The market for low rolling resistance tyres is anticipated to grow at a rate of 15% between 2022 and 2030, when it is anticipated to reach 31482.03 Million by 2030.
The global market for low rolling resistance tire is growing rapidly due to environmental awareness, government regulations regarding tire labeling, increasing demand for fuel-efficient tires, and growth in the aftermarket. However, the growth of the market may be hindered by the high prices of low rolling resistance tires.
Over the forecast period, technological developments in the industry are anticipated to boost demand. Due to the fierce competition in the vehicle tyre market, businesses always strive to differentiate their products by providing cutting-edge innovations. High levels of performance and durability are provided by the technology. For instance, the tread pattern self-regenerates as it is used, maintaining a high level of grip even when worn.
The development of environmentally friendly tyres that both meet exacting performance standards and are cost-effective is a growing area of interest for tyre producers. Lehigh Technologies, for instance, provides Micronized Rubber Powder (MRP), which is a low-cost, environmentally friendly, adaptable, and high-performing feedstock for manufacturing. More than 300 million tyres have been made with MRP.
The demand is anticipated to be driven by manufacturers' growing use of Low Rolling Resistance (LRR) and self-inflating technology as a result of growing consumer awareness of fuel efficiency. LRR tyres decrease rolling effort needed and wasteful energy. All manufacturers were compelled to use these tyres due to mounting pressure to increase fuel efficiency.
Regional Analysis
Geographically, there are four main regions that make up the low rolling resistance tyre market: North America, Europe, Asia-Pacific, and the Rest of the World. During the projected period, the low rolling resistance tyre market in Asia-Pacific is anticipated to develop at the highest CAGR worldwide. the rapid expansion of the vehicle manufacturing sector in nations like Indonesia, China, and India. In terms of electric car sales, China is the market leader. With the "Automobile Mid and Long-Term Development Plan" and the presence of BAIC, BYD, and JAC, the Chinese government is anticipated to play a significant role in the selling of electric and hybrid vehicles.
Market Segmentation
Based on application, vehicle type, sales channel, and geography, the market for low rolling resistance tyres is divided globally. The global market has been divided into two categories based on application: on-road and off-road. The global market has been divided into two-wheelers, passenger cars, light commercial vehicles, heavy commercial vehicles, and others based on the kind of vehicle. The global market has been divided into OEM and aftermarket segments based on sales channel.
Key Players
- 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)
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (US)
- Sumitomo Rubber Industries Ltd. (Japan)
- Pirelli & C. S.p.A. (Italy)
- Hankook Tire (South Korea)
- Michelin (France)
- Continental AG (Germany)
- Firestone Tire and Rubber Company (US)
- Cooper Tire & Rubber Company (US)
- Toyo Tire & Rubber Company (Japan).
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