Global Low Rolling Resistance Tire Market 2020-2024 | Growing Popularity of Nanotechnology to Boost Market Growth | Technavio

The global low rolling resistance tire market is expected to grow by USD 53.42 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191122005285/en/

Technavio has announced its latest market research report titled global low rolling resistance tire market 2020-2024 (Graphic: Business Wire)

There has been a surge in demand for lightweight vehicles in recent years. Low rolling resistance tire (LRR) manufacturers are increasingly adopting wide-base LRR tires for trucks and buses as they reduce vehicle weight and improve the fuel efficiency of the vehicles. The wide-base configuration allows fleet operators in reducing the weight of vehicles in the range of 800 to 1400 pounds. The reduced weight further allows the fleet operators to put a high payload on vehicles, particularly, in weight-sensitive applications. Thus, the growing awareness of the benefits of deploying wide-base configuration in modern vehicles is anticipated to drive the low rolling resistance tire market growth during the forecast period.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40167

As per Technavio, the growing popularity of nanotechnology to reduce rolling resistance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.

Global Low Rolling Resistance Tire Market: Growing Popularity of Nanotechnology to Reduce Rolling Resistance

Nanotechnology is increasingly being adopted in tire manufacturing as it helps in reducing the wear and tear of the tires. In addition, this technology offers a strong grip to tires on snow-covered pavements so that they can operate in extreme temperatures with superior performance. Furthermore, nanotechnologies like single-walled carbon nanotubes, allow tires to become more durable, maintain their color for longer duration, and improve heat quality. Thus, with more and more vendors in the market adopting nanotechnology in the tire portfolio, the demand for low rolling resistance tires is anticipated to increase considerably during the forecast period.

“Stringent regulations to curb emissions, growing focus toward reducing rolling resistance of tires, and development of LRR tires for electric vehicles are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio’s SUBSCRIPTION platform

Global Low Rolling Resistance Tire Market: Segmentation Analysis

This market report segments the global low rolling resistance tire market by end-user (aftermarket and OEMs) and geographic regions (APAC, Europe, MEA, North America, and South America).

Europe led the low rolling resistance tire market share in 2019, followed by North America, APAC, South America, and MEA respectively. The increasing number of vehicles and rising adoption of new vehicles are the key factors for the high adoption of LRR tires in the European economies including Germany, Italy, France, UK, and Spain. However, APAC will contribute to the highest incremental growth in the LRR tire market due to the rising automobile ownership, surging demand for CVs for goods transportation, and rising adoption of buses for public transportation in the emerging economies including India, China, and Thailand.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191122005285/en/