The LT market is anticipated to grow at a significant CAGR of 7.2% during the forecast period (2022-2028). LT, also known as LT-metric tires, features more robust sidewalls and deeper treads than P-metric tires. They are also better at moving huge items and negotiating tough terrain. Government expenditures in logistics and transportation, as well as advantageous trade agreements, are expected to fuel the market growth.
The global LT market is segmented based on type. Based on the type, the market is sub-segmented into radial and bias. Among these types, the radial tire segment is expected to propel the growth of the market as the radials use less fuel, have higher grip and flotation, and have superior cut resistance in the tread area. They also run significantly cooler than bias tires.
The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in June 2019, Apollo Tyres introduced a new light truck tire brand to meet the rising demand in India for pickup vehicles. The EnduMaxx LT tire design, developed at Apollo’s research and development facility in Chennai, India, takes into account the country’s geography, as their tires also exhibit durability via treadwear and fuel economy. Apollo stated it used a 360-degree approach to produce the new tires, including diverse areas of tire production, design, process, and composition. The EnduMaxx LT has a new tread cap composition that improves mileage, cut and chip resistance, and running temperature. According to the company, a tension-optimized contour ply and a strong belt package work together to maximize uptime and decrease heat build-up.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Aeolus Tyre India Pvt. Ltd., Bridgestone India Pvt. Ltd., Cheng Shin Rubber Industry Co., Continental AG, Cooper Tire & Rubber Co., CMA LLC, Goodyear Tire & Rubber Co., and Hankook Tire & Technology Ltd., among others.
A full report is available at: https://orionmarketreports.com/global-light-truck-tire-lt-market/110427/
Global LT Market Report by Segment
By Type
- Radial
- Bias
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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