Growing Demand in the Low Rolling Resistance Tire Market: Innovations and Regulatory Impacts | Future Market Insights, Inc.
NEWARK, Del, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The global low rolling resistance tire market is expected to reach USD 20.5 billion in 2024. It is forecasted to experience a robust growth rate of 11.7% CAGR during the assessment period, reaching USD 55.6 billion by 2034. Additionally, the market is projected to show a year-over-year growth of 11.4% in 2024.
Understanding the Low Rolling Resistance Tire Market
The low rolling resistance tire market is experiencing significant growth as it evolves to meet increasing demands for fuel efficiency and environmental sustainability. These tires are designed to reduce the energy required to keep a vehicle moving, which translates into lower fuel consumption and reduced carbon emissions. This demand is driven by a combination of factors, including heightened awareness of environmental issues, regulatory pressures for fuel efficiency, and advancements in tire technology. As automakers and consumers alike prioritize eco-friendly solutions, the market for low rolling resistance tires is expanding, reflecting broader trends towards more sustainable and efficient automotive practices. The market’s upward trajectory is also supported by continuous innovations and improvements in tire design, which enhance performance while contributing to overall energy savings.
Market Value and Growth Projections
The global low rolling resistance tire market is projected to reach USD 20.5 billion in 2024, with expectations to grow at a Compound Annual Growth Rate (CAGR) of 11.7% over the assessment period, aiming for USD 55.6 billion by 2034. In 2024, these tires are anticipated to show a year-over-year growth of 11.4%.
Low rolling resistance tires are becoming increasingly popular in the transportation industry, with passenger cars expected to hold a significant share of the market, approximately 46.7%, by 2024. The rise in vehicle production, which saw a 10.3% increase to 65.3 million units according to OICA, is driving the demand for these tires. This surge in production underscores the growing need for tires that enhance resource efficiency and environmental sustainability.
Technological advancements have led to lighter vehicles and improved fuel economy. Between 2005 and 2008, the average fuel economy improvement was 1.7%, falling short of the Global Fuel Economy Initiative (GFEI) target of a 50% increase in fuel efficiency for new light-duty vehicles by 2030, which requires a 2.7% annual improvement rate. Similarly, the International Energy Agency (IEA) reports that the average fuel consumption for newly registered light-duty vehicles is 7.2 liters per 100 kilometers, reflecting ongoing efforts to improve fuel efficiency and reduce emissions.
Market Value of Low Rolling Resistance Tire by Region
| Countries | CAGR 2024 to 2034 | |
| India | 13.1% | |
| China | 12.4% | |
| Japan | 10.7% | |
| United States | 9.4% | |
| Germany | 9.1% | |
“The low rolling resistance tire market is booming as consumers and manufacturers prioritize fuel efficiency and sustainability. With a significant CAGR and growing demand from the automotive sector, these tires are set to play a crucial role in reducing fuel consumption and environmental impact.” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Prominent Drivers of the Low Rolling Resistance Tire Market
- Rising Fuel Efficiency Demands: Increasing consumer and regulatory focus on improving fuel efficiency drives the demand for low rolling resistance tires.
- Environmental Concerns: Growing awareness of environmental issues and the need to reduce carbon emissions boost the adoption of eco-friendly tire solutions.
- Regulatory Pressures: Stringent regulations and standards aimed at reducing vehicle emissions and enhancing fuel economy support the market growth.
- Technological Advancements: Innovations in tire technology that enhance performance and efficiency contribute to market expansion.
- Increasing Vehicle Production: The rise in global vehicle production increases the demand for tires that improve fuel efficiency and reduce overall operating costs.
- Consumer Preferences: Growing consumer preference for vehicles with lower fuel consumption and reduced environmental impact fuels the demand for low rolling resistance tires.
In-Depth Market Analysis: A Complete Report
https://www.futuremarketinsights.com/reports/low-rolling-resistance-lrr-tire-market
- Challenges Faced by the Low Rolling Resistance Tire Market
Higher Initial Cost: Low rolling resistance tires often come with a higher price tag compared to conventional tires, which can deter price-sensitive consumers. - Performance Trade-offs: While these tires improve fuel efficiency, they may offer less grip and reduced performance in certain driving conditions compared to standardtires.
