Tires are considered as an important factor to improve the vehicle efficiency and reduce overall fuel consumption. According to International Council on Clean Transportation (ICCT), it is estimated that improvements in tire energy efficiency could reduce the fuel consumption by 3 to 5% and greenhouse gas emissions by 100 million metric tons annually, across all existing passenger vehicle fleets. In the quest for increasing fuel efficiency and gas mileage, automotive manufacturers are pushing tire makers to develop LRR tires, which have shown improvements in increasing fuel economy in recent years. While LRR tires are frequently used for hybrid cars, mainstream vehicles are expected to gain traction for LRR tires over the forecast period. Tire and automotive manufacturers globally have strived to increase fuel efficiency in recent years by equipping automobiles with LRR tires.
Low Rolling Resistance(LRR) Tire Market: Drivers & Restraints
The main factors driving the demand for LRR tires, is their ability to save significant amount of fuel when compared to tires that are not designed for LRR. It has been estimated by the automotive industry that a 10% increase in the tire rolling resistance will result in about 1.5% decrease in the vehicle fuel economy. More and more fleets every year are recognizing the benefits of LRR tires which represent a good investment for dealing with fuel economy, thus accelerating the demand of global LRR tires throughout the forecast period. Moreover, government regulations, stringent emission and safety norms globally is anticipated to fuel the demand of LRR tire market over the forecast period (2018 – 2028).
The fact that the cost to operate LRR tires is relatively higher as compared to other tires which do not have low rolling resistance technology, is one of the factors inhibiting the growth of LRR tires market globally. Increasing adoption of LRR tires by commercial vehicles such as on highway truck fleets in last two years, is one key trend observed in global LRR tire market.
Global Low Rolling Resistance (LRR) Tire Market: Segmentation
On the basis of vehicle type, the global LRR tire market is segmented into,, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Passenger Vehicle, On the basis of configuration, the global LRR tire market is segmented into, Dual tire, Wide-base, On the basis of sales channel type, the global LRR tire market is segmented into, OEM, Aftermarket
Global Low Rolling Resistance (LRR) Tire Market: Regional Outlook
In terms of geography, the global LRR tire market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan.The global LRR tire market is expected to register healthy CAGR during the forecast period. North America is anticipated to be the dominant market for LRR market followed by Europe and Asia Pacific. Factors such as adoption of safety regulations by government agencies along with an increase in vehicle sales and safety installations per vehicle, are fuelling the demand for LRR market globally.
Global Low Rolling Resistance (LRR) Tire Market: Key Players
Some of the market participants in the global LRR tire market are Apollo Tyres Ltd, Bridgestone Corporation, Continental AG, Michelin, Maxxis International, Goodyear Tire and Rubber Company, Pirelli & C.SpA, Yokohama Rubber Company and Sumitomo Corporation
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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.