Explore Europe low rolling resistance truck and bus radial tire market that is poised to grow at a CAGR of 7.33% to 2019

According to this report, one of the main drivers in this market is the compliance with stringent fuel efficiency standards. Light trucks with footprints of 75 sq. ft. were required to have a fuel economy of 22 miles per gallon in 2012, with a mandated increase to 23.5 miles per gallon by 2015 and 25 miles per gallon by 2020.

This report covers the present scenario and the growth prospects of the Low Rolling Resistance Truck and Bus Radial Tire market in Europe for the period 2015-2019. The market size is calculated on the basis of the revenue of tire manufacturers in Europe, generated through sales of low rolling resistance truck and bus radial tires to OEMs and the Aftermarket. It also presents the vendor landscape and corresponding detailed analysis of the top four vendors that excel in manufacturing low rolling resistance truck and bus radial tires. In addition, the report discusses the major drivers that influence the growth of the Low Rolling Resistance Truck and Bus Radial Tire market in Europe. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.

Analysts forecast the Low Rolling Resistance Truck and Bus Radial Tire market in Europe to grow at a CAGR of 7.33 percent over the period 2014-2019.

Low Rolling Resistance Truck and Bus Radial Tire market in Europe, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Low Rolling Resistance Truck and Bus Radial Tire market in Europe landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Tires, an integral component of automobiles, are manufactured using raw materials such as natural rubber, nylon tire cord fabric, and carbon black. Rubber chemicals and synthetic rubber, including styrene-butadiene rubber and poly-butadiene rubber, are also used in manufacturing tires. The tires that are manufactured for the Automobile industry are of two types—cross ply or bias and radial tires. The use of low rolling resistance tires enhances fuel efficiency, vehicle performance, and safety, besides helping bring about a reduction in vehicular emissions.

The report recognizes the following companies as the key players in the Low Rolling Resistance Truck and Bus Radial Tire Market in Europe: Apollo Vredestein BV, Bridgestone Corp., Continental AG, Michelin Group and The Goodyear Tire and Rubber Co.

Other Prominent Vendors in the market are: Falken Tire Corp., Hankook Tire Worldwide, Kumho Tire, Maxxis International, Nokian Tyres, Pirelli & C., Sumitomo Rubber Industries Ltd, Toyo Tire & Rubber Co. Ltd. and Yokohama Rubber Co. Ltd.

One major trend in the market is the intense competition among vendors. The major global vendors such as Michelin, Bridgestone, and Goodyear have strong presence in all segments and compete intensely to gain bigger shares in the market in Europe. These global players have to face intense competition from local vendors and also from the low-cost Chinese products available in the market.

Further, the report states that one of the main challenges in this market is the high cost of low rolling resistance tires. The cost of these tires makes it difficult for automobile manufacturers to keep their product prices low. In such a situation, they have to choose between keeping their profit margins low and shifting the pressure onto end-users. However, in the current price-sensitive market, where customers are looking for products that give them the maximum possible value for money, it has become difficult for manufacturers to shift the pressure onto their customers.