5 Key Market Developments
14.15.6 Key Strategies
