Demand for low rolling resistance tire in Western Europe is projected to rise at a CAGR of 9.50% through 2033. The adoption of low rolling resistance tires is increasing, primarily driven by stringent government regulations promoting fuel efficiency and reducing carbon emissions in the automotive sector.
Increased environmental consciousness among consumers has led to a heightened demand for eco-friendly automotive products, including low rolling resistance tires, which offer reduced fuel consumption and lower CO2 emissions.
Sales of low rolling resistance tire technology in Western Europe are estimated to reach US$ 315,345 million in 2023 and are projected to surpass US$ 781,497 million by 2033. The automotive industry's push toward sustainable and energy-efficient solutions has propelled the adoption of low rolling resistance tires among both manufacturers and consumers, fostering a shift toward more environmentally responsible driving practices.
Demand Analysis of Low Rolling Resistance Tire in Western Europe
| Attributes | Details |
|---|---|
| Western Europe Low Rolling Resistance Tire Sales Outlook in 2023 | US$ 315,345 million |
| Western Europe Low Rolling Resistance Tire Demand Outlook by 2033 | US$ 781,497 million |
| Western Europe Low Rolling Resistance Tire Industry Forecasted CAGR from 2023 to 2033 | 9.50% |
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Urbanization emphasizes sustainable transportation, driving demand for low rolling resistance tire in Western Europe's eco-friendly urban mobility. Manufacturers are developing innovative tire designs to meet the demands of urbanization and smart city initiatives in Western Europe.
Focus on circular economy and tire recycling boosts adoption of low rolling resistance tires for sustainable resource management. Companies are investing in sustainable tire manufacturing processes and tire recycling programs to support the circular economy trend.
Corporate carbon neutrality targets push businesses in Western Europe to prioritize low rolling resistance tires for sustainability goals. Automotive firms are introducing low rolling resistance tires as part of their comprehensive carbon neutrality strategies and product portfolios.
IoT integration in vehicles heightens demand for low rolling resistance tires, optimizing vehicle performance and fuel efficiency. Technology companies are integrating advanced tire monitoring systems with IoT capabilities to optimize the performance of low rolling resistance tires.
Collaborative efforts promote low rolling resistance tires to achieve sustainability objectives, reducing environmental impact in transportation networks. Collaborative industry partnerships are fostering the development of integrated mobility solutions that prioritize the use of low rolling resistance tires for sustainable transportation networks.
The section provides a detailed understanding of category-wise insights, focusing on the leading vehicle types and the dominating width types propelling the sales of low rolling resistance tire in Western Europe. The report highlights the dominance of Heavy Commercial Vehicles (HCV) and the prevalence of dual-width types in the industry in 2023.
| Attributes | Details |
|---|---|
| Leading Vehicle Type | HCV |
| Share in 2023 | 53.2% |
The high adoption of Heavy Commercial Vehicles (HCVs) in 2023 signifies their pivotal role in the transportation industry.
| Attributes | Details |
|---|---|
| Dominating Width Type | Dual |
| Share in 2023 | 76.7% |
With a dominant share of 76.7% in 2023, the widespread adoption of dual-width vehicles underscores their crucial role in meeting the evolving demands of various industries, presenting a promising opportunity for manufacturers and investors to capitalize on.
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This section presents a comprehensive overview of the Compound Annual Growth Rate (CAGR) projections for key Western European countries, including Germany, Italy, France, the United Kingdom, and Spain. The provided CAGR figures shed light on the anticipated growth rates for these nations over the forecast period. Notably, demand for low rolling resistance tires in Italy is likely to remain higher than in other countries, projected to expand at a CAGR of 11.1% through 2033. This highlights the lucrative growth opportunities that the country is anticipated to offer.
| Country | CAGR from 2023 to 2033 |
|---|---|
| Germany | 10.90% |
| Italy | 11.10% |
| France | 9.60% |
| United Kingdom | 8.70% |
| Spain | 8.40% |
With a substantial CAGR of 10.90% through 2033, sales of low rolling resistance tires in Germany are driven by its position as an automotive innovation hub and a strong focus on environmental consciousness.
