Global Low Rolling Resistance Tyre Market Report and Forecast 2024-2032

Global Low Rolling Resistance Tyre Market Outlook

The global low rolling resistance tyre market size is expected to grow at a CAGR of 11.70% during the forecast period of 2024 and 2032, aided by the rapidly developing automotive industry. The major driving force for the market is the rising awareness for carbon emission reduction and increasing demand for fuel-efficient vehicles.

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Global Low Rolling Resistance Tyre Market Trends

Low rolling resistance tyres are specially designed tyres that have been designed to help in reducing the excess amount of energy required by the engine to move the wheels. The innovative design of the tyre  helps in improving the fuel-efficiency of the vehicle while providing good traction to drive on wet and dry conditions.

• The rapidly developing automotive sector has led to an increase in the number of vehicles active on road, which has raised concerns for rising automotive emission levels. This has compelled governments to implement strict emission control policies, which can propel the market growth as automotive companies increasingly implement new technologies to reduce emissions.

• Market players are making efforts in manufacturing tyres by utilizing nanomaterials as they have potential to reduce rolling resistance while providing additional benefits such as improved wear resistance with good safety levels.

• The surging demand for fuel efficient vehicles is likely to enhance the market growth as the low rolling resistance tyres require less energy from the vehicle engine to start moving. This can also simultaneously increase the performance of the vehicle, which will in turn increase the sales.

Global Low Rolling Resistance Tyre Market Analysis

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Based on vehicle type, the market can be segmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Based on width type, the market can be divided into dual type and wide band type. Based on the sales channel, it can be bifurcated into OEM and aftermarket. Based on the application, the market divisions include on road and off road. The regional markets for the low rolling resistance tire market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global low rolling resistance tire market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Bridgestone Corporation

• Continental AG

• The Michelin Group

• The Goodyear Tyre & Rubber Company

• Madras Rubber Factory

• Apollo Tyres Ltd.

• Others

Diverse Vehicle Types in the Low Rolling Resistance Tyre Market

Based on vehicle type, the market can be categorised into passenger vehicle, light commercial vehicle, and heavy commercial vehicle.

The passenger vehicle segment is expected to dominate the market growth, owing to the rising demand for fuel efficient vehicles. To meet the demand, companies are incorporating low rolling resistance tyres to meet the rising demand due to its cost-effectiveness.

The light commercial vehicle and heavy commercial vehicle segments are expected to hold a significant share of the market due to the rising demand for fuel efficient commercial vehicles. The heavy commercial vehicle segment is likely to grow rapidly due to increasing adoption of low rolling resistance tyres as the vehicles are often used for long distance travels.

Asia Pacific Region Projects a Leading Role

Based on regional markets, the low rolling resistance tyre market can be categorised into North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa.

The Asia Pacific region is expected grow rapidly during the forecast period owing to the rapidly developing automotive industry. Governments are also implementing strict emission control for various types of vehicles, which can propel the development of green tyres . The low rolling resistance tyres can improve fuel efficiency of vehicles which leads to reduced carbon emissions. Increasing adoption of these tyres can drive the market expansion.

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Competitive Landscape

Bridgestone Corporation is a global leader in the tyre manufacturing market. The company was founded in the year 1931 and the headquarter is located in Tokyo, Japan. The company is actively engaged in producing, innovating, and distributing a diverse range of original equipments and solutions to more than 150 countries. Their products primarily consist of tyres for different types of land vehicles and airplanes. It also specializes in manufacturing of different products, such as golf equipments, hydraulic hose, and seismic isolators, among others.

Continental AG, founded in 1871, is an automotive part manufacturing company, headquartered in Hanover, Germany. The company has expertise in various fields of the automotive industry, including tyres, automated driving, drive assistance systems, and vehicle networking. It also develops and provides products to other industries, including aerospace, construction, energy management, food chain processing, material handling, and rail transport, among many others.

The Michelin Group is a multinational company, headquartered in Clermont-Ferrand, France, and it was founded in 1889. It has been operating with the aim to manufacture sustainable and improved tyres and services for the automotive industry for different type of vehicles, including airplanes, motorcycles, automobiles, trucks, earthmovers, and farm equipment. Tyre manufacturing is their primary business category, and they operate in different segments including passenger car and light truck. The company distributes their products and provides their services in more than 170 countries.

Other market players include The Goodyear Tyre & Rubber Company, Madras Rubber Factory, and Apollo Tyres Ltd., among others.

Key Highlights of the Report