Market Synopsis
Market Research Future (MRFR) in its latest report on the worldwide Global Low Rolling Resistance Tire Market 2020 shed light on controlling forces of the market. As per MRFR study, the low rolling resistance tire market can thrive at about 15.85% CAGR in the analysis period 2019–2025. The low rolling resistance tire market size is likely to touch USD 16.8 Billion by 2025.
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The fabrication of low rolling resistance tires reduces friction and flex, promoting its high efficacy. The increase in the awareness about the benefit of low rolling resistance tire market can contribute to the expansion of the market. Top-notch tire producers are working to develop advanced tire material combinations that are silica-based or have alternative oils to achieve optimum rolling resistance properties to deliver a better grip. Hence, the benefit of pleasant ride offered by low rolling resistance tire market can support the rise of the market.
The presence of improved tire thread design that does not affect skid, traction, and tread abrasion resistance and offer high tire performance can profit the market. The operating smoothness vital to all drivers can support the expansion of the market as low rolling resistance tires are designed to curb noise generated tires, thereby improve vehicle fuel efficiency. The increased demand for tires with high fuel efficacy and the presence of robust aftermarket can impel the expansion of the market in the years to come.
Global Low Rolling Resistance Tire Market Segmentation
The segment assessment of the global low rolling resistance tires market is done by sales channel application, and vehicle type. The application based segments of the rolling resistance tires market are on-road and off-road. The on-road low rolling tire market is expected to earn high income in the study period. The vehicle type based segment of the low rolling resistance tire market are passenger car, two-wheeler, heavy commercial vehicle, and light commercial vehicle among others. The heavy commercial vehicle, following two-wheeler can generate substantial revenue in the analysis period.
The sales channel based segments of the low rolling resistance tire market are OEM and aftermarket. The OEMs segment can win high profit for the market in the years ahead.
Detailed Regional Analysis
Trends of the low rolling resistance tire global market is studied across North America, EU, APAC, and the Rest of the world. The low rolling resistance tire market in the AsiaPacific region is likely to surge at the highest CAGR across the forecast period. The rapid rise of the automobile manufacturing sector in Indiaand Indonesia can promote the expansion of the regional market. The high sale count of electric vehicles across rising economies can impact the rise of the low rolling resistance market in the years to come. The high sale of hybrid vehicles and electric vehicles can also promote the expansion of the regional low rolling resistance tire market.
Prominent Players
Cooper Tire & Rubber Company (US), Bridgestone Corporation (Japan), Apollo Tyres Ltd. (India), The Yokohama Rubber Co. Ltd. (Japan), Zhongce Rubber Group Co., Ltd (ZC-Rubber) (Germany), Michelin (France), MRF Tyres (India), Cheng Shin Rubber Industry Co. (China), Sumitomo Rubber Industries, Ltd. (Japan), The Goodyear Tire & Rubber Company (US), Nokian Tyres plc (Finland), Kumho Tire (South Korea), Hankook Tire (South Korea), Firestone Tire and Rubber Company (US), Continental AG (Germany), Pirelli & C. S.p.A. (Italy), and Toyo Tire & Rubber Company (Japan) are some reputed names that are functioning in the low rolling resistance tire market as listed by MRFR.
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