USD 18.71 billion
Report ID:
SQMIG25B2020 |
Region:
Global |
Published Date: February, 2024
Pages:
223
|Tables:
88
|Figures:
76
Global Low Rolling Resistance Tire Market size was valued at USD 18.71 billion in 2021 and is poised to grow from USD 21.05 billion in 2022 to USD 54 billion by 2030, growing at a CAGR of 12.5% in the forecast period (2023-2030).
The global Low Rolling Resistance Tire market is experiencing enormous growth pushed with the aid of environmental consciousness and gas efficiency concerns. The automobile industry's developing emphasis on decreasing carbon emissions and improving gas economy has brought about accelerated adoption of low rolling resistance tires. These tires, designed to reduce power loss and improve car gas efficiency, are gaining popularity amongst consumers and industrial fleet operators alike.
Stringent government rules concerning emissions and gas efficiency are similarly propelling the demand for low rolling resistance tires. This marketplace trend is not handiest aligned with sustainability dreams but also addresses the monetary and environmental concerns of the automobile sector.
Global Market Size
USD 18.71 billion
Largest Segment
Passenger Cars=
Fastest Growth
Electric Vehicles (EVs)
Growth Rate
12.5% CAGR
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The global Low Rolling Resistance Tire market is segmented into four major segments i.e. by Vehicle Type, Tire Type, Application, and region. Based on Type, it is divided into Passenger Cars, Commercial Vehicles, Electric Vehicles. Based on Tire, it is bifurcated as Radial, Bias. Based on Application it is segregated into, Racing, Normal Driving. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Type
Passenger cars are predicted to dominate the Low Rolling Resistance Tire marketplace. The sheer extent of passenger cars on the roads globally makes them a huge marketplace phase for low rolling resistance tires. With increasing gasoline expenses and environmental issues, customers, especially inside the passenger automobile section, prioritize gasoline efficiency. Low rolling resistance tires make a contribution to progressed fuel economy, making them a favored choice.
Electric Vehicles (EVs) are anticipated to be the fastest-growing section. EV manufacturers are always in search of ways to extend the using variety of electric automobiles. Low rolling resistance tires, via lowering electricity loss, make contributions to expanded mileage on a unmarried rate. EV consumers often have a strong environmental focus. The adoption of low rolling resistance tires aligns with the eco-friendly photo of electrical automobiles, using their popularity on this section.
Analysis by Application
The everyday driving utility segment is predicted to dominate the Low Rolling Resistance Tire market. Normal driving encompasses everyday use, constituting the bulk of using situations. The high occurrence of everyday using conditions in both passenger and industrial automobiles positions this application segment as the dominant one.
The software section for Electric Vehicles (EVs) is predicted to be the fastest-growing. Fuel Efficiency Demands: EVs, designed with a focal point on power efficiency, gain notably from low rolling resistance tires, which make contributions to extended mileage in step with rate, addressing a key subject for electric automobile customers.
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The Asia-Pacific place is poised to dominate the Low Rolling Resistance Tire market. Asia-Pacific, particularly nations like China and India, boasts a massive and growing automotive marketplace. The full-size volume of vehicles at the roads in this region contributes to the dominance of low rolling resistance tires.
Europe is expected to be the fastest-growing vicinity. Europe has some of the strictest rules regarding carbon emissions and gas efficiency. As a result, there is a heightened recognition on technologies and answers that make a contribution to environmental sustainability, making low rolling resistance tires a favored desire.
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Drivers
Increasing Global Focus On Environmental Sustainability
Restraints
High Initial Cost Of Adopting These Tires
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The competitive environment of the Low Rolling Resistance Tire market is dynamic and is characterised by using severe rivalry among key players striving for market dominance. Leading tire producers along with Company are at the vanguard, leveraging good sized studies and improvement initiatives to innovate low rolling resistance tire technologies.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Low Rolling Resistance Tire marketplace analysis well-knownshows a dynamic marketplace with a number of standout traits and problems. The marketplace is propelled with the aid of growing environmental attention and a power for gas performance. However, initial fees pose a restraint to sizable adoption. In terms of product kinds, radial tires dominate due to superior gas efficiency. Regionally, Asia-Pacific leads, driven via a booming automobile market.
Key trends consist of the combination of advanced materials, collaborative efforts between tire and car manufacturers, and the upward thrust of online income channels. These trends characterize an enterprise shift closer to sustainable and technologically superior answers to satisfy evolving consumer demands inside the pursuit of green and fuel-green driving reviews.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 18.71 billion |
Market size value in 2030 | USD 54 billion |
Growth Rate | 12.5% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Low Rolling Resistance Tire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Low Rolling Resistance Tire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Low Rolling Resistance Tire Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Low Rolling Resistance Tire Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25B2020