Low Rolling Resistance Tire Market Forecasts to 2028 – Global Analysis By Type (Bias, Radial, Tube, Tubeless), Width Type (Dual Type, Wide Band Type), Product (Bike Tires, Car Tires) and By Geography
According to Stratistics MRC, the Global Low Rolling Resistance Tire Market is accounted for $8.94 billion in 2020 and is expected to reach $31.42 billion by 2028 growing at a CAGR of 17.0% during the forecast period. The rise in vehicle sales and safety installations per vehicle global, government regulations concerning tire labelling, growing demand for fuel-efficient tires, and progress in the aftermarket acts are driving the market growth. However, high cost related with the product is hampering the growth of the market
A low rolling resistance tire has denoted as a type of tire that is precisely prepared with a solid rubber compound and firm adjacent walls to decrease friction and flex. Several companies are constantly working on the expansion of advanced tire material combinations with new tire compounds, including silica and alternative oils based for reaching good rolling-resistance properties while upholding an enjoyable trip and improved grip.
Based on the vehicle type, the heavy commercial vehicles segment is going to have lucrative growth during the forecast period, as commercial vehicles pass over extended distances on a day-to-day basis, fuel and cost efficiency will keep on the most significant factors related to them, mainly HCVs, thus preferring acceptance of fuel effective automotive components such as low rolling resistance tires. Noticeably growing consumer change towards commercial vehicles for long-distance travel is projected to strengthen the sales volume of low rolling resistance tires shortly. Furthermore, since HCV tires incline to experience more wear and tear, interpreting into a higher replacement rate and sales of low rolling resistance tires are possible to continue higher in this segment.
By geography, North America is going to have high growth during the forecast period, due to the excessive obtainability of the commercial vehicles in the province together with the stringent government regulations concerning the safety norms are projected to fuel the growth of the complete market.
Some of the key players profiled in the Low Rolling Resistance Tire Market include Apollo Tyres Ltd., Bridgestone Corporation, Continental AG, Hankook Tire, Marangoni S.p.A, Maxxis International (Cheng Shin Rubber), MICHELIN, MRF Tyres, Pirelli & C S.p.A, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co. Ltd, Trelleborg AB.
Estimated Market Size in 2020:
USD 8.94 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 31.42 billion
Tables, Graphs& Figures
Type, Vehicle Type, Width Type, Product, Application, Sales Channel and Region
Core Drivers and Opportunities:
Restraining Factors&Market Threats:
Vehicle Types Covered:
• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle
Width Types Covered:
• Dual Type
• Wide Band Type
• Bike Tires
• Car Tires
• Truck Tires
Sales Channels Covered:
• Original Equipment manufacturers (OEMs)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Low Rolling Resistance Tire Market is majorly driven by the increase in the vehicle sales, government regulation regarding the tires to lower the carbon product and safety installations per vehicle global.
The wide band type segment is growing at a highest CAGR, owing to the distribution of vehicle load over a larger surface area, which decreases risks of tire damage from frictional heat.
Europe dominated with a significant market share due to the stringent regulation by government bodies concerning the vehicle emission.
Asia Pacific market is growing at a highest CAGR due to the growing development of the automotive industry in the province leads to the rise in commercial vehicles.
Key players in Low Rolling Resistance Tire Market include Apollo Tyres Ltd., Bridgestone Corporation, Continental AG, Hankook Tire, MarangoniS.p.A, Maxxis International (Cheng Shin Rubber), MICHELIN, MRF Tyres, Pirelli & C S.p.A, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co. Ltd, Trelleborg AB.
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