The global low rolling resistance tire industry is expected to reach USD 20.5 billion in 2024, with a projected year-on-year growth of 11.4%. Over the assessment period, the market is anticipated to grow at a CAGR of 11.7%, reaching a valuation of USD 55.6 billion by 2034.
As both consumers and manufacturers prioritize environmental considerations and cost savings, the Industry for low rolling resistance tires is expected to witness ongoing innovation and widespread adoption, becoming a pivotal element in the automotive industry’s transition to greener technologies.
Industry stakeholders are increasingly integrating nanomaterials into tire production to harness their advantages in lowering rolling resistance, improving wear resistance, and enhancing safety. The rising demand for fuel-efficient vehicles, which require less engine power due to the lower rolling resistance of these tires, is anticipated to further propel Industry growth and boost sales.
The surge in popularity of electric and hybrid vehicles, which utilize low rolling resistance tires to optimize battery range, is also driving demand. Moreover, advancements in tire technology, such as the incorporation of silica compounds, are benefiting the sector. Many manufacturers are collaborating with leading research institutions to foster product innovation. For instance, Sumitomo Rubber Industries Ltd. partnered with Kansai University in March 2021 to explore new technologies for generating electricity from tire rotation. This research aims to integrate a power-generating device within the tire to capture static electricity produced during rotation. Such innovative initiatives are expected to create significant growth opportunities in the Industry throughout the forecast period.
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Key Takeaways from the Low Rolling Resistance Tire Industry Report:
- The United States low rolling resistance tire Industry is expected to grow with a CAGR of 11%.
- The Industry in China is expected to grow with a CAGR of 11.4% during the forecast period.
- By sales channel, afterIndustry segment is projected to grow with an impressive CAGR of 14.4% during the forecast period.
- The Industry in India is expected to grow with a CAGR of 11.5% throughout the forecast period.
Competitive Landscape:
The low rolling resistance tire Industry is intensely competitive, with several key industry players investing heavily in providing these services.
Leading Key Players:
The low rolling resistance tire Industry is dominated by leading key players such as Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C S.p.A, Hankook Tire, MICHELIN, and Continental AG. Other significant contributors include Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd., Maxxis International (Cheng Shin Rubber), Marangoni S.p.A, and MRF Tyres. These companies are at the forefront of innovation, focusing on enhancing fuel efficiency and reducing carbon emissions through advanced tire technologies. Their competitive strategies involve substantial investments in research and development to produce high-performance, sustainable tire solutions.
Recent Developments:
- In 2021, Goodyear Tire & Rubber Company began the acquisition of Cooper Tire & Rubber Company for approximately USD 2.5 billion. This move expands Goodyear’s product range, strengthens its position as a US-based manufacturer, and boosts its presence in retail and distribution channels for LUV product and light trucks segments.
- In February 2022, Yokohama Tire Corporation launched sustainable tires for Supercars, utilizing biomass-derived synthetic rubber and recyclable thermo-reversible rubber.
- Bridgestone Corporation, in 2021, announced a USD 9.3 billion investment in launching revolutionary equipment at the Shimonoseki Plant. This facility manufactures tires for construction and mining vehicles. The installation process, scheduled to begin in 2022 and conclude by 2025, aims to enhance the company’s production system in terms of eco-friendliness, disaster preparedness, safety, quality, and productivity.
Low Rolling Resistance Tire Industry Segmentation:
By Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Width Type:
- Dual Type
- Wide Band Type
By Sales Channel:
- OEM
- AfterIndustry
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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