Global Low Rolling Resistance Tire Market to witness economic disruption caused by COVID 19 | Apollo Tyres Ltd. (India), The Yokohama Rubber Co. Ltd. (Japan), Kumho Tire (South Korea), Cheng Shin Rubber Industry Co. (China), Zhongce Rubber Group Co., Ltd

Market Scenario

According to MRFR, the Global Low Rolling Resistance Tire Market 2020 is slated to witness 15.85% CAGR over the review period, 2019–2025 and the market size is expected to reach USD 16.8 Billion by 2025.

Market Synopsis

Due to environmental awareness, government regulations on tire marking, growing demand for fuel-efficient tires, and growth in the aftermarket, the global market for low rolling resistance tires is rapidly rising. Increasing inclination towards environmental preservation and natural resource conservation, combined with increased demand for fuel-efficient vehicles, has resulted in increased demand for next-generation tires, such as low rolling resistance tyres. A number of tire manufacturers are therefore expanding their current product range to include environmentally friendly and Low rolling resistance tires fuel efficient designed to conserve fuel and reduce emissions. Swelling fuel efficiency demand, lower rolling resistance and reduced tread depth are collectively expected to drive the low rolling resistance tires market.

However, the high prices of low rolling resistance tires may hinder market growth.

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Market Segmentation

The global market for low rolling resistance tires is segmented by product, type of vehicle, channel of sale and area. The global market was segmented into on-road and off-road, based on application. The global market was segmented into two-wheeler, passenger car, light commercial vehicle, heavy commercial vehicle, and others, based on vehicle size. The consumer market was segmented into OEM and Aftermarket depending on the distribution channel.

Regional Outlook

Due to its increasing adoption in light commercial vehicles and heavy commercial vehicles, the Low Rolling Resistance Tire market is gaining traction worldwide, as they run more miles and fuel efficiency & cost savings are some of the important aspects for them. And it is expected that Low Rolling Resistance Tire will face substantial growth opportunities in the coming years. Regarding the region , the global low rolling resistance tire market is segmented into North America, Europe , Asia-Pacific and the rest of the world.

Asia-Pacific is expected to experience the highest CAGR on the world market for low rolling resistance tires. APAC is anticipated to the fastest developing region for the low rolling resistance tire market over the review period. The growing expansion of the automotive industry in the region leads to the upsurge in commercial vehicles.

Furthermore, Europe is expected to hold the largest market share in the global low rolling resistance tire market during the forecast period. Such factors are driving the implementation of low rolling resistance tires in the region.

The North American eegion is expected to witness mature growth over the review period. The high availability of the commercial vehicles in the USA, coupled with the stringent government regulations’ regarding the safety norms is expected to drive the growth of the low rolling resistance tire market during the forecast period.

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Competitive Dashboard

The major Players in the global low rolling resistance tire market are Apollo Tyres Ltd. (India), TheYokohama Rubber Co. Ltd. (Japan), Kumho Tire (South Korea), Cheng Shin Rubber Industry Co. (China), Zhongce Rubber Group Co., Ltd (ZC-Rubber) (Germany), Bridgestone Corporation (Japan), Nokian Tyres plc (Finland), MRF Tyres (India), Sumitomo Rubber Industries, Ltd. (Japan),The Goodyear Tire & Rubber Company (US), Pirelli & C. S.p.A. (Italy), Hankook Tire (South Korea), Continental AG (Germany), Michelin (France), Cooper Tire & Rubber Company (US), Firestone Tire and Rubber Company (US), and Toyo Tire & Rubber Company (Japan).

The reduction in vehicle weight provided by wide-base LRR tires would offer tremendous opportunities for growth. Market vendors will concentrate more on the growth prospects in the fast-growing segments, while retaining their positions in the slow-growing segments to optimize the opportunities.

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