Recently, Future Market Insights (FMI) released the latest research report. The report said that carbon reduction requirements for automobiles have greatly increased the market demand for low rolling resistance tires and prompted tire manufacturers to improve existing tire designs.
It is estimated that in the next ten years, the compound annual growth rate of the global low rolling resistance tire market will exceed 11%. The FMI low rolling resistance tire market research report summarizes several key points.
By vehicle type, passenger cars will be the main end application of low rolling resistance tires; wide-section low rolling resistance tires will account for about a quarter of global demand; given the growing number of global transportation fleets, sales in the entire aftermarket will increase may exceed expectations;
Driven by regional tire manufacturers, the U.S. market will expand significantly; India and China will grow more than 3 times; Japan will boost demand and invest in large-scale projects to enhance production capacity; Germany will expand production of low rolling resistance tires application, and drive the electric vehicle market;
Growing consumer preference for long-travel commercial vehicles could also expand demand for low-rolling-resistance tires by the automaker.
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