Low Profile Tire Market size was valued US$ XX Bn in 2019 and total revenue is expected to grow at 9% from 2019 to 2027, reaching US$ 52 Bn by 2027.
Low Profile Tire Market Overview
Increase in demand for advanced ride handling, optimal traction, and speedy response whilst driving is boosting the low-profile tire market. Demand for effective and sports activities or overall performance vehicles, such as SUVs, is rising owing to an extend in younger customers which is ultimately driving the low-profile tire market. Low profile tires have low rolling resistance and hence, provide superior fuel economy. Regulatory boards such as the European Union have begun labelling tires in accordance with fuel economy, grip, noise, and emission. Rise in issue about automobile security and applied sciences such as ‘Run-Flat’ science is boosting the demand for low profile tires. These tires comprise lesser quantity of rubber and thus, allows the use of a larger-sized wheel. Rise in demand for large wheels, in order to decorate esthetic appearance, is predicted to power the demand for low profile tires. Low profile tires are expensive, generate extra noise. Therefore, customers decide on budget standard tires, which in flip is restraining the Low-Profile Tire Market.
Low Profile Tire Market Dynamics
Vehicle weight reduction offered by using wide-based Low-Profile tires is driving the growth of the Low-Profile Tires Market. Fleet operators opt for broad base configuration of tires over twin tire configuration for their SUVs and buses. Unlike twin tire configuration, extensive base configuration makes use of solely one Low Profile Tire. The wide-based Low-Profile Tires minimize the standard weight and appreciably decrease fuel consumption. The decreased weight of automobile additionally permits fleet operators to put an excessive payload on vehicles, in particular in weight-sensitive applications. Thus, the improved fuel effeciency and automobile weight reduction will enhance the adoption of Low-profile tires in vehicles and buses, hence fueling the market growth during the forecast period.
The use of nanotechnology-based products in tire manufacturing will assist in decreasing the put on and tear and enhancing the grip of tires. Nanotechnologies, such as single-walled carbon nanotubes, additionally assist in making tires greater durable, retaining their black coloration longer, and enhancing their warmness quality. Market carriers are adopting nanotechnology to reduce Low-Profile tires.
13 inches – 15 inches rim size dimension to be biggest segment in the Low-Profile Tires Market
13 -15 inches rim size dimension is generally used in passenger automobiles with GVWR