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 <3.0 tons. Passenger vehicles which fall in hatchbacks, & compact sedan section are geared up with these rim sized tires. For instance, fashions such as Hyundai Avante, Volkswagen Polo, VW Rapid, Hyundai Accent, and others are geared up with 13”-15” rim measurement tires. Hence, the demand for 13”-15” rim measurement tires is the highest. For instance, top-selling passenger automobiles in China are Hyundai Avante, Nissan Bluebird, Toyota Corolla, Ford Escort VW Santana amongst others and they are geared up with 13”-15” rim measurement tires.
Asia-Pacific is estimated to the greatest market in the Low-Profile Tires Market
Low Profile Tire Market 1
Asia-Pacific is estimated to the greatest market in the Low-Profile Tires Market of the forecast period. Factors such as growing demand for vehicles, growing focus on fuel efficiency, advanced technology developments, and rising use of public transportation are contributing to the Low-Profile Tire Market increase in this region. Over 29% of the market’s boom will originate from the Asia-Pacific in the forecast period. China is an indispensable market in the Low-Profile Tire Market in the Asia- Pacific. Market growth in this region will be faster than the increase of the market in different geographies. This factor is notably driving the increase of the Low-Profile Tires market in the aftermarket segment. Market increase via the aftermarket phase will be quicker than the market by way of the OEMs segment.
The objective of the report is to present a comprehensive analysis of the Low-Profile Tire Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Low-Profile Tire Market dynamics, structure by analyzing the market segments and project the Low-Profile Tire Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Low-Profile Tire Market make the report investor’s guide.
Low Profile Tire Market, by Rim size
• 13 inches - 15 inches
• 16 inches – 20 inches
• Above 21 inches
Low Profile Tire Market, by Vehicle type
• Light commercial vehicle
• Heavy commercial vehicle
Low Profile Tire Market, by Sales Channel
Low Profile Tire Market, by Region
• South Korea
• South Africa
• Rest of ME&A
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