According to Stratistics MRC, the Global Low Rolling Resistance Tire Market is accounted for $8.94 billion in 2020 and is expected to reach $31.42 billion by 2028 growing at a CAGR of 17.0% during the forecast period. The rise in vehicle sales and safety installations per vehicle global, government regulations concerning tire labelling, growing demand for fuel-efficient tires, and progress in the aftermarket acts are driving the market growth. However, high cost related with the product is hampering the growth of the market
The Global Low Rolling Resistance Tire Market is majorly driven by the increase in the vehicle sales, government regulation regarding the tires to lower the carbon product and safety installations per vehicle global. The wide band type segment is growing at a highest CAGR, owing to the distribution of vehicle load over a larger surface area, which decreases risks of tire damage from frictional heat. Europe dominated with a significant market share due to the stringent regulation by government bodies concerning the vehicle emission. Asia Pacific market is growing at a highest CAGR due to the growing development of the automotive industry in the province leads to the rise in commercial vehicles.
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Some of the key players profiled in the Low Rolling Resistance Tire Market include Apollo Tyres Ltd., Bridgestone Corporation, Continental AG, Hankook Tire, Marangoni S.p.A, Maxxis International (Cheng Shin Rubber), MICHELIN, MRF Tyres, Pirelli & C S.p.A, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co. Ltd, Trelleborg AB.
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