Low Rolling Resistance Tyre Market Outlook
According to the report by Expert Market Research (EMR), The global low rolling resistance tyre market size is projected to grow at a CAGR of 11.70% during the forecast period of 2024 and 2032. Aided by the rapidly developing automotive sector and the rising awareness for carbon emission reduction, the growth of the market is expected to surge during the forecast period.
Low-rolling resistance tyres are specially designed to reduce the energy wasted as heat as the tyre rolls down the road. This reduction in rolling resistance translates directly into fuel efficiency improvements and decreased CO2 emissions, making these tyres a popular choice for environmentally conscious drivers and manufacturers aiming to meet stringent environmental regulations.
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Increasing environmental concerns and stringent global regulations regarding CO2 emissions have significantly driven the low rolling resistance tyre market expansion. Governments worldwide are implementing policies that encourage the use of energy-efficient products. For instance, the European Union’s regulation on the labelling of tyres has mandated the inclusion of fuel efficiency ratings, which has heightened consumer awareness and boosted the demand for low-rolling resistance tyres.
Technological advancements in material science have enabled manufacturers to develop new compounds that enhance the elasticity and decrease the energy dissipation of tyres. Innovations such as silica-based compounds, advanced elastomers, and improved tyre architectures contribute to the enhanced performance of low-rolling resistance tyres without compromising on safety or durability.
The expanding automotive sector, particularly in emerging economies such as China, India, and Brazil, is a critical driver for the low rolling resistance tyre market growth. As vehicle ownership increases, the demand for fuel-efficient tyres is expected to rise, providing a substantial boost to the market.
With rising fuel prices and growing consumer awareness about fuel-saving technologies, there is a notable shift towards vehicles equipped with energy-efficient tyres. Consumers are increasingly opting for tyres that offer not only long-term cost benefits but also environmental advantages.
The global low rolling resistance tyre market is segmented by vehicle type into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicle segment is poised to lead the market growth, fuelled by increasing consumer demand for fuel-efficient vehicles. To address this demand, manufacturers are increasingly integrating low rolling resistance tyres into their designs, recognising their cost-effectiveness and efficiency benefits.
Both the light commercial vehicle and heavy commercial vehicle segments are anticipated to capture substantial market shares. The demand for fuel-efficient commercial vehicles is escalating, with the heavy commercial vehicle segment projected to expand rapidly. This growth is driven by the widespread adoption of low rolling resistance tyres, particularly beneficial for vehicles frequently used for long-distance travel due to their potential to significantly enhance fuel economy.
The Asia Pacific low rolling resistance tyre market is expected to experience rapid growth during the forecast period, spurred by the fast-developing automotive industry. Stringent government regulations on vehicle emissions are pushing for the development of ‘green tyres’ that enhance fuel efficiency and reduce carbon emissions. The increasing adoption of low rolling resistance tyres in this region is likely to propel the market expansion, as both consumers and manufacturers seek more environmentally friendly and cost-effective vehicle solutions.
Despite the optimistic outlook, the low rolling resistance tyre market faces several challenges that could hinder its growth. The high cost of advanced materials and technology required to produce low rolling resistance tyres may limit the market penetration, particularly in cost-sensitive regions. Additionally, there is a trade-off between low rolling resistance and tyre grip, especially under wet conditions, which can affect consumer preference and market growth.
Low Rolling Resistance Tyre Market Segmentation
The global low rolling resistance tyre market can be divided based on vehicle type, width type, sales channel, application, and region.
Market Breakup by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Market Breakup by Width Type
- Dual Type
- Wide Band Type
Market Breakup by Sales Channel
- OEM
- Aftermarket
Market Breakup by Application
- On Road
- Off-Road
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global low rolling resistance tyre market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bridgestone Corporation
- Continental AG
- The Michelin Group
- The Goodyear Tyre & Rubber Company
- Madras Rubber Factory
- Apollo Tyres Ltd.
- Others
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