Low rolling resistance tire market to see double-digit CAGR exceeding 11 percent through 2031

Dubai, UAE – Surging carbon footprint attributed to heavy automotive usage has led manufacturers to improve existing vehicle tire designs has significantly heightened demand for low rolling resistance tires, according to ESOMAR-certified Future Market Insights’ (FMI) latest research report. As per the study, the global low rolling resistance market is slated to surpass a staggering CAGR of 11% across the forthcoming decade.

Key manufacturers are increasingly focusing on achieving fuel economy, one of the top priorities in the global fight to achieve environmental sustainability in the automotive domain. The United States Department of Energy advocates that adopting low roller resistance tires can yield around 5-15% of fuel economy. A 5% reduction in rolling resistance would improve fuel economy by approximately 1.5% for light and heavy duty vehicles.

Prominent manufacturer Bridgestone Group offers revolutionary solutions contributing to CO2 emissions reductions by customers and partners across society. To accelerate its contributions, it has set the focused target towards 2030: contributing to global emissions reduction across the lifecycle and value chain. For the target of a 25 percent reduction in tire rolling resistance by 2020, it achieved a 23 percent reduction in 2019.

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.