- Limited Consumer Awareness: Lack of awareness about the benefits and advantages of low rolling resistance tires can hinder market adoption.
- Technological Limitations: Developing and maintaining advanced tire technologies to balance efficiency and performance can be challenging and costly.
- Competition from Alternatives: The market faces competition from other fuel-saving technologies and tire innovations, which can impact demand.
- Regulatory Variability: Different regions have varying regulatory standards for tire performance, which can complicate compliance and market entry strategies.
Key Low Rolling Resistance Tire Manufacturers
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries Ltd.
- Pirelli & C S.p.A
- Hankook Tire
- MICHELIN
- Continental AG
- Trelleborg AB
- The Yokohama Rubber Co. Ltd
- Apollo Tyres Ltd.
- Maxxis International (Cheng Shin Rubber)
- Marangoni S.p.A
- MRF Tyres
- Bridgestone Corporation
Regional Analysis for the Low Rolling Resistance Tire Market
India:
- Growth Rate: Projected to lead with a CAGR of 13.1%.
- Factors Driving Growth: Rapid industrialization, increasing vehicle production, and government initiatives to improve fuel efficiency and reduce emissions.
China:
- Growth Rate: Expected to have a CAGR of 12.4%.
- Factors Driving Growth: Large automotive market, government policies supporting environmental sustainability, and significant investment in advanced tire technologies.
Japan:
- Growth Rate: Anticipated to achieve a CAGR of 10.7%.
- Factors Driving Growth: Advanced automotive technology, high emphasis on environmental regulations, and strong focus on fuel efficiency.
United States:
- Growth Rate: Projected to grow at a CAGR of 9.4%.
- Factors Driving Growth: Strict regulatory standards for fuel efficiency, increasing consumer demand for eco-friendly products, and significant advancements in tire technology.
Key Segments of Market Report
By Vehicle Type:
In terms of vehicle type, the market is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
By Width Type:
Dual type and wide band type are the two width types.
By Sales Channel:
Original equipment manufacturer (OEM) and aftermarket are the two main sales channels.
By Region:
The industry is spread across North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.
German Translation
Der weltweite Markt für Reifen mit geringem Rollwiderstand wird voraussichtlich im Jahr 2024 20,5 Milliarden US-Dollar erreichen. Es wird erwartet, dass er im Bewertungszeitraum eine robuste Wachstumsrate von 11,7 % CAGR aufweist und bis 2034 55,6 Milliarden US-Dollar erreicht. Darüber hinaus wird für den Markt im Jahr 2024 ein jährliches Wachstum von 11,4 % prognostiziert.
Den Markt für Reifen mit geringem Rollwiderstand verstehen
Der Markt für Reifen mit geringem Rollwiderstand verzeichnet ein erhebliches Wachstum, da er sich weiterentwickelt, um den steigenden Anforderungen an Kraftstoffeffizienz und Umweltverträglichkeit gerecht zu werden. Diese Reifen sind so konzipiert, dass sie den Energiebedarf reduzieren, um ein Fahrzeug in Bewegung zu halten, was sich in geringerem Kraftstoffverbrauch und reduzierten Kohlenstoffemissionen niederschlägt. Diese Nachfrage wird durch eine Kombination von Faktoren angetrieben, darunter ein gesteigertes Bewusstsein für Umweltprobleme, regulatorischer Druck hinsichtlich der Kraftstoffeffizienz und Fortschritte in der Reifentechnologie. Da Automobilhersteller und Verbraucher gleichermaßen umweltfreundliche Lösungen bevorzugen, wächst der Markt für Reifen mit geringem Rollwiderstand und spiegelt allgemeine Trends hin zu nachhaltigeren und effizienteren Automobilpraktiken wider. Der Aufwärtstrend des Marktes wird auch durch kontinuierliche Innovationen und Verbesserungen im Reifendesign unterstützt, die die Leistung verbessern und gleichzeitig zu allgemeinen Energieeinsparungen beitragen.
