Low rolling resistance tire offers any of the mentioned benefits of improved durability, grip, noise reduction, improve fuel efficiency, reduced carbon emission, or all in combination. These tires are designed with improved thread structure to have reduced rolling resistance of tire with road and are made up of low rolling resistance materials or compounds, such as silica, special synthetic rubbers, and soybean. Therefore, tires involve such advantages without compromising on safety in terms of road grip and CO2 emission while being fuel-efficient.
The global Low Rolling Resistance Tire Market is expected to witness ~15.85% CAGR during the forecast period and the market size is expected to reach USD16.8 Billion by 2025.
The global low rolling resistance tires market is segmented based on application, vehicle type, sales channel and region. The market is segmented based on application as on-road and off-road. The global market has been segmented on the basis of vehicle type as two-wheeler, passenger car, light commercial vehicle, heavy commercial vehicle, and others. On the basis of sales channel, the global market has been segmented into OEM and aftermarket. On the basis of region, the global market for low rolling resistance tire is segmented into Europe, North America, Asia-Pacific, and the rest of the world.
The market is driven by factors such as the government regulations regarding tire labeling, increase in demand for fuel-efficient tires, rising environmental awareness, and growth of the aftermarket. However, the market growth is hindered by the high price of the low rolling resistance tires.
Market Research Analysis
In terms of region, the global market for low rolling resistance tire is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to witness the highest CAGR in the global Low Rolling Resistance Tire Market.
Furthermore, Europe is expected to hold largest market share in global Low Rolling Resistance Tire Market during the forecast period. The focus of European Union (EU) on decreasing vehicular emissions as it introduced the European Regulation (EC) No. 1222/2009 in 2012, which classifies tires from A (best) to G (worst) in these three categories. The EU has defined the tire classification as, a tire that has an “A” efficiency classification and consumes about 7.5 percent less gasoline than a class “G” tire. Moreover, the European Commission is working on setting post-2020 CO2 emission standards for cars and vans. Such factors are driving the adoption of low rolling resistance tires in the region.
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Scope of the Report
This study provides an overview of the global Low Rolling Resistance Tire Market, tracking three market segments across four geographic regions. The report studies key players and provide an eight-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the world. The report also provides a forecast, which focuses on the market opportunities for the next nine years for each region. The scope of the study segments the global Low Rolling Resistance Tire Market by application, vehicle type, sales channel and region.
By Vehicle Type
- Passenger car
- Light commercial vehicle
- Heavy commercial vehicle
By Sales Channel
- North America
- Rest of the World
Some of the major players in the global Low Rolling Resistance Tire Market are The Goodyear Tire & Rubber Company (US), Sumitomo Rubber Industries, Ltd. (Japan), Pirelli & C. S.p.A. (Italy), Hankook Tire (South Korea), Bridgestone Corporation (Japan), Michelin (France), Continental AG (Germany), The Yokohama Rubber Co. Ltd. (Japan), Apollo Tyres Ltd. (India), Cheng Shin Rubber Industry Co. (China), Kumho Tire (South Korea), Zhongce Rubber Group Co., Ltd (ZC-Rubber) (Germany), Nokian Tyres plc (Finland), MRF Tyres (India), Firestone Tire and Rubber Company (US), Cooper Tire & Rubber Company (US), and Toyo Tire & Rubber Company (Japan), are among others.