An Incisive, In-depth Analysis on the Low Rolling Resistance Lrr Tire Market
This study offers a comprehensive, 360 degree analysis on the Low Rolling Resistance Lrr Tire market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Low Rolling Resistance Lrr Tire market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
The study on the low rolling resistance tire market offers an exhaustive analysis of market dynamics, pricing analysis, raw material export and import analysis and competition scenario among the prominent industry players in the global low rolling resistance tire market for the period 2018 to 2028.
A tire’s rolling resistance is the energy that a vehicle needs to keep the tire roiling. The lower the rolling resistance, the lower is the energy needed by a vehicle to operate; thus, low rolling resistance translates to reductions in overall fuel consumption. In recent years, low rolling resistance tires have been gaining traction in the transportation sector.
Low rolling resistance tires are widely employed in passenger and commercial vehicles, especially in heavy commercial vehicles. According to FMI’s study, more than 870 million units of low rolling resistance tires were sold in 2018 and the volume has been estimated to increase at over 10% CAGR through 2028.
Fuel-efficiency of Low Rolling Resistance Tires to Gain Significant Traction in Coming Years
Increasing inclination towards environmental protection and conservation of natural resources, coupled with the increasing demand for fuel-efficient vehicles, has led to an increase in the demand for next-generation tires such as low rolling resistance tires. Therefore, a number of tire manufacturers are developing their existing product lineup to include environment-friendly and fuel-efficient low rolling resistance tires that are designed to save fuel and reduce emissions.
According to the United States Department of Energy, with the adoption of low rolling resistance tires, about 10-15% fuel can be saved. However, in some vehicles, these savings may be reduced to 3%. Though 3% doesn’t seem like much, but in the long run, it can amount to a substantial level of fuel and spending. Further, low rolling resistance tires are more flexible and elastic, and therefore, they allow better control in adverse weather conditions. Swelling demand for fuel efficiency, lower rolling resistance, and reduced tread depth are collectively expected to drive the market for low rolling resistance tires.
Wide Band Type Segment to Surpass Growth of Dual Type Segment
The dual type low rolling resistance tires segment accounts for over three-fourths of the global low rolling resistance tire market. However, attributing to the fact that dual tires are thinner than wide tires, which necessitates their frequent replacement, wide band tires are expected to surpass dual type low rolling resistance tires in terms of growth during the forecast period.
Further, the installation of wide type low rolling resistance tires can save up to 800 pounds in weight, which helps in reducing fuel consumption, and, in turn, increases the cargo capacity of commercial trucks that are weight limited. While fuel economy increases by 2-5% in wide type low rolling resistance tires, not all low rolling resistance wide band tires outperform low rolling resistance dual tires.
Manufacturing Shift towards Emerging Economies in Asia
At the beginning of the twentieth century, the low rolling resistance tire market was occupied by the players from the Americas and Europe, such as Michelin SCA, Bridgestone Corporation, and Continental AG.
While these players are among the top manufacturers in the global low rolling resistance market, their share has declined significantly due to the emergence of players from emerging countries such as China and India. Cumulatively, China and India are estimated to grow 3.2X, in terms of value, in the global low rolling resistance tire market.
Traditional Players to Remain Prominent in Low Rolling Resistance Tire Market
The global low rolling resistance tire market is fairly consolidated wherein organized players such as Apollo Tyres Ltd., Michelin SCA, The Goodyear Tyre and Rubber Company, and Bridgestone Corporation account for half the global low rolling resistance tire market share. The marketplace has numerous international players vying for market share, which in turn has been creating a competitive environment for established low rolling resistance tire manufacturers.
Key Questions Answered in Low Rolling Resistance Tire Market Report
How has the low rolling resistance tire market evolved over the past five years?
What shape is the low rolling resistance tire market expected to take in terms of volume and value during the study period?
What are the prevailing market dynamics in the low rolling resistance tire market?
What are some of the competition developments and trends in the low rolling resistance tire market?
What are the underlying macro-economic and industry factors impacting the growth of the low rolling resistance tire market?
Which are the key challenges, opportunities and improvement factors for low rolling resistance tire market players?
What are the market positioning and key strategies of manufacturers as per the low rolling resistance tire market taxonomy?
How is the competition structured in the low rolling resistance tire market at present and how has it evolved over the past few years?