Marktwert- und Wachstumsprognosen
Der globale Markt für Reifen mit geringem Rollwiderstand wird Prognosen zufolge im Jahr 2024 einen Umfang von 20,5 Milliarden US-Dollar erreichen und im Prognosezeitraum mit einer durchschnittlichen jährlichen Wachstumsrate (CAGR) von 11,7 % wachsen. Bis 2034 soll der Marktwert dieser Reifen 55,6 Milliarden US-Dollar erreichen. Im Jahr 2024 wird für diese Reifen ein jährliches Wachstum von 11,4 % erwartet.
Reifen mit geringem Rollwiderstand erfreuen sich in der Transportbranche zunehmender Beliebtheit. Bis 2024 dürften Pkw einen erheblichen Marktanteil von etwa 46,7 % haben. Der Anstieg der Fahrzeugproduktion, die laut OICA um 10,3 % auf 65,3 Millionen Einheiten zunahm, treibt die Nachfrage nach diesen Reifen an. Dieser Produktionsanstieg unterstreicht den wachsenden Bedarf an Reifen, die die Ressourceneffizienz und die Umweltverträglichkeit verbessern.
Technologische Fortschritte haben zu leichteren Fahrzeugen und einem geringeren Kraftstoffverbrauch geführt. Zwischen 2005 und 2008 betrug die durchschnittliche Verbesserung des Kraftstoffverbrauchs 1,7 % und blieb damit hinter dem Ziel der Global Fuel Economy Initiative (GFEI) zurück, die Kraftstoffeffizienz neuer leichter Nutzfahrzeuge bis 2030 um 50 % zu steigern, was eine jährliche Verbesserungsrate von 2,7 % erfordert. Ebenso berichtet die Internationale Energieagentur (IEA), dass der durchschnittliche Kraftstoffverbrauch neu zugelassener leichter Nutzfahrzeuge 7,2 Liter pro 100 Kilometer beträgt, was die laufenden Bemühungen zur Verbesserung der Kraftstoffeffizienz und Reduzierung der Emissionen widerspiegelt.
Marktwert von Reifen mit geringem Rollwiderstand nach Region
| Länder | CAGR 2024 bis 2034 | |
| Indien | 13,1 | % |
| China | 12,4 | % |
| Japan | 10,7 | % |
| Vereinigte Staaten | 9,4 | % |
| Deutschland | 9,1 | % |
Wichtige Treiber des Marktes für Reifen mit geringem Rollwiderstand
- Rising Fuel Efficiency Demands: Increasing consumer and regulatory focus on improving fuel efficiency drives the demand for low rolling resistance tires.
· Environmental Concerns: Growing awareness of environmental issues and the need to reduce carbon emissions boost the adoption of eco-friendly tire solutions.
· Regulatory Pressures: Stringent regulations and standards aimed at reducing vehicle emissions and enhancing fuel economy support the market growth.
· Technological Advancements: Innovations in tire technology that enhance performance and efficiency contribute to market expansion.
· Increasing Vehicle Production: The rise in global vehicle production increases the demand for tires that improve fuel efficiency and reduce overall operating costs.
· Consumer Preferences: Growing consumer preference for vehicles with lower fuel consumption and reduced environmental impact fuels the demand for low rolling resistance tires.
Challenges Faced by the Low Rolling Resistance Tire Market
· Higher Initial Cost: Low rolling resistance tires often come with a higher price tag compared to conventional tires, which can deter price-sensitive consumers.
· Performance Trade-offs: While these tires improve fuel efficiency, they may offer less grip and reduced performance in certain driving conditions compared to standard tires.
· Limited Consumer Awareness: Lack of awareness about the benefits and advantages of low rolling resistance tires can hinder market adoption.
· Technological Limitations: Developing and maintaining advanced tire technologies to balance efficiency and performance can be challenging and costly.
· Competition from Alternatives: The market faces competition from other fuel-saving technologies and tire innovations, which can impact demand.
· Regulatory Variability: Different regions have varying regulatory standards for tire performance, which can complicate compliance and market entry strategies.
