According to ESOMAR-certified Future Market Insights’ (FMI) latest research report. As per the study, the global Low Rolling Resistance Tire Market is slated to surpass a staggering CAGR of 11% across the forthcoming decade.
The demand for low rolling resistance tires is expected to continue to grow in the future, driven by the increasing focus on vehicle fuel efficiency and reduced carbon emissions.
Low rolling resistance tires are designed to reduce the energy required to move a vehicle, resulting in improved fuel efficiency and lower carbon emissions. They achieve this by using advanced materials, such as silica and carbon black, and innovative tread designs to reduce rolling resistance.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1533
Key manufacturers are increasingly focusing on achieving fuel economy, one of the top priorities in the global fight to achieve environmental sustainability in the automotive domain. The United States Department of Energy advocates that adopting low roller resistance tires can yield around 5-15% of fuel economy. A 5% reduction in rolling resistance would improve fuel economy by approximately 1.5% for light and heavy duty vehicles.
The growth in the demand for low rolling resistance tires is expected to be driven by the increasing focus on vehicle fuel efficiency and reduced carbon emissions, particularly in countries with strict emissions regulations. In addition, the increasing adoption of electric vehicles, which require low rolling resistance tires to maximize range, is expected to further drive the demand for these tires.
Furthermore, the development of more advanced low rolling resistance tire technologies, such as those that use nanotechnology and other advanced materials, is expected to further drive the demand for low rolling resistance tires.
Key Takeaways from FMI’s Low Rolling Resistance Tire Market Study
- By vehicle type, passenger vehicles to emerge as primary low rolling resistance tire end-users
- Wide band width low rolling resistance tires to account for nearly a quarter of the global demand
- Sales across the aftermarket segment are likely to surpass an impressive valuation, given the ever expanding volumes of global transportation fleet
- US to experience noteworthy expansion amid robust presence of regional level tire manufacturers
- India and China to generate lucrative opportunities across South Asia & East Asia, collectively experiencing over 3x growth
- Massive investment projects to augment production capabilities to bolster demand across Japan
- Broadening EV market to widen low rolling resistance tires adoption across Germany
“Visibly increasing consumer tilt towards commercial vehicles for long distance travel is likely to amplify sales of low rolling resistance tires by prominent automotive manufacturing giants,” says the FMI analyst.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-1533
Competitive Landscape
Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C S.p.A, Hankook Tire, MICHELIN, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd., Maxxis International (Cheng Shin Rubber), Marangoni S.p.A and MRF Tyres are some prominent players operating in the low rolling resistance tire market.
Emphasis on lightweight tires is prompting prominent players to introduce appropriate product portfolios. For instance, in April 2021, Milan-based Pirelli & C S.p.A introduced P ZERO RACE Tub SL, a new rubber, equipped with a special inner tube which guarantees a reduction in overall tire weight exceeding 10%, while maintaining the same grip, smoothness and reliability for bicycles.
Manufacturers are also focusing on offering customized solutions to appropriate end-use industries. Hankook Tire, for instance, announced in April 2021 that it intends to supply original equipment for Porsche 718 Boxster and Cayman models, including tailor-made Ventus S1 evo 3 tires in sizes 235/40 ZR19 (92Y) N-O for the front axle and 265/40 ZR19 (98Y) N-O for the rear axle.
Direct Purchase of this Report:
https://www.futuremarketinsights.com/checkout/1533
Key Segments Covered
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Width Type
- Dual Type
- Wide Band Type
Sales Channel
- OEM
- Aftermarket
Region
- North America (US and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, France, Spain, UK, Italy, Nordics, BENELUX, Russia and Rest of Europe)
- East Asia (China, Japan and South Korea)
- South Asia (India, Malaysia, Thailand, the Philippines and Rest of South Asia)
- Oceania (Australia and New Zealand)
- Middle East & Africa (GCC, South Africa, Turkey and Rest of MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
