Low profile tires
have lower aspect ratios, generally less than 50 and shorter sidewalls
as compared to standard tires. Low profile tires have larger treads and
are stiff and are made from advanced rubber compounds and additives.
Increase in demand for enhanced ride
handling, superior traction, and rapid response while driving is
boosting the low profile tire market. Demand for powerful and sports or
performance vehicles, such as SUVs, is rising owing to an increase in
young buyers of vehicles. Increase in sales of SUVs and performance
sedans is driving the low profile tire market. Low profile tires have
low rolling resistance and hence, offer superior fuel economy.
Regulatory boards such as the European Union have started labelling
tires according to fuel economy, grip, noise, and emission.
Enactment of similar mandates globally is
projected to fuel the adoption of low profile tires. Rise in concern
about vehicle safety and technologies such as ‘Run-Flat’ technology is
boosting the demand for low profile tires. These tires contain lesser
amount of rubber and thus, enables the use of a larger-sized wheel. Rise
in demand for larger wheels, in order to enhance esthetic appearance,
is expected to drive the demand for low profile tires.
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Low profile tires are expensive, generate
more noise, and undergo more wear due to wider contact area. Therefore,
several consumers prefer cost-effective standard tires, which in turn
is restraining the low profile tire market.
The global low profile tire market can be
segmented based on rim size, vehicle, sales channel, and region. Based
on rim size, the low profile tire market can be segregated into 13
inch-15 inch, 16 inch-20 inch, and above 21 inch. The 16 inch-20 inch
segment accounts for a notable share of the low profile tire market
owing to high sales of vehicles that have rim sizes between 16 to 20
inches.
Based on vehicle type, the global low
profile tire market can be classified into passenger vehicle, light
commercial vehicle, and heavy commercial vehicle. Low profile tires are
highly preferred for passenger vehicles in order to enhance driving
comfort and hence, the passenger vehicle segment held a notable share of
the market.
Tire manufacturers such as Continental AG
have developed low profile tires for light & heavy duty
applications with higher load carrying capacity. Penetration of low
profile tires is considerably low in light & heavy commercial
vehicles; however, it is expected to rise considerably during the
forecast period owing to advancements in rubber technology.
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