Automobile tires are considered as an important factor to improve vehicle efficiency and reduce overall fuel consumption. Low rolling resistance reduces the energy loss as a tire roll and thus helps in decreasing the required rolling effort and improves vehicle fuel efficiency. Hence, the purpose of using a low rolling resistance tire is to reduces the friction force that is obtained from the ground. Thus, it increases the operational efficiency of the vehicles and also improves the driving experience of the rider. In addition, the low rolling resistance tire is made up of synthetic rubber, natural rubber, fabric, and wire. These tires are now being used in hybrid cars, and are used in the mainstream vehicles. Furthermore, they are essentially green and are used for enhancing fuel efficiency, vehicle performance, and safety, besides help to bring about a reduction in vehicular emissions. Increase in adoption of a low rolling resistance market is expected to grow the market further during the forecast period.
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Major Market Players:
Apollo Tyres Ltd., Bridgestone Corp., Continental AG, Cooper Tire & Rubber Co., Hankook Tire & Technology Co. Ltd., Michelin Group, Pirelli & C. Spa, Pirelli & C. Spa, The Goodyear Tire & Rubber Co., The Yokohama Rubber Co. Ltd., and ZHONGCE RUBBER GROUP Co. Ltd.
The major factor that boosts the growth of the global market includes increase in demand for vehicles that save fuel and emit less carbon. This, in turn, is expected to spur the demand for low rolling resistance tires during the forecast period. However, high cost associated with the low rolling resistance tire is anticipated to hinder the market growth during the forecast period. Conversely, increase in inclination toward environmental protection and conservation of natural resources and rise in demand for fuel-efficient vehicles are expected to offer lucrative opportunities for the market.
There has been surge in demand for lightweight vehicles in recent years. Hence, the low rolling resistance tire manufacturers are increasingly adopting wide-based low rolling resistance tire (LRR) tires for trucks and buses, as they reduce vehicle weight & improve the fuel efficiency of the vehicles. In addition, the low rolling resistance tire in the highway trucks fleet and the reduced weight allow fleet operators to put a high payload on vehicles particularly, in weight-sensitive applications. Thus, all these factors are anticipated to drive the overall low rolling resistance tire market during the forecast period.
Increase in application of low rolling resistance tire reduces energy loss through resistance and enhances the efficiency of the vehicles. In addition, low rolling resistance tire includes an enhanced design, which reduces fuel consumption and enhances fuel efficiency, vehicle performance, and safety. Thus, low rolling resistance translates to reductions in overall fuel consumption and low rolling resistance tires have been gaining traction in the transportation sector.
COVID-19 scenario analysis
- The manufacturing teams across geographies have shown tremendous resilience amidst the pandemic and have adapted to the new normal for business continuity.
- As the demand for tires has vanished during the lockdown, inventory kept with tire manufacturers has risen to two months’ worth of production the highest ever.
- Producers are working on strategies to reduce stockpiling such as with production cuts, laying off jobs, and others. The staff members of various departments are instructed to work from home during the lockdown period within which production is completely been shut.
- While the uncertainty will continue, and the market will have to find growth opportunities, the hope of the markets further recovering and the sales bouncing back in the near future.
- The tires industry is directly connected with the original equipment manufacturers (OEM), hence it will face huge losses till the lockdown is over.
Questions answered in the low rolling resistance tire market research report:
- Which are the leading players active in the low rolling resistance tire market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
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