LONDON--(BUSINESS WIRE)--The global low rolling resistance tire market is expected to grow by USD 53.42 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
There has been a surge in demand for lightweight vehicles in recent years. Low rolling resistance tire (LRR) manufacturers are increasingly adopting wide-base LRR tires for trucks and buses as they reduce vehicle weight and improve the fuel efficiency of the vehicles. The wide-base configuration allows fleet operators in reducing the weight of vehicles in the range of 800 to 1400 pounds. The reduced weight further allows the fleet operators to put a high payload on vehicles, particularly, in weight-sensitive applications. Thus, the growing awareness of the benefits of deploying wide-base configuration in modern vehicles is anticipated to drive the low rolling resistance tire market growth during the forecast period.
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As per Technavio, the growing popularity of nanotechnology to reduce rolling resistance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Low Rolling Resistance Tire Market: Growing Popularity of Nanotechnology to Reduce Rolling Resistance
Nanotechnology is increasingly being adopted in tire manufacturing as it helps in reducing the wear and tear of the tires. In addition, this technology offers a strong grip to tires on snow-covered pavements so that they can operate in extreme temperatures with superior performance. Furthermore, nanotechnologies like single-walled carbon nanotubes, allow tires to become more durable, maintain their color for longer duration, and improve heat quality. Thus, with more and more vendors in the market adopting nanotechnology in the tire portfolio, the demand for low rolling resistance tires is anticipated to increase considerably during the forecast period.
“Stringent regulations to curb emissions, growing focus toward reducing rolling resistance of tires, and development of LRR tires for electric vehicles are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Low Rolling Resistance Tire Market: Segmentation Analysis
This market report segments the global low rolling resistance tire market by end-user (aftermarket and OEMs) and geographic regions (APAC, Europe, MEA, North America, and South America).
Europe led the low rolling resistance tire market share in 2019, followed by North America, APAC, South America, and MEA respectively. The increasing number of vehicles and rising adoption of new vehicles are the key factors for the high adoption of LRR tires in the European economies including Germany, Italy, France, UK, and Spain. However, APAC will contribute to the highest incremental growth in the LRR tire market due to the rising automobile ownership, surging demand for CVs for goods transportation, and rising adoption of buses for public transportation in the emerging economies including India, China, and Thailand.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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