Market Overview
Rolling resistance tiress are high in demand because they reduce energy loss and further decrease the required rolling effort. This factor is catalyzing the demand of the Rolling resistance tires Market. The vehicle with low rolling resistance is fuel-efficient. The main purpose of utilizing these tires is to reduce friction force, due to which the operational process becomes more effective and improves the driving experience. The growth of the automobile industry is fueling up the market. The automobile industries are implementing these tires as per the public’s demand.
The low rolling tires even control the overall fuel consumption due to their effective nature. These tires are made of synthetic rubber, natural rubber, fabric, and wire. Today, tires are used in hybrid cars and are used in mainstream vehicles. The demand for the vehicles is increasing day to day, simultaneously driving the Rolling resistance tires Market. Furthermore, these tires are essentially green and enhance fuel-efficiency, vehicle performance, and safety. The rise in concern among the people for environmental conditions are accelerating the market’s growth.
The major growth factors boosting up the growth of the global market include the higher demand among the customers to purchase vehicles that saves fuel and emit less carbon. These are the primary market drivers propelling the demand for the market in the forecast period. The huge inclination towards protecting the environment and conserving natural resources are other growth factors of the market. These factors are responsible for increasing the sales rate of the product. The key players are focusing on these growth measures to level up the market to reach its estimated value.
The Rolling resistance tires Market is estimated to project a CAGR of 15 % and a value of USD 168 Billion by 2025 during the forecast period.
Market Segmentation
The Rolling resistance tires Market is segmented into application, vehicle type and sales channel. The application segment of the global market is segregated into on-road and off-road. The vehicle type is consists of different vehicles such as two-wheelers, passenger cars, heavy commercial vehicles, light commercial vehicles and many others. The sales channel of the market is divided into OEM and aftermarket.
Regional Analysis
According to the geographical report, the Rolling resistance tires Market covers the major continents such as North America, Europe, Asia-Pacific, and the Rest of the world. The Asia Pacific region is estimated to rise with the highest CAGR in the evaluation period due to the increased growth rate of the automobile manufacturing industry in developing countries such as China, India, and Indonesia. Among these, China is considered the leading country due to the higher sales of electric vehicles. The Chinese government also introduced the “Automobile Mid and Long-Term Development Plan” in association with the presence of BAIC, BYD, and JAC, which will play a major role in the sales of electric vehicles and hybrid vehicles.
Industry News
Hankook Tire, the global leading tire company, supplies the original equipment for the 2022 INFINITI QX60 with its Dynapro HP2 tire size 255/50R20. The tires are produced at Hankook Tire’sTire’s Tennessee Plant in Clarksville, Tenn. The tires’ features are that they produce low noise, good handling response, and low rolling resistance for serving a comfortable daily commute.
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