Press release
Low Rolling Resistance Tire Market Outlook 2024 to 2034: Advancements Driven by Marangoni S.p.A., Maxxis International, The Yokohama Rubber Co., Ltd., Trelleborg AB, Continental AG, Hankook Tire, and Pirelli & C. S.p.A.
The global low rolling resistance tire market is poised for substantial expansion, with its value anticipated to surge from an estimated USD 20.5 billion in 2024 to an impressive USD 55.6 billion by 2034. This growth trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 11.7% during the assessment period, underscoring the increasing demand for fuel-efficient and environmentally friendly tire solutions. The market is projected to exhibit an 11.4% year-over-year growth in 2024 alone, highlighting its dynamic momentum.Low rolling resistance tires are gaining significant ground in the transportation sector due to their ability to minimize energy loss caused by vehicle movement, thereby improving fuel consumption. This is particularly crucial amidst rising fuel prices and a global emphasis on environmental protection. By 2024, passenger cars are estimated to account for a substantial 46.7% share of the low rolling resistance tire industry, indicating a strong adoption trend within this segment. The continuous boom in global vehicle production, which reached nearly 94 million units in 2023 according to the International Organization of Motor Vehicle Manufacturers (OICA), further fuels the demand for these beneficial tires that contribute to resource conservation and environmental stewardship.
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Market Drivers and Technological Advancements
The increasing adoption of low rolling resistance tires is significantly influenced by stringent environmental pollution and emissions standards worldwide. These tires play a pivotal role in helping vehicles meet regulatory targets and reduce overall greenhouse gas emissions. For instance, the Global Fuel Economy Initiative (GFEI) aims for a 50% improvement in new light-duty vehicle fuel economy by 2030, necessitating an annual improvement rate of at least 2.7%. While average improvements between 2005 and 2008 were 1.7%, the industry is striving to meet these ambitious goals, with low rolling resistance tires being a key enabler. The International Energy Agency (IEA) has also highlighted global efforts to reduce average fuel consumption in newly registered light-duty vehicles.
Technological innovations have been instrumental in enhancing the performance and serviceability of these tires, making them increasingly appealing to both consumers and manufacturers. Tire manufacturers are strategically introducing value-generating products based on new-generation gripping technology. A notable example is Bridgestone Corporation's ECOPIA line, specifically designed for light vehicles. These "green tires" not only offer high road performance but also contribute to improved safety and fuel efficiency while effectively reducing carbon dioxide emissions. The forecast period is expected to witness accelerated growth due to continuous product development by leading manufacturers.
Semi-Annual Performance and Market Trends
The low rolling resistance tire market has demonstrated consistent growth, with an 11.1% CAGR in the first half of 2023 and an 11.5% CAGR in the second half of the same year. Moving into 2024, the market is projected to see a 11.4% CAGR in the first half and a robust 11.9% in the second half (2024 to 2034), indicating sustained positive momentum.
Key developments further underscore the market's trajectory:
Superior Durability and Fuel Savings: Low rolling resistance tires are gaining demand due to their enhanced durability compared to traditional tires, coupled with significant fuel-saving potential. The United States Department of Energy estimates that adopting these tires can save 10% to 15% of fuel, which translates into substantial long-term savings. Their flexibility and elasticity also provide better control in adverse weather conditions.
Growing Vehicle Parc and Production: The expanding global vehicle fleet, which reached approximately 1.5 billion units in 2023, coupled with rising automotive production (around 93.5 million units globally in 2023), creates a constant demand for tire replacements. Low rolling resistance options are increasingly preferred to meet fuel efficiency standards and consumer preferences for eco-friendly vehicles.
Stringent Regulations and Carbon Footprint Reduction: Governments worldwide are implementing strict emission control standards, such as the European Union's Euro 6 and the United States EPA's Tier 3. Low rolling resistance tires are crucial in meeting these regulations by enhancing fuel efficiency and reducing carbon dioxide emissions, thereby accelerating their adoption across the automotive industry.
Technological Innovations in Tire Materials: Ongoing advancements in rubber compounds, including silica content and synthetic polymers, are enhancing tire performance while reducing rolling resistance. New manufacturing processes and smart tire technologies, such as nanotechnology, are also contributing to better fuel economy, improved performance, and extended durability.
Competitive Landscape and Strategic Developments
The low rolling resistance tire market is characterized by a multi-tiered competitive structure. Tier 1 comprises industry leaders with annual revenues exceeding USD 800 million, including Michelin, The Goodyear Tire & Rubber Company, Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A., Hankook Tire, Sumitomo Rubber Industries Ltd., and Trelleborg AB. These companies command a significant global market share, leveraging extensive production capacities, broad geographical reach, and continuous technological innovation.
Tier 2 encompasses established players with revenues between USD 400 million and USD 800 million, such as Yokohama Rubber Company, Apollo Tyres Ltd., and Maxxis International, focusing on regional strengths and specialized needs. Tier 3 includes smaller, local, or niche companies with revenues below USD 400 million.
Manufacturers are actively pursuing strategies such as product innovation, geographic expansion, and strategic partnerships. Recent industry updates include:
Michelin (March 2024): Launched a new line of low rolling resistance tires incorporating sustainable materials, aiming to reduce fuel consumption and CO2 emissions as part of a broader strategy to achieve a 40% reduction in tire rolling resistance by 2030.
Goodyear (April 2024): Introduced its Electric Drive range specifically designed for electric vehicles, featuring low rolling resistance to maximize range while ensuring enhanced traction and durability.
Bridgestone (June 2023): Extended its ENLITEN technology, which reduces rolling resistance and tire weight without compromising safety or durability, integrating it into various tire models for electric and hybrid vehicles.
Leading producers are continually investing in research and development to introduce new tires and increase manufacturing capacity to meet rising end-user demand. Acquisitions, partnerships, mergers, and facility expansions are also key strategies employed to strengthen their market footprint. The market remains dynamic, with new startups expected to emerge, further intensifying the competitive landscape.
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