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In-depth Analysis of Low Rolling Resistance Tire Market Industry Landscape
Mining operations necessitate the extensive use of heavy-duty trucks to facilitate transportation activities in challenging terrains and extreme off-road conditions. The escalating adoption of off-road tires for heavy-duty vehicles, driven by their ability to enhance traction and withstand increased payload capacity, presents a lucrative growth opportunity for the market throughout the forecast period. Intense competition among fleet owners, coupled with a heightened focus on product features, has compelled industry players to adopt measures that enhance tire wear resistance, quality, and reliability.
Certain off-road tires play a pivotal role in improving vehicle fuel efficiency by minimizing rolling resistance, tire fatigue, and supporting fleet owners in achieving high-profit margins. Notably, the National Research Council highlights that the rolling resistance of truck tires contributes to more than 32% of power consumption for each hour required to move a heavy-duty truck. These factors are poised to be significant drivers propelling the growth of the off-road tires market.
Industry players are actively involved in introducing new products and advancements to meet the growing customer demand from the mining industry. As an illustration, in December 2018, JK Tyre and Industries Ltd unveiled the mine champion E4/L4 OTR tire, characterized by high durability, strength, and load-carrying capacity. Specifically designed for installation in wheel loaders and tipper trucks utilized in mining applications, this product's increased usage in commercial vehicles for the mining sector is expected to amplify its market share over the projected timeframe. The dynamic landscape of the mining industry, coupled with the persistent quest for improved performance and durability, is fostering innovation and driving the market's upward trajectory.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By Technology, By Application, By Vehicle type, By sales channel |
Low Rolling Resistance Tire Market Highlights:
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