Low rolling resistance tire market Exhibit a Remarkable CAGR of 12.50% Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

Data Bridge Market Research analyses that the low rolling resistance tire market is expected to reach USD 46.03 billion by 2030, which is USD 17.94 billion in 2022, at a CAGR of 12.50% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Overview

A low-rolling resistance tire is a type of tire which is mainly designed to make as little friction as possible between the road surface and rubber. This enables the tires to move more easily, which can improve the vehicles' performance and fuel economy. They are made up of special rubber compounds which help to reduce energy losses owing to friction between road surface and the tire, thereby improving efficiency of vehicle. Low-rolling resistance tires are used in trucks, cars, buses and other vehicles that require to travel long distances.

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Low Rolling Resistance Tire Market Dynamics

Drivers

• Increase in offering new products by major manufacturers
The major manufacturers of low rolling resistance tire majorly rely on offering new products equipped with the latest low rolling resistance gripping technology to expand their presence. For instance, Bridgestone Corporation delivers the ECOPIA low rolling resistance tire designs for light automobiles. Its eco-friendly design enables superior road performance, aiding higher safety and fuel efficiency. Moreover, ECOPIA also decreases the production of harmful emissions of carbon dioxide and allowing for reduced rolling resistance. Thus, increase in offering new products by major manufacturers is anticipated to drive the market growth rate during the forecast period.

• Increasing usage of Low rolling resistance tire in light commercial vehicle (LCV)
Increasing usage of low rolling resistance tire in light commercial vehicle (LCV) is expected to witness significant growth of the market during the forecast period. These products are widely used by transport authorities globally for increasing fuel efficiency by reducing rolling resistance without compromising ride safety performance or quality. Furthermore, the increasing use of light commercial vehicle (LCV) on account of their ability to haul heavy loads at high speeds also increases product demand worldwide.

Opportunities

• Increasing agreements between manufacturers and research institutes
Many manufacturers are forging agreements with major research institutes to product innovation. For instance, in March 2021, Sumitomo Rubber Industries Ltd. has declared that it has been working with Kansai University on joint research targeting. This joint research improve new technology which capable of generating electric power from rotation of a tire. This joint research was accomplished by installing a power generating device inside the tire to harness the generated static electricity during rotation. Therefore, increasing product innovation will create numerous market growth opportunities during the forecast period.

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