Implementation of stringent regional and global level emission norms and rise in use of electric vehicles will boost the low rolling resistance tire market growth
DUBAI, U.A.E, June 16, 2021 /PRNewswire/ -- According to Future Market Insights, the low rolling resistance tire market is forecast to grow exponentially through the forecast period at a compound annual growth rate (CAGR) at 11% between 2021 and 2031. The rise in global sales of the low rolling resistance tires in 2021 can be attributed to increasing sales of passenger vehicles.
Increasing consciousness regarding environmental sustainability is pushing manufacturers towards adopting organic materials and sustainable production processes. This trend is expected to drive growth in the market over the coming years.
As per data published in the Global Fuel Economy Initiative (GFEI), around 2.7% annual improvement in fuel economy is desired to reduce the automotive emissions and reduce the number of new light duty vehicle fuel economy by 50% till 2030.
Similarly, as per the International Energy Agency, new light duty vehicles (LDVs) consumed at an average of 7.2 liters of gasoline-equivalent per 100 km (Lge/100 km) in 2017. Rising pressure from international organizations to improve fuel efficiency and control carbon emission will boost the market growth.
Wide band width low rolling resistance tires are gaining traction in automotive sector as they distribute the load of vehicle over the large surface area evenly. This attribute restricts tire damage from frictional heat.
Installation of wide band width tires assists in enhancing fuel economy and improves cargo carrying capacity of vehicle. Such properties will fuel the low rolling resistance tire market sales.
Aftermarket sales of low rolling resistance tire are relatively high as there is consistent demand for good quality tires to improve the automotive life cycle. With increasing number of vehicle owners are trying to reduce operating cost of vehicle, low rolling resistance tires demand is expected to increase throughout the assessment period.
"Drastic and important changes in automotive manufacturing to reduce the carbon footprint by improving fuel economy of vehicle will elevate low rolling resistance tire market growth," remarks the FMI analyst.
Request a report sample with 281 pages to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-1533
Key Takeaways
- Increasing demand for low rolling resistance tires, thriving automotive industry and strict government regulations will provide lucrative growth opportunities in the U.S.
- Surge in number of tire makers along with growing automotive demands in China will drive the low rolling resistance tire market growth in the country.
- Indian tire market is going through a transition period which is creating growth opportunities for low rolling resistance tire producers. With increasing government initiatives to reduce carbon footprint along with downsizing the curb weight of automobile the demand for low rolling resistance tires will continue rising in India.
- Presence of leading market players such as Yokohama and Bridgestone along with increasing modernization in tire industry in Japan will accelerate the low rolling resistance market growth.
- Expanding electric vehicle industry coupled with presence of automotive market leaders in the country will drive the market growth in Germany.
Prominent Drivers
- Rising adoption of low rolling resistance tires in commercial and passenger vehicles due to modified vehicular design will accelerate the low rolling resistance tire market growth.
- Strict government policies to curb rising emission by modifying vehicle design will drive the market growth.
- Increasing government efforts to improve efficiency and make vehicle more economical will intensify the market growth.
Key Restraints
- High regular capital investment required to consistently upgrade the technology hampers the adoption of low rolling resistance tire system among small manufacturers leading to reduced sales.
- Rising cases of skidding related accidents and fatalities restricts the low rolling resistance tire market growth.
- Expensive nature of low rolling resistance tire will negatively influence the low rolling resistance tire market sales in middle income market.
Discover more about the low rolling resistance tire market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/low-rolling-resistance-lrr-tire-market
Competitive Landscape
As per Future Market Insight's analysis, market players are emphasizing on providing new products with modern low rolling resistance gripping technology to expand their market foothold.
The key market players are also engaging in inorganic methods like strategic acquisitions, mergers and collaborations to standout in the highly competitive market.
- The Goodyear Tire & Rubber Company led the proceedings to acquire of Cooper Tire & Rubber Company in February 2021. The company was valued at about US$ 2.5 Bn. The acquisition will combine product portfolios of both the companies and offer diversity of complementary brands. It will also provide a sturdy US-based manufacturing center to Goodyear Tire & Rubber Company along with dominance in distribution and retail channels across the light trucks and LUV product segments.
- Sumitomo Rubber Industries Ltd. started a joint research program with Kansai University in March 2021. The program aims at developing electric generation module powered by the rotation of a tire. The task can be accomplished by attaching a power generator on the inside of a tire to harness the static electricity generated during rotation.
According to FMI's report, the following low rolling resistance tire manufacturers currently operate in the global market:
- 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
- MRF Tyres
More Insights on FMI's Low Rolling Resistance Tire Market
The latest market study on global low rolling resistance tire market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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)
For any Queries Linked with the Report, Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-1533
Explore FMI's Extensive Coverage on the Automotive Domain
Automotive Pumps Market: In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for automotive pumps. The report tracks the global sales of automotive pumps in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the automotive pumps industry.
Engine Fogging Oil Market: The remarkable expansion of the automotive industry has been encouraging leading players to launch innovative and advanced products to expand their footprints in the global market. In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for engine fogging oil market.
Automotive Engine Oil Coolers Market: FMI's recent report on the automotive engine oil coolers market elaborates on key expansion dynamics anticipated to shape the future outlook of the landscape across prominent geographies. Moreover, statistics about key segments along with a detailed competitive landscape enhance the reliability of this research study.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/low-rolling-resistance-lrr-tire-market
Press Release Source: https://www.futuremarketinsights.com/press-release/low-rolling-resistance-lrr-tire-market
Logo: https://mma.prnewswire.com/media/1197648/FMI_Logo.jpg
