Low Rolling Resistance Tire Market Size, Share, Industry & Forecast 2028

 

Low Rolling Resistance Tire Market

The Low rolling resistance tire market is projected to grow at a higher CAGR during the forecast period (2021-2028).

The factors driving the growth of Low Rolling Resistance Tire Market includes increasing automotive sales around the world, growing usage of low rolling resistance tires in hybrid cars and mainstream vehicles and rising adoption of nanotechnology for producing tires. As per the report published by Statista, the Worldwide car sales increased to 66.7 million units of automobile in 2021, from 63.8 million units in 2020, which will accelerate the Low Rolling Resistance Tire Market Growth in the approaching years. Moreover, the favorable government policy for minimizing the carbon emissions and increasing research and development on enhancing the low resistance tires, are some of the key additional factors, augmenting the Low Rolling Resistance Tire Market Share. In addition, the increasing disposable income, rapid urbanization, growing working-class population and the on-going expansion of automobile industry, are expected to boost the Low Rolling Resistance Tire Market Size.

However, the growth of Low Rolling Resistance Tire Market is hindered due to high operational cost and limited sales outreach.

The leading players operating in the market are THE YOKOHAMA RUBBER CO., LTD, Apollo Tyres Ltd., Bridgestone Corporation, The Goodyear Tire & Rubber Company, MRF Tyres, MICHELIN, Continental AG, Pirelli & C S.p.A, Hankook Tire & Technology Co., and Sumitomo Rubber Industries Ltd. Among others.

Vehicle type – Segment Analysis

As per the Low Rolling Resistance Tire Market Trends, the Heavy commercial vehicles segment is expected to grow at significant CAGR during the forecast period. The increasing use of heavy commercial vehicles for travelling long distance along with its fuel-efficient features, are some of the key factors responsible for the growth of the segment. 

Width type – Segment Analysis

Based on the Width type, Wide bandwidth low rolling resistance tires segment is projected to lead the market during the forecast period because it helps in reducing the damage caused by heat, it can reduce around 800 pounds of weight.

Regional – Segment Analysis:

Based on the region, Asia Pacific is expected to witness a remarkable CAGR over the forecast period increasing sales of automotives, favorable Government policies for reducing carbon emissions and growing middle-income group population. As per China Association of Automobile Manufacturers (CAAM), the net cars sales in China increased to 3.8% YoY, and the total cars sale went to 26.28 million in 2021.

Market Segmentation

Global Low Rolling Resistance Tire Market by Vehicle type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Global Low Rolling Resistance Tire Market by Width type

  • Dual Type
  • Wide Band Type

Global Low Rolling Resistance Tire Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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