High Performance Tire Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
Global High-performance Tires Market is anticipated to reach US$ 46.96 Bn by 2030 from US$ 32 Bn in 2020 at a CAGR of 6.6% during a forecast period.
High Performance Tire Market Overview:
High-performance tires are made with advanced technology using silica compounds and additives. These tires are designed to provide excellent grip, quick response and superior ride comfort. These tires have a wider tread for better road grip.
Increased demand for high-clearance and powerful vehicles such as SUVs has increased the demand for high-performance tires. Demand for high-performance tires for automobiles is increasing as more young consumers want high-performance riding comfort. High-performance tires improve vehicle safety with short braking distances, good lateral grip and good grip on wet roads. Demand for high-performance tires is increasing as consumers' demand for fuel efficiency increases. The European Union (EU) has enacted tire labeling legislation since 2012, and tires are labeled according to wet grip, fuel economy, and emissions. These obligations play an important role in increasing the demand for high-performance tires. Increasing vehicle ownership in emerging economies such as India and Brazil is expected to boost the market for automotive high-performance tires.
The global high-performance tires market for automotive can be segmented based on speed class, rim size, vehicle type, sales channel, and geography. The automotive high-performance tire market can be classified into H-class, V-class, and Z-class according to the speed class. H-class tires have a speed rating of 130 mph and are very effective as high-performance tires. Class V tires have a speed limit of 149 mph and are widely used on sports sedans, coupes and sports cars. Z-rated tires perform at speeds above 149 mph.
High Performance Tire Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global High Performance Tire Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In October 2021, Bridgestone Corporation announced a premium highway touring tire that will unlock the full potential of vehicles such as SUVs, CUVs and trucks.
- In October 2021, Bridgestone Corporation has developed a custom designed Potenza sports tire for the Ferrari Roma.
- In July 2021, Bridgestone Corporation announced a partnership with Lamborghini to develop custom Potenza race tires for the Huracan STO supercar.
- In April 2021, Michelin launched a new range of tires developed entirely virtually for the headlining Le Mans hypercar class.
Major Market Segments Covered in High Performance Tire Market Industry Research:
Market Key Players:
Bridgestone, Continental, Cooper Tires, Goodyear, Hankook, Kumho Tires, And Others.
- Racing Slicks
- Tread Tires
- Other Tire Types
By Vehicle Type:
- Racing Cars
- Off-the Road Vehicles
- Other Vehicle Types
In 2020, the US high-performance tire market will account for xx% share and is expected to grow at 5.4% during the forecast period. The European performance tire market is expected to reach 593 billion units by 2027. Western European countries such as the UK, Germany, and France play a large role in contributing to the high-performance tire market. The region is also home to many car races, mainly in countries such as France, Italy, Spain and England. The growth of the auto racing market is expected to boost the demand for racing tires.
Germany is expected to grow at a CAGR of 3.4% during the forecast period. Increasing production standards and sustainable innovation in tire manufacturing are expected to emerge as the top performance tire manufacturing position over the forecast period. Japan and Canada are expected to grow by 2.6% and 3.6% respectively over the forecast period.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Growing young consumers' preference for performance ride comfort is driving the market growth. These tires improve vehicle safety with short stopping distances, good lateral grip and good grip on wet roads. Accordingly, the trend of improving fuel efficiency among consumers is fueling demand for high-performance tires. In addition, significant increase in different types of auto racing competitions is expected to boost the sales of high-performance tires over the forecast period. Thus, competitive car racing initially focused on popular car racing series such as Formula One, NASCAR and motorcycle racing, attracting a lot of sponsorship and publicity. However, racing competitions have increased the number of races with vehicles with different engine sizes, such as SUVs, dirt bikes, monster trucks, solar cars, sprint cars and touring cars.
Increasing car ownership in developing countries such as India and Brazil is expected to boost the high-performance tire market. Sports utility vehicles, luxury cars, and sports cars are demanding premium vehicles that are likely to be equipped with high-performance tires. Therefore, greater influence of vehicle ownership among people in developing countries is expected to propel the growth of the market during the forecast period.
Tire manufacturers are also applying new technologies to develop ultra-high performance tires that push the limits of size, speed and performance characteristics. To meet evolving customer needs, many of these next-generation high-performance tires now offer multi-season driving safety, ride comfort, low noise and improved fuel economy. These new technologies for high-performance tires often used in sports cars are expected to provide growth opportunities during the forecast period.
High Performance Tire Market report scope:
Key Takeaways from this High Performance Tire Market Report
- Estimate High Performance Tire Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the High Performance Tire Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
What is the CAGR of High Performance Tire Market?
The High Performance Tire Market is growing at a CAGR of 6.6% During Forecast Period.
What are the key types of High Performance Tire Market?
Racing Slicks, Tread Tires, Other Tire Types
What are the key applications of High Performance Tire Market?
Who are the key players in High Performance Tire Market?
Bridgestone, Continental, Cooper Tires, Goodyear, Hankook, Kumho Tires, And others.