Low Rolling Resistance Tire Market Size, Share & Industry Analysis, By Application Type (On-Road, Off-Road), By Vehicle Type (PC, LCV, HCV) Others and Regional Forecast, 2023-2030

A low rolling resistance reduces the energy loss by tire owing to rolling. Graphene material is used in tires to minimize the rolling effect of the tire, and this will help to lower the fuel consumption. An advanced design of the low rolling resistance tires guarantees better traction for the vehicles to drive safely on wet or dry roads. The design on the outer side of the tire ensures better traction. Lowering the rolling effect of the tire leads to an increase in fuel efficiency by 5% to 10% of the vehicle. The conventional tires have a deeper tread pattern that is designed for a safe driving experience on rough terrains, while low rolling resistance tires are considered more suitable for flat and smooth highways. Drivers can enjoy a safe drive regardless of high-speed parameters.

Key Market Driver -

The increasing demand for the fuel-efficient vehicles will drive the growth of the market.

Key Market Restraint -

High cost of the low rolling resistance tires as compared to normal tires is expected to be hindrance to the growth of the market

The increasing demand for fuel-efficient vehicles is also expected to drive the low rolling resistance tire market over the forecast period. The government regulations regarding the tires to lower the carbon product is likely to boost the demand for the low rolling resistance tires. The rising production and sales of passenger and light commercial vehicles globally are also anticipated to propel the automotive low rolling resistance tire market. All these factors are expected to help to drive the growth of the automotive low rolling resistance tire market.       

The high cost of the low rolling resistance tires compared to the standard tires is expected to hamper the growth of the low rolling resistance tire market during the forecast period.

Key Players Covered in the Automotive Low Rolling Resistance Tires Market:

Some of the major companies that are present in the automotive low rolling resistance tires market include Bridgestone Corporation, Continental AG, Michelin, The Goodyear Tire & Rubber Company, Madras Rubber Factory, among others.

The global automotive low rolling resistance tires market has been segmented into application type, vehicle type, and region. By application type, the global automotive low rolling resistance tire market is segmented into on-road and off-road type. The on-road application segment is expected to dominate the low rolling resistance tire market over the forecast period owing to an increase in demand for the tires in the passenger car segment. The off-road application segment is also expected to show steady growth in this market over the forecast period. By vehicle type, further, the global automotive low rolling resistance tire market has been segmented into PC, LCV, and HCV. The passenger car segment is expected to dominate the market over the forecast period. The increasing demand for fuel-efficient vehicles and increasing awareness regarding air pollution among the consumers is expected to boost the growth of this segment. The LCV and HCV segment is also expected to show steady growth in this market over the forecast period.

Regional Analysis:

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Geographically, the automotive low rolling resistance tire market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is anticipated to dominate the market over the forecast period. The increasing sales and production of the vehicles in this region have led to good growth in this market. Europe is also expected to show good growth in this market owing to stringent regulation by government bodies regarding the vehicle emission and increasing demand for the fuel-efficient vehicles by the consumers from this region is likely to drive the market in this region over the forecast period. North America is also anticipated to show steady growth in the automotive low rolling resistance tires market over the forecast period.

Segmentation

Key Industry Developments:

• April 2019: MRF introduced new tire segment –‘ Nylogrip Ezeeride’ for the motorcycle. This tire will make riding comfortable and smoothly while driving on straight road as well as cornering. This tire also ensures traction guarantees on the wet roads.