Key Low Rolling Resistance Tire Manufacturers
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries Ltd.
- Pirelli & C S.p.A
- Hankook Tire
- MICHELIN
- Continental AG
- Trelleborg AB
- The Yokohama Rubber Co. Ltd
- Apollo Tyres Ltd.
- Maxxis International (Cheng Shin Rubber)
- Marangoni S.p.A
- MRF Tyres
- Bridgestone Corporation
Regional Analysis for the Low Rolling Resistance Tire Market
- India:
- Growth Rate: Projected to lead with a CAGR of 13.1%.
- Wachstumstreiber : Schnelle Industrialisierung, steigende Fahrzeugproduktion und staatliche Initiativen zur Verbesserung der Kraftstoffeffizienz und Reduzierung der Emissionen.
- China :
- Wachstumsrate : Voraussichtliche durchschnittliche jährliche Wachstumsrate (CAGR) von 12,4 %.
- Wachstumstreiber : Großer Automobilmarkt, staatliche Maßnahmen zur Förderung der ökologischen Nachhaltigkeit und erhebliche Investitionen in fortschrittliche Reifentechnologien.
- Japan :
- Wachstumsrate : Voraussichtlich wird eine durchschnittliche jährliche Wachstumsrate (CAGR) von 10,7 % erreicht.
- Wachstumstreiber : Fortschrittliche Automobiltechnologie, hohe Betonung von Umweltschutzbestimmungen und starker Fokus auf Kraftstoffeffizienz.
- Vereinigte Staaten :
- Wachstumsrate : Voraussichtliches Wachstum bei einer durchschnittlichen jährlichen Wachstumsrate von 9,4 %.
- Wachstumstreibende Faktoren : Strenge gesetzliche Vorschriften zur Kraftstoffeffizienz, steigende Nachfrage der Verbraucher nach umweltfreundlichen Produkten und bedeutende Fortschritte in der Reifentechnologie.
Wichtige Segmente des Marktberichts
Nach Fahrzeugtyp:
Nach Fahrzeugtyp ist der Markt in Personenkraftwagen, leichte Nutzfahrzeuge und schwere Nutzfahrzeuge unterteilt.
Nach Breitentyp:
Die beiden Breitentypen sind Dualtyp und Breitbandtyp.
Nach Vertriebskanal:
Original Equipment Manufacturer (OEM) und Aftermarket sind die beiden wichtigsten Vertriebskanäle.
Nach Region:
Die Branche ist über Nordamerika, Lateinamerika, Westeuropa, Osteuropa, Südasien und den Pazifik, Ostasien sowie den Nahen Osten und Afrika verbreitet.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Related Research Reports of Automotive
The tire pressure monitoring system market is projected to grow at a CAGR of 6.2% through 2034. It is expected to increase from USD 3.47 billion in 2024 to USD 6.34 billion by 2034.
The automatic tire inflation system market size is projected to be worth USD 2,178.1 million in 2023. The market is likely to reach USD 3,755.9 million by 2033.
The global retread tire market is expected to attain a valuation of USD 11.2 billion in 2023, and is projected to reach USD 20 billion by 2033.
The Tire & Wheel Cleaners Market is expected to reach USD 2023.3 million by 2032, at a 2.50% CAGR.
The automotive wiring harness market is expected to grow at a considerable CAGR of 8% through 2033. The market is expected to hit a valuation of USD 119.31 billion by 2033.
The anticipated size of the global automotive wires market in 2022 was USD 4,823.2 million and is estimated to be USD 4,937 million in 2023.
The global automotive stamping market is projected to reach a value pool of USD 11,014.5 million in 2023, registering a modest CAGR of 5.3% from 2023 to 2033.
The demand for automotive interior leather is extensively increasing due to rising demand for vehicles with premium interior looks and flexibility among consumers in Korea.
The demand for automotive interior leather in Japan is worth USD 3,020.5 million in 2023 and is expected to be valued at USD 4,198.4 million by 2033.
The global automotive turbocharger market size, as reported by Future Market Insights (FMI), reached USD 12.5 billion in 2018.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