The industry benefits from significant investments in research and development, leveraging Germany's renowned expertise in automobile manufacturing to produce high-performance, energy-efficient tire solutions. Government support and regulations further bolster the industry's growth, emphasizing Germany's commitment to promoting eco-friendly practices and technologies in the automotive sector.
Demand for low rolling resistance tire in Italy exhibits an impressive CAGR of 11.10% through 2033.
Adoption of low rolling resistance tire in France is likely to rise at a steady CAGR of 9.60% through 2033.
With a CAGR of 8.70% through 2033, the sales of low rolling resistance tire in the United Kingdom are rising.
Spain's low rolling resistance tire demand is anticipated to rise at a CAGR of 8.40% through 2033.
The low rolling resistance tire industry in Western Europe is highly competitive, with several leading players vying for dominance. In terms of industry share, the leading manufacturers of low rolling resistance tire in Western Europe are Continental, Michelin, and Bridgestone. These companies have a strong track record of innovation and offer a wide range of high-quality LRR tires.
Other players in the industry, such as Hankook, Nokian Tyres, and Kumho Tyre, are also gaining prominence. These companies are focusing on developing and marketing LRR tires tailored to the specific needs of European consumers. These players are expected to continue investing in research and development to introduce new and innovative low rolling resistance tire in Western Europe.
Recent Developments by Companies Manufacturing Low Rolling Resistance Tire in Western Europe
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| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | US$ 315,345 million |
| Projected Industry Size by 2033 | US$ 781,497 million |
| Anticipated CAGR between 2023 to 2033 | 9.50% CAGR |
| Historical Analysis of Demand for Low Rolling Resistance Tire in Western Europe | 2018 to 2022 |
| Demand Forecast for Low Rolling Resistance Tire in Western Europe | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Key Insights for Low Rolling Resistance Tire in Western Europe, Insights on Global Players and Leading Industry Strategy in Western Europe, Ecosystem Analysis of Local and Regional Western Europe Providers |
| Key Countries Analyzed | United Kingdom, Germany, France, Netherlands, Italy |
| Key Companies Profiled | Continental; Michelin; Bridgestone; Pirelli; Goodyear; Hankook; Nokian Tyres; Kumho Tyre; Toyo Tires; Nexen Tire; Zee Tire & Rubber; Giti Tire |
The sales of low rolling resistance tire in Western Europe are likely to rise at a CAGR of 9.50% through 2033.
OEM sales channel dominates the low rolling resistance tire sales in Western Europe.
Some low rolling resistance tire manufacturers in Western Europe are Continental, Michelin, and Bridgestone.
Low rolling resistance tire sales in Western Europe are projected to surpass US$ 781,497 million by 2033.
The implementation of stringent regulations to reduce vehicle emissions is driving the adoption of low rolling resistance tires.
Germany dominates low rolling resistance tire demand in Western Europe.
