High Performance Tire Market | Contrive Datum Insights

Global High Performance Tire Market is anticipated to reach US$ 46.96 Billion by 2030 from US$ 32 Billion in 2022 at a CAGR of 6.6% during a forecast period 2022-2030.

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:

• Bridgestone
• Continental
• Cooper Tires
• Goodyear
• Hankook
• Kumho Tires
• Others.

Key Vendors:

Bridgestone:Bridgestone is the world's largest tire manufacturer. They are headquartered in Japan and have a strong focus on innovation. Bridgestone tires are known for their good performance in wet and dry conditions.

Continental: Continental is the second-largest tire manufacturer in the world. They are headquartered in Germany and have a strong focus on safety. Continental tires are known for their good handling and braking performance.

By Type:

• Racing Slicks 
• Tread Tires
• Other Tire Types

Racing slicks: Racing slicks are tires that have a smooth, uninterrupted tread. They are designed to provide maximum grip on dry surfaces, but they are not as effective in wet conditions. Racing slicks are typically used in motorsports, such as Formula 1 and NASCAR.

By Vehicle Type:

• Racing Cars
• Off-the Road Vehicles
• Other Vehicle Types

By Application:

• OEMS
• Replacement/Aftermarket

By Region:

The highest growth of the region in 2022-2030 is expected to be in Asia-Pacific.

North America: The high-performance tire market in North America is expected to grow at a CAGR of 5.8% during the forecast period (2022-2030). The growth of the market in North America is being driven by the increasing demand for high-performance vehicles, such as sports cars, SUVs, and luxury cars.

Asia-Pacific: The high-performance tire market in Asia-Pacific is expected to grow at the highest CAGR of 6.9% during the forecast period (2022-2030). The growth of the market in Asia-Pacific is being driven by the rising popularity of motorsports, the increasing demand for high-performance vehicles, and the growing affluence of consumers in the region.

Europe: The high-performance tire market in Europe is expected to grow at a CAGR of 5.5% during the forecast period (2022-2030). The growth of the market in Europe is being driven by the increasing demand for high-performance vehicles, the growing popularity of motorsports, and the increasing focus on safety and performance.

Middle East & Africa: The high-performance tire market in Middle East & Africa is expected to grow at a CAGR of 5.2% during the forecast period (2022-2030). The growth of the market in Middle East & Africa is being driven by the increasing demand for high-performance vehicles, the growing popularity of motorsports, and the increasing focus on safety and performance.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Dynamics

• The high-performance tire market is a dynamic market, with new technologies and products being introduced all the time.
• The market is also characterized by a high level of competition, with leading tire manufacturers constantly innovating to stay ahead of the curve.

Restraints

• The high-performance tire market is facing some restraints, such as the rising cost of raw materials and the increasing competition from Chinese tire manufacturers.
• The market is also being affected by the COVID-19 pandemic, which has led to a decline in demand for new vehicles.

Drivers

• The high-performance tire market is being driven by a number of factors, such as the increasing demand for high-performance vehicles, the rising popularity of motorsports, and the increasing focus on safety and performance.
• The market is also being driven by the growing affluence of consumers in emerging markets, such as China and India.

Trends

• One of the key trends in the high-performance tire market is the increasing use of advanced materials, such as silica and carbon black.
• Another trend is the growing focus on sustainability, with tire manufacturers developing tires that are more environmentally friendly.
• The market is also seeing a trend towards personalization, with tire manufacturers offering a wider range of tire options to meet the needs of individual consumers.

Challenges

• One of the key challenges facing the high-performance tire market is the rising cost of raw materials.
• Another challenge is the increasing competition from Chinese tire manufacturers.
• The market is also facing challenges from the COVID-19 pandemic, which has led to a decline in demand for new vehicles.

Opportunities

• Despite the challenges, the high-performance tire market still offers a number of opportunities.
• One opportunity is the growing demand for high-performance vehicles in emerging markets.
• Another opportunity is the increasing focus on safety and performance, which is driving demand for high-performance tires.
• The market also offers opportunities for tire manufacturers that are able to develop innovative new products and technologies.

Scope of Reports: 

Conclusion:
              In conclusion, the high-performance tire market is experiencing significant growth due to the increasing consumer demand for enhanced driving experiences and improved vehicle performance. Advancements in tire technology and the association of high-performance tires with motorsports have further fueled market expansion. While challenges exist, the market is expected to continue growing as automotive enthusiasts and performance-oriented drivers seek tires that can deliver superior performance and handling characteristics.

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.