USD 18.71 billion
Low Rolling Resistance Tire Market Size, Share, Growth Analysis, By Vehicle Type(Passenger Cars, Commercial Vehicles, Electric Vehicles), By Tire Type(Radial, Bias), By Application(Racing, Normal Driving), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25B2020 |
Region:
Global |
Published Date: February, 2024
Pages:
223
|Tables:
88
|Figures:
76
Low Rolling Resistance Tire Market Insights
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.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Passenger Cars=
Fastest Growth
Electric Vehicles (EVs)
Growth Rate
12.5% CAGR
Global Low Rolling Resistance Tire Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Low Rolling Resistance Tire Market Segmental Analysis
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.
Global Low Rolling Resistance Tire Market By Vehicle type
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Low Rolling Resistance Tire Market Regional Insights
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.
Global Automotive Led Lighting Market By Region
- Largest
- Fastest
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Low Rolling Resistance Tire Market Dynamics
Drivers
Increasing Global Focus On Environmental Sustainability
- The increasing global recognition on environmental sustainability and gasoline performance within the car region has driven the demand for low rolling resistance tires. These tires are designed to limit power dissipation and enhance gasoline economy, aligning with stringent rules aimed toward decreasing carbon emissions. The growing purchaser consciousness of the monetary and ecological blessings of fuel-green tires similarly fuels market enlargement.
Restraints
High Initial Cost Of Adopting These Tires
- One of the primary marketplace restraints is the initial cost of adopting those tires. The upfront funding required for low rolling resistance tires may be perceived as higher in comparison to traditional tires, posing a capacity barrier to widespread adoption, especially in price-touchy markets. Moreover, the complexity of the producing process and the specialised substances utilized in these tires can make a contribution to higher manufacturing prices.
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Low Rolling Resistance Tire Market Competitive Landscape
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
- Continental
- Goodrich
- Goodyear
- Hankook
- Pirelli
- Sumitomo
- Nokian Tyres
- Cooper Tires
- Falken Tire
- Maxxis Tires
- Apollo Tyres
- Cheng Shin Rubber (Maxxis & CST tires)
- Zafco Tires
- Linglong Tire
- Giti Tire (GT Radial brands)
- Sailun Tire
- Trelleborg (Mitas brand)
Recent Developments
- January 2023: The Goodyear Tire & Rubber Company as delivered a prototype tire made from 90% sustainable substances. This prototype tire has correctly gone through all relevant regulatory tests and internal trying out procedures at Goodyear.
- March 2023: Despite the shift to electric powered cars in fleets, there will still be a significant quantity of conventional automobiles. Hence, Goodyear Tire & Rubber Company has released the RangeMax RSD EV force tire, designed to be well suited with electric, gas, and diesel-powered nearby vehicles. Unveiled on the American Trucking Associations’ Technology.
Low Rolling Resistance Tire Key Market Trends
- Rising Environmental Consciousness: The growing environmental consciousness and a drive for fuel efficiency. However, initial fees pose a restraint to large adoption. In terms of product types, radial tires dominate because of advanced gas performance. Regionally, Asia-Pacific leads, driven by way of a booming automotive marketplace. Key traits encompass the mixing of superior materials, collaborative efforts among tire and automobile manufacturers, and the upward thrust of online sales channels. These traits characterize an enterprise shift toward sustainable and technologically advanced answers to fulfill evolving purchaser demands in the pursuit of green and fuel-efficient riding reports.
Low Rolling Resistance Tire Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Low Rolling Resistance Tire Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Low Rolling Resistance Tire Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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