Low Rolling Resistance Tires Market Type, Application, Size, Share, Growth and Market Competitors Yokohama Tire Corporation, Cooper Tire & Rubber Company, Sumitomo, Hankook Tire, Pirelli, Bridgestone, Michelin, The Goodyear Tire & Rubber Company
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Some of the major players operating in the market are:
Yokohama, Cooper Tire, Sumitomo, Continental, Hankook, Pirelli, Bridgestone, Michelin, Goodyear, Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, Pirelli & C. S.P.A, Sumitomo Rubber Industries, Ltd, Hankook Tire, Yokohama Rubber Co. Ltd, Cooper Tire & Rubber Company, Toyo Tire & Rubber Co. Ltd. among others.
Global low rolling resistance tires market was valued at USD 60.5 Billion in 2017 and growing at a CAGR of 12.3% in the forecast period of 2018 and 2025.
Insights of the report
1. Market Penetration: Comprehensive information on the product portfolios of the top players in the Low Rolling Resistance Tires Market.
2. Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Low Rolling Resistance Tires Market.
3. Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
4. Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
5. All the Challenges and growth opportunities in the Low Rolling Resistance Tires Market along with the market drivers and restrains.
Tires are considered as an important factor to improve the vehicle efficiency and reduce overall fuel consumption. Low rolling resistance reduces the energy loss as a tire rolls, and thus help in decreasing the required rolling effort and improves the vehicle fuel efficiency. Factors such as adoption of safety regulations by government agencies along with an increase in vehicle sales and safety installations per vehicle are fueling the demand for LRR market globally. Tires are an integral component of automobiles and are manufactured using raw materials such as natural rubber, nylon tire cord fabric, and carbon black. Rubber chemicals and synthetic rubber, including styrene-butadiene rubber and poly-butadiene rubber, are used in manufacturing tires. Low rolling resistance tires are essentially green tires and their use enhances fuel efficiency, vehicle performance, and safety, besides helping to bring about a reduction in vehicular emissions. Major automotive companies are now introducing new vehicles with LRR tires and that more than 50% of new vehicles will have LRR tires by the end of 2020. For instance, in 2015, Nissan Motor Company Ltd had introduced its Nissan Murano crossover with LRR tires, and was one of the key features to its marketing strategy.
Major Market Drivers and Restraints:
• The demand for LRR tires, is to save significant amount of fuel
• More and more fleets every year are recognizing the benefits of LRR tires
• Represent a good investment for dealing with fuel economy
• Increasing adoption of LRR tires by commercial vehicles such as on highway truck
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Based on type:
Based on application:
• Other Low Rolling Resistance Tire
On the basis of end user applications:
• Motor Vehicles
Based on geography:
• North America
• South America
• Middle East & Africa
The global low rolling resistance tire market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of low rolling resistance tire market for global, Europe, North America, Asia Pacific and South America.
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