Extensively employed in commercial as well as passenger vehicles, low rolling tires will remain a popular choice among automakers and consumers, as a fuel efficient tire type. As the global demand for sustainability and fuel efficiency continues to mount, low rolling resistance tires are most likely to witness a strong surge in demand over the years to come.
- The US$ 66 billion market for low rolling resistance tire is anticipated to expand at a prosperous CAGR of 10.8% during 2018-2028.
- Since the tire replacement rate continues to be high, aftermarket is dominating over OEMs in terms of sales of low rolling resistance tires.
- Low rolling resistance tires with wide band width will remain more preferred, accounting for almost 25% share of the total sales.
In line with the increasing significance of reduced or zero carbon footprint, organizations such as the SmartWay Transport Partnership (US) will prominently continue to focus on transportation and logistics management in a sustainable manner. This and more such establishments are likely to drive the demand for low rolling resistance tires in the market, says the report.
Commercial Vehicles Lead in Terms of Generating Low Rolling Resistance Tire Demand
By vehicle type, heavy commercial vehicles will reportedly account for almost half of the global low rolling resistance market revenue that has been estimated through 2028. As commercial vehicles cover longer distances on a daily basis, fuel and cost efficiency will remain the most important factors associated with them, particularly HCVs, thereby favoring adoption of fuel efficient automotive components such as low rolling resistance tires.
Visibly increasing consumer shift towards commercial vehicles for long distance travel is estimated to amplify the sales volume of low rolling resistance tires in the near future. Moreover, since HCV tires tend to experience more wear and tear, translating into a higher replacement rate, sales of low rolling resistance tires are likely to remain higher in this segment – according to FMI’s analysis.
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Europe Accounts for Nearly 25% of Low Rolling Resistance Tire Market
Europe is estimated to hold about one-fourth share in the global low rolling resistance tire market owing to rapidly growing implementation of the sustainable regulatory framework that prominently cover automotive components manufacturing. Low rolling resistance tire market in China and India is likely to demonstrate promising growth owing to improving economies, increasing vehicle parc, and tightening fuel consumption and emission regulations.
The tire industry is highly competitive owing to the presence of several established players, building a fairly consolidated landscape for low rolling resistance tire market. Over half of the market value is accounted by organized players, according to FMI’s research on the global low rolling resistance tire market.
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Some of the key players active in the global low rolling resistance tire market are Apollo Tyres Ltd., Michelin SCA, Maxxis International, The Goodyear Tyre and Rubber Company, Bridgestone Corporation, Yokohama Rubber Company, Pirelli & C. SpA, Continental AG, Cooper Tyre & Rubber Co., Sumitomo, Trelleborg AB, and Hankook Tyre Worldwide Co. Ltd., among others.