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Technological advancements in agricultural machinery have ushered in a new era of increased farm mechanization activities worldwide. Recognized as a cornerstone for the commercialization and modernization of agriculture, farm mechanization plays a pivotal role in enhancing productivity and operational efficiency. Additionally, it facilitates value addition in agricultural activities by reducing cultivation costs and enabling climate change adaptation. The vehicles essential for farming purposes are now equipped with off-road tires, a feature that enhances overall operations and effectiveness. The escalating adoption of these vehicles in farm mechanization is poised to fuel the growth of off-road tires throughout the forecast period.
Government authorities across the globe are taking proactive measures to stimulate farm mechanization activities, recognizing their potential to boost economic growth. An exemplary initiative is seen in the Indian government's implementation of the Sub Mission on Agricultural Mechanization (SMAM). This initiative encompasses multiple schemes and policies designed to enhance the mechanization of agriculture in India. The increasing momentum of farm mechanization is anticipated to have a positive cascading effect on the adoption of agricultural vehicles, thereby providing robust support to the market share of off-road tires over the projected period.
The surging demand for food products, coupled with the imperative to stimulate agricultural goods' production, is driving the adoption of advanced farm machinery. Agricultural equipment such as cultivators, tractors, and harvesters now come equipped with off-road tires, enhancing traction during various farming activities. The agricultural industry's growing inclination towards sophisticated machinery to augment production capacity positions off-road tires favorably in the market landscape. The confluence of government support, technological advancements in machinery, and the integration of off-road tires is poised to be a significant driving force for the global market. This symbiotic relationship is expected to propel the market's growth trajectory across diverse geographical regions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Government initiative Developing commercial sectors globally |
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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