Introduction to Low Rolling Resistance Tire
The Tire is an important component of the vehicle that is used for the surrounding wheel’s rim. The purpose of using low rolling resistance tire is that it reduces the friction force obtained from the ground. Thus, it increases the operational efficiency of the vehicles and also improves the driving experience of the rider. The low rolling resistance tire is made of synthetic rubber, natural rubber, fabric and wire.
The low rolling resistance tire is frequently used in the hybrid cars and it is also used in the mainstream vehicles. Thus, key companies are focusing on increasing the application of the low rolling resistance tire.
Market Size and Forecast
Currently the global low rolling resistance tyre market is observing vibrant growth on account of increasing application of the low rolling resistance tyre in order to increase the fuel efficiency and support the smooth driving experience thereby driving the growth of low rolling resistance tire market. Developments in automotive industry and growing technological development is anticipated to drive the low rolling resistance tire market.
The low rolling resistance tire market is anticipated to record a CAGR of 12.3% over the forecast period. The low rolling resistance tire market is expected to showcase a vibrant growth by the end of the forecast period. The market is segmented on the basis of type, vehicle and sales channel. On the basis of type, it is sub-segmented into bias, radial, tubeless, tube and others. On the basis of passenger vehicle, light commercial vehicle (LCV) and heavy commercial vehicle (HCV).On the basis of sales channel, it is sub-segmented into OEM and aftermarket.
Growth Drivers
Increasing demand for the saving the fuel
The increased application of the low rolling resistance tyre reduces the loss of the fuel. There is increased application of the low rolling resistance tire in the highway trucks fleet. Additionally, there is increasing investment opportunities for the key players operating in the low rolling resistance tire market. Thus, it is anticipated to be drive the overall low rolling resistance tyre market during the forecast period.
Less Carbon emission
The increasing application of the low rolling resistance tire reduces the energy loss through resistance and enhances the efficiency of the vehicles. The low rolling resistance tire includes enhanced design which reduces the fuel consumption and enhances the fuel efficiency.
Restraints
High Integration Cost
The high cost associated with the low rolling resistance tire is anticipated to hinder the market growth of the low rolling resistance tire during the forecast period.
Market Segmentation
Our-in depth analysis of the global low rolling resistance tyre market includes the following segments:
By Type:
- Bias
- Radial
- Tubeless
- Tube
- Others
By Vehicle:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
By Sales Channel:
- OEM
- Aftermarket
By Region
On the basis of regional analysis, global low rolling resistance tire market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to hold the largest market share for the overall low rolling resistance tire market during the forecast period. The high availability of the commercial vehicles in the region coupled with the stringent government regulations regarding the safety norms is anticipated to fuel the growth of the overall low rolling resistance tire market during the forecast period. Asia-Pacific region is anticipated to fastest developing region for the global low rolling resistance tire market during the forecast period. The increasing expansion of the automotive industry in the region leads to the increase in the commercial vehicles .This is anticipated to boost the growth of the overall low rolling resistance tire market during the forecast period. According to India Brand Equity Foundation, India automotive industry is the fourth largest industry across the globe and it is increasing at a rate of 9.5% every year.
Global low rolling resistance tire market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating The Market
- Bridgestone Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Apollo Tires Ltd
- Goodyear Tire and Rubber Company
- Continental AG
- Michelin, Maxxis International
- Yokohama Rubber Company
- Pirelli & C.SpA
- Sumitomo Corporation