1. Executive Summary 1.1. Western Europe Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Western Europe Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Western Europe Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2023 to 2033 5.3.1. Aftersales 5.3.2. OEM 5.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033 6. Western Europe Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2023 to 2033 6.3.1. HCVs 6.3.2. LCVs 6.3.3. Passenger Cars 6.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033 7. Western Europe Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Width Type 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Width Type, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Width Type, 2023 to 2033 7.3.1. Dual Type 7.3.2. Wide Band Type 7.4. Y-o-Y Growth Trend Analysis By Width Type, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Width Type, 2023 to 2033 8. Western Europe Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Country, 2018 to 2022 8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Country, 2023 to 2033 8.3.1. UK 8.3.2. Germany 8.3.3. Italy 8.3.4. France 8.3.5. Spain 8.3.6. Rest of Western Europe 8.4. Market Attractiveness Analysis By Country 9. UK Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Region 9.2.1.1. England 9.2.1.2. Scotland 9.2.1.3. Wales 9.2.1.4. Northern Ireland 9.2.2. By Sales Channel 9.2.3. By Vehicle Type 9.2.4. By Width Type 9.3. Market Attractiveness Analysis 9.3.1. By Region 9.3.2. By Sales Channel 9.3.3. By Vehicle Type 9.3.4. By Width Type 9.4. Key Takeaways 10. Germany Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Region 10.2.1.1. North-east (Germany) 10.2.1.2. North-west (Germany) 10.2.1.3. Central (Germany) 10.2.1.4. South (Germany) 10.2.1.5. Other(Germany) 10.2.2. By Sales Channel 10.2.3. By Vehicle Type 10.2.4. By Width Type 10.3. Market Attractiveness Analysis 10.3.1. By Region 10.3.2. By Sales Channel 10.3.3. By Vehicle Type 10.3.4. By Width Type 10.4. Key Takeaways 11. Italy Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Region 11.2.1.1. North (Italy) 11.2.1.2. Central (Italy) 11.2.1.3. South (Italy) 11.2.1.4. Islands (Italy) 11.2.2. By Sales Channel 11.2.3. By Vehicle Type 11.2.4. By Width Type 11.3. Market Attractiveness Analysis 11.3.1. By Region 11.3.2. By Sales Channel 11.3.3. By Vehicle Type 11.3.4. By Width Type 11.4. Key Takeaways 12. France Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Region 12.2.1.1. Northern (France) 12.2.1.2. Central (France) 12.2.1.3. Southern (France) 12.2.1.4. Eastern (France) 12.2.2. By Sales Channel 12.2.3. By Vehicle Type 12.2.4. By Width Type 12.3. Market Attractiveness Analysis 12.3.1. By Region 12.3.2. By Sales Channel 12.3.3. By Vehicle Type 12.3.4. By Width Type 12.4. Key Takeaways 13. Spain Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Region 13.2.1.1. Basque Country 13.2.1.2. Andalusia 13.2.1.3. Extremadura 13.2.1.4. Catalonia 13.2.1.5. Valencia 13.2.1.6. Rest of Spain 13.2.2. By Sales Channel 13.2.3. By Vehicle Type 13.2.4. By Width Type 13.3. Market Attractiveness Analysis 13.3.1. By Region 13.3.2. By Sales Channel 13.3.3. By Vehicle Type 13.3.4. By Width Type 13.4. Key Takeaways 14. Rest of Western Europe Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 14.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Sales Channel 14.2.2. By Vehicle Type 14.2.3. By Width Type 14.3. Market Attractiveness Analysis 14.3.1. By Sales Channel 14.3.2. By Vehicle Type 14.3.3. By Width Type 14.4. Key Takeaways 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By Sales Channel 15.3.3. By Vehicle Type 15.3.4. By Width Type 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. Bridgestone Corporation 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.1.5.2. Product Strategy 16.1.1.5.3. Channel Strategy 16.1.2. The Goodyear Tire & Rubber Company 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.2.5.2. Product Strategy 16.1.2.5.3. Channel Strategy 16.1.3. Sumitomo Rubber Industries Ltd. 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.3.5.2. Product Strategy 16.1.3.5.3. Channel Strategy 16.1.4. Pirelli & C S.p.A 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.4.5.2. Product Strategy 16.1.4.5.3. Channel Strategy 16.1.5. Hankook Tire 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.5.5.2. Product Strategy 16.1.5.5.3. Channel Strategy 16.1.6. MICHELIN 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.6.5.2. Product Strategy 16.1.6.5.3. Channel Strategy 16.1.7. Continental AG 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.7.5.2. Product Strategy 16.1.7.5.3. Channel Strategy 16.1.8. Trelleborg AB 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.8.5.2. Product Strategy 16.1.8.5.3. Channel Strategy 16.1.9. The Yokohama Rubber Co. Ltd 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.9.5.2. Product Strategy 16.1.9.5.3. Channel Strategy 16.1.10. Apollo Tyres Ltd. 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 16.1.10.5.2. Product Strategy 16.1.10.5.3. Channel Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
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Low Rolling Resistance Tire Industry Analysis in Western Europe
