Global High-Performance Tires Market to reach USD 48.2 billion by 2027. Global High-Performance Tires Market is valued approximately at USD 31 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2021-2027. Advanced technologies, such as silica compounds and additives, are used to create high-performance tires. These tires are built to provide superior traction, quick reaction, and excellent ride handling. For improved road traction, these tires have a broader tread. The demand for high performance tires has increased as the demand for high clearance and powerful vehicles, such as SUVs, has increased. The increase in the number of youthful consumers, who are seeking high-performance rides, is driving up demand for high-performance tires for automobiles. High-performance tires increase vehicle safety by having a shorter stopping distance, lateral grip, and high wet traction. Consumers' increasing need for fuel economy has driven the market for high-performance tires. For instance, as per Statista, the number of SUVs on the road globally increased by nearly ten times from 2009 to 2019, hitting 200 million vehicles in 2019. SUVs accounted for 29.6 million global automobile sales in 2020, with electric SUVs accounting for an additional 1.1 million units sold. However, increase in the prices of vehicles due to increased technology, may impede market growth over the forecast period of 2021-2027.
Geographically, West European countries such as the United Kingdom, Germany, and France significantly contribute to the high-performance tires market. Automobile manufacturers in Western Europe, such as Renault, Daimler, BMW, Ferrari and Volkswagen Group regularly participate in European racing events to test and advertise their vehicles. OEMs' demand for racing tires has risen as a result. Many car races take place in the region, particularly in nations such as France, Italy, Spain, and the United Kingdom. The demand for racing tires is projected to rise as the number of motor events grows.
Major market player included in this report are:
Hankook Tire & Technology Co. Ltd
Bridgestone Corporation
Goodyear Tire & Rubber Company
Sumitomo Rubber Industries Ltd
Kumho Tire Co. Inc
Yokohama Rubber Co. Ltd
Continental AG
Pirelli & C. SpA
MRF Limited
Michelin
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Tire type:
Racing Slick
Tread Tires
Other Tire Types
By Sales Channel Type:
OEM
Replacement/Aftermarket
By Vehicle type:
Racing Cars
Off-the Road Vehicles
Other Vehicle Types
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.
Target Audience of the Global High-Performance Tires Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
