Low Rolling Resistance Tires Market Top Key Players - Bridgestone Corportation, Michelin, Goodyear Tire and Rubber Company, Cooper Tire & Rubber Company, Hankook Tire & Technology Co. Ltd, Carlisle Corp, Nokian Tyres plc

The low resistance tire market is geographically divided in North America, with major countries being the United States, Canada, Mexico, Europe in France, the United Kingdom, Germany and Asia Pacific in China, India, Japan and South Korea and the rest of the world.

The Asia Pacific region is the fastest growing region of the low resistance tire market and is expected to dominate the LRR market as the automotive industry is developing at a steady rate in this particular region. Europe is also expected to see significant growth due to strict fuel emission regulations and increased demand for fuel efficient vehicles set by government agencies in the region.

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Covid19 seriously smashed the global automotive tire market and had a serious impact on the overall automotive market. Operation was interrupted by Fundemik, and tire production decreased. Also, with Fundemik, various raw material suppliers have had to reduce production in some regions.

Nonetheless, some market participants in the tire market have expanded their relationship with OEMs as a response to their recent dissatisfaction. Also, taking bold steps such as adopting digital channels to communicate with potential buyers helped these market participants stay in the market. Vaccine market conditions are returning to normal.

GLOBAL LOW ROLLING RESISTANCE TIRES MARKET DYNAMICS

The major reasons that are responsible for driving the low rolling resistance tires market forward can be listed as:

• Growing demand for fuel-efficient vehicles.

• Government Regulations on Tires for Low Carbon Products.

• Increased production of passenger cars and light vehicles.

• Trends of people using environmentally friendly products.

Further, the market is segmented into Application Type, Vehicle Type, and Sales Channel.

By application type, the LRR can be divided into two parts: On-Road and Off-road. The On-road application segment of low resistance tires is expected to flourish to a large extent owing to increased demand for these tires in the passenger cars segment. Additionally, the Off-road segment is also expected to have a steady growth in the forecast period.

Based on Vehicle Type, the LRR is categorized into Passenger vehicles, Light commercial vehicles, and heavy commercial vehicles. Heavy commercial vehicles are reported to account for a significant share in the market revenue. These vehicles cover large distances on daily basis and therefore fuel and cost efficiency are important characteristics associated with this segment.

COMPETITIVE LANDSCAPE

• A major trend changing this industry is Growing Vehicle Parc's outstanding alternatives to highly regulated and conventional tires focused on reducing carbon dioxide emissions.

• Since the low rolling resistance tires market aims to reduce contact with the road surface, it leads to an undesirable result compared to conventional tires: reduced grip on the road surface. In addition, these tires require improvements in their design, as they must be fully inflated to achieve maximum performance. Otherwise, fuel efficiency will be reduced. Also, owners of SUVs and sedans tend to use conventional tires over LRR tires, for the superior road grip and safety that the former offers on rough terrain.

COMPANY PROFILE

Some of the major prominent players in the market are:

• Bridgestone Corportation
• Michelin
• Goodyear Tire and Rubber Company
• Cooper Tire & Rubber Company
• Hankook Tire & Technology Co. Ltd
• Sumitomo Rubber Industries Ltd
• Yokohama Rubber Co. Ltd
• Apollo Tyres Ltd.
• Maxxis International
• Toyo Tire & Rubber Co. Ltd
• Carlisle Corp
• Nokian Tyres plc
• Kumho Tire Co Inc
• Pirelli & C. S.p.A

Read More Information: https://mobilityforesights.com/product/low-rolling-resistance-tires-market/

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This release was published on openPR.