Global low resistance tire market forecast with a CAGR of 11.3 percent

Pune, India – The global low rolling resistance tire market share forecast with a CAGR of 11.3% across the forthcoming decade with value of 54 billion by the year 2033 according to Future Market Insights.

Major automakers are putting more effort than ever into finding solutions to one of the key problems in the global fight for environmental sustainability in the automotive industry: fuel efficiency. Low rolling resistance tires, according to the US Department of Energy, can increase fuel efficiency by 5% to 15%. For light and heavy duty vehicles, a 5% decrease in rolling resistance would lead to a 1.5% increase in fuel efficiency.

Innovative products from top supplier Bridgestone Group assist clients and partners in lowering CO2 emissions across society. It has declared a specific goal for 2030: boosting contributions to the value chain-wide reduction of global emissions. The goal was to cut tire rolling resistance by 25% by 2020; in 2019, a reduction of 23% was achieved.

“Visibly increasing consumer tilt towards commercial vehicles for long distance travel is likely to amplify sales of low rolling resistance tires by prominent automotive manufacturing giants,” says the FMI analyst.

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 and MRF Tyres are some prominent players operating in the low rolling resistance tire market.

Emphasis on lightweight tires is prompting prominent players to introduce appropriate product portfolios. For instance, in April 2021, Milan-based Pirelli & C S.p.A introduced P ZERO RACE Tub SL, a new rubber, equipped with a special inner tube which guarantees a reduction in overall tire weight exceeding 10%, while maintaining the same grip, smoothness and reliability for bicycles.

Manufacturers are also focusing on offering customized solutions to appropriate end-use industries. Hankook Tire, for instance, announced in April 2021 that it intends to supply original equipment for Porsche 718 Boxster and Cayman models, including tailor-made Ventus S1 evo 3 tires in sizes 235/40 ZR19 (92Y) N-O for the front axle and 265/40 ZR19 (98Y) N-O for the rear axle.