Future Market Research (FMI), in its new report titled 'Low Rolling Resistance Tire Market: Global Industry Analysis 2013–2017 and Opportunity Assessment, 2018–2028”, offers a ten-year analysis and forecast for the global Low Rolling Resistance Tire Market for the period between 2018 and 2028. This study analyses the global Low Rolling Resistance Tire Market dynamics and trends across seven regions. The Low Rolling Resistance Tire Market research report offers an in-depth analysis of the key trends and drivers responsible for the growth of the global Low Rolling Resistance Tire Market over the forecast period.
The market has been segmented on the basis of product type and application. The Low Rolling Resistance Tire Market study covers various perspectives of the market, including value chain, forecast factors and competition landscape. The report also examines various macro-economic factors and their impact on the growth of Low Rolling Resistance Tire market.
As per the findings of the Low Rolling Resistance Tire market study and perspectives of industry participants, the global Low Rolling Resistance Tire Market is estimated to grow at a CAGR of 10.8% during the projected period. Growing automotive PARC and production and implementation of government regulations on manufacturing of fuel efficient automotive components and parts will augment the growth of the market during the forecast period.
The FMI report on the global Low Rolling Resistance Tire Market carefully analyses the market on country, regional and global levels through the three Low Rolling Resistance Tire market segments covered in the report. The key aim of the study is to highlight the overall market structure of Low Rolling Resistance Tire Market by country, across regions, and to offer key insights on current market trends, demand, growth opportunities and other relevant information on the global Low Rolling Resistance Tire Market.
Worldwide, the Low Rolling Resistance Tire market is gaining traction owing to its increasing adoption in light commercial vehicles and heavy commercial vehicles, as they run more miles and fuel efficiency & cost saving are some of the important aspects for them. Low Rolling Resistance Tire are, therefore, expected to witness significant growth opportunities in the coming years.
The Low Rolling Resistance Tire Market report starts with market definitions, followed by market taxonomy. The Low Rolling Resistance Tire market has been segmented on the basis of vehicle type, width type and sales channel. Individual market share of OEM sales channel and aftermarket sales channel has been provided. Low Rolling Resistance Tire market, drivers, restraints, opportunity analysis, trends, market background and analysis by key segments have been discussed at length in the report.
The Low Rolling Resistance Tire Market report also describes macro-economic factors, forecast factors, value chain and product type weighted average pricing analysis. This section also includes the impact assessment of market dynamics on the global Low Rolling Resistance Tire Market. The Low Rolling Resistance Tire Market report also includes regional analysis by country and segments as well as competition assessment.
Each section of the Low Rolling Resistance Tire Market report covers qualitative and quantitative assessment on the basis of historical trends and developments, statistics and key opinions collected from Low Rolling Resistance Tire Market industry leaders through interviews.
Low Rolling Resistance Tire Market: Segmentation
The analysis of the market was done by calculating the current market size, which provided us with the base for the Low Rolling Resistance Tire Market. To get a better understanding of the Low Rolling Resistance Tire market, we followed three different types of analysis to triangulate the outcomes: primary, secondary and FMI analysis.
The Low Rolling Resistance Tire Market analysis has been presented in terms of Basis Point Share (BPS) to evaluate individual segment’s relative change in market share and respective contribution to the Low Rolling Resistance Tire Market growth. Another key detail of the Low Rolling Resistance Tire Market report is the analysis and revenue forecast for the Low Rolling Resistance Tire market in terms of absolute $ opportunity created by each and individual segment.
In the competition analysis section of the Low Rolling Resistance Tire market study, a competitive analysis of the Low Rolling Resistance Tire market players has been covered to provide a dashboard view of manufacturers and their share in the global Low Rolling Resistance Tire Market along with their key differentiating strategies. Detailed profiles of manufacturers have also been included under the scope of the Low Rolling Resistance Tire market report.
Some of the key competitors that have been covered in the Low Rolling Resistance Tire market report include Apollo Tyres Ltd., Michelin SCA, Maxxis International, Goodyear Tyre and Rubber Company, Bridgestone Corporation, Yokohama Rubber Company, Pirelli & C. SpA, Continental AG, Cooper Tyre & Rubber Co., Sumitomo, Trelleborg AB, and Hankook Tyre Worldwide Co. Ltd., among others.