While the trade war between China and the United States continues to impact the commercial truck tire market, one segment has managed surprising growth in 2019. Low rolling resistance truck and bus radial tires have surged during the past few years and the market is expected to grow exponentially through to 2024. According to the 2019 Global Low Rolling Resistance Truck and Bus Radial Tire Industry Market Research Report, the past five years in this market segment provide significant insight into future performance for these tire types.
What Are Low Rolling Resistance Commercial Truck Tires?
The report provides many details for fleet managers and commercial truck drivers, including the definition, types, applications, and key manufacturers of low rolling resistance tires. Low rolling resistance tires provide an eco-friendlier option for commercial fleets, and are designed to enhance fuel efficiency, vehicle performance, and safety. Most significantly, these tires help reduce vehicular emissions, effectively decreasing the carbon footprint of your fleet.
Due to more stringent fuel efficiency standards, low rolling resistance tires have seen significant growth between 2014 and 2019. As the trend continues towards greener tire options, the low rolling resistance market is projected to soar well into the foreseeable future.
Low Rolling Resistance Commercial Truck Tires Market Growth Projections
In 2019, Europe and North America drove low rolling resistance tire market growth. As of 2019, the global low rolling resistance tire market is expected to increase by $53.42 billion from 2020 – 2024. This equates to a CAGR of more than 10%, with Asia-Pacific (APAC) expected to be responsible for 29% of market growth. The key factors contributing to these growth rates include the following:
- Increased number of vehicles on the road
- Rise in new vehicle adoption
- Increase in vehicle ownership in APAC
- Rising need for public transportation services
- Increased environmental awareness
According to experts, increasing carbon emission regulations and the need for low rolling resistance tires for electric vehicles are some additional factors that will boost market growth from 2020 – 2024. With reduced carbon emissions, increased fuel efficiency, and enhanced vehicular performance, it’s no wonder many fleet managers are choosing a low rolling resistance tire partner when planning for their commercial truck tire needs.
STTC for Your Fleet’s Low Rolling Resistance Commercial Truck Tires
If you’re looking to make the switch to low rolling resistance tires for your commercial fleet, there’s no better team to turn to than STTC. At STTC, we offer a wide variety of top-quality low rolling resistance tires from the industry’s leading manufacturers, including Yokohama and Michelin. By selecting our preventative tire maintenance program, we’ll ensure your low rolling resistance tires are ready to handle all your travel needs. Contact our team today to learn more about our low rolling resistance tire offerings and preventative tire maintenance plans!