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The growth of the off-the-road (OTR) tire market is set to be propelled by escalating construction activities and the increasing mechanization of farming worldwide. The market is segmented based on construction type, vehicle type, and distribution channel.
Concerning construction type, the global market is categorized into bias, belted bias, and radial. In 2018, the radial segment held the dominant market share at 51.5%, amounting to USD 10,124.72 million. Projections indicate a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period, showcasing a robust trajectory.
The vehicle type segment includes mining, agricultural vehicles, construction and industrial equipment, and others. The agricultural vehicle segment claimed a significant market share of 43.1% in 2018, valued at USD 8,473.3 million. Forecasts suggest a steady 5.6% CAGR over the forecast period, demonstrating sustained growth.
Examining end-users, the market is divided into Original Equipment Manufacturers (OEM) and aftermarket. In 2018, the aftermarket segment dominated with the largest market share at 60.4%, reaching a value of USD 11,863.6 million. Projections anticipate a commendable 5.5% CAGR during the study timeframe, emphasizing the aftermarket's pivotal role in the market.
Regionally, Asia Pacific emerged as the leader in 2018, commanding a substantial market share of 43.2% and a value of USD 8,494 million. Forecasts predict a commendable 5.3% CAGR over the projected period, emphasizing the region's significant contribution to market growth.
In summary, the global OTR tire market is poised for expansion, fueled by increased construction activities and the mechanization of farming practices. The radial segment, agricultural vehicles, and the aftermarket segment are key drivers of this growth, with the Asia Pacific region playing a pivotal role in shaping the market's trajectory. These trends underscore the industry's resilience and potential for sustained growth in the foreseeable future.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022-2030 |
Low Rolling Resistance Tire Market Highlights:
Low Rolling Resistance Tire Market Synopsis :
Low Rolling Resistance Tire Market is expected to witness ~15% CAGR during the forecast period, 2022–2030 and the market size is expected to reach USD 31482.03 Million by 2030.
The global market for low rolling resistance tire is growing rapidly due to environmental awareness, government regulations regarding tire labeling, increasing demand for fuel-efficient tires, and growth in the aftermarket. However, the growth of the market may be hindered by the high prices of low rolling resistance tires.
Segmentation
The global low rolling resistance tires market is segmented based on application, vehicle type, sales channel and region. On the basis of application, the global market has been segmented into on-road and off-road. On the basis of vehicle type, the global market has been segmented into two-wheeler, passenger car, light commercial vehicle, heavy commercial vehicle, and others. On the basis of sales channel, the global market has been segmented into OEM and aftermarket.
Geographically, the global market of low rolling resistance tire has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the Rest of the world. The low rolling resistance tire market in Asia-Pacific is expected to grow at the highest CAGR in the global market during the forecast period. The high growth of the automobile manufacturing industry in countries such as China, India, and Indonesia. China is the leading country in terms of sales of electric vehicles. The Chinese government has introduced the “Automobile Mid and Long-Term Development Plan” combined with the presence of BAIC, BYD, and JAC, is expected to play an important role in the sale of electric vehicles and hybrid vehicles. Â
Prominent Players
The Prominent Players in the global low rolling resistance tire market are The Yokohama Rubber Co. Ltd. (Japan), Apollo Tyres Ltd. (India), Cheng Shin Rubber Industry Co. (China), Kumho Tire (South Korea), Zhongce Rubber Group Co., Ltd (ZC-Rubber) (Germany), Nokian Tyres plc (Finland), MRF Tyres (India), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Sumitomo Rubber Industries, Ltd. (Japan), Pirelli & C. S.p.A. (Italy), Hankook Tire (South Korea), Michelin (France), Continental AG (Germany), Firestone Tire and Rubber Company (US), Cooper Tire & Rubber Company (US), and Toyo Tire & Rubber Company (Japan).
Intended Audience:
- Low rolling resistance tire producers
- Automotive OEM’s
- Individual vehicle owners
- Rubber suppliers
- Fleet owners
- Government bodies
- Other raw material suppliers
The low rolling resistance tire manufacturing companies are working to develop low rolling resistance tires specifically for electric vehicles as Hankook Tire developed Enfren Eco tire, which combines a special silica compound and structural design to reduce energy loss and enhance fuel efficiency for electric vehicles.
Additionally, increasing vehicle sales, aftermarket growth, lower production costs, and favorable government schemes are encouraging global players to invest heavily in this region, which is further expected to drive the market growth during the forecast period.
Low rolling resistance tires are made with a hard rubber compound and stiff sidewalls to reduce friction and flex. Some tire companies are working on developing the advanced tire material combinations with new tire compounds, such as those based on silica and alternative oils to achieve good rolling-resistance properties while maintaining a pleasant ride and better grip.
Such tires are designed to have low tire rolling resistance with the help of improved tire thread design without affecting skid and tread abrasion resistance, traction and other aspects of tire performance that are vital to the operating smoothness, as well as they are designed to reduce the noise generated by the tire and ultimately improve the vehicle fuel efficiency.
In 2010, Japan began implementing a voluntary tire labeling system for passenger cars. Similarly, the South Korean government initiated a voluntary tire-labeling program for passenger cars in November 2011, which was then made compulsory in November 2012. Furthermore, in November 2016, South Korea started implementing mandatory tire labeling regulations such government regulations regarding tire labelling is expected to further boost the growth of the low rolling resistance tire market.
Low rolling resistance tire manufacturers, considering the potential of the commercial vehicles, have started focusing on them by investing in the development of tread compounds that can reduce tire rolling resistance while maintaining the treadwear and durability of truck tires. For instance, The Goodyear Tire & Rubber Company is developing low rolling resistance tires that provide maximum fuel saving with low heat generation and low rolling resistance for long-haul applications. In 2018, it planned to launch its most fuel-efficient tire range. According to the data provided by the company, these new tires are manufactured using a silica compound that can help save a 100-vehicle fleet more than USD 338,000 in fuel costs, annually, and help truck manufacturers meet future emission targets. Thus, the rise in demand for low rolling resistance tires, especially within fleets, is an opportunity for low rolling resistance tires during the forecast period.
The Market Research Future report on the global low rolling resistance tire industry covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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