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The High-Performance Tire Market is estimated to grow on account of the growing demand for vehicles amongst consumers, as automobiles have become an essential part of the modern lifestyle. Moreover, increasing disposable income, and rising purchasing capacity of the middle-class population, is further estimated to surge the sales of automobiles. The International Energy Agency (IEA) recorded a sale of 87 million cars in 2019. Out of these, 24.5 million cars were sold in China, and over 7 million cars were sold collectively in India and Japan, making Asia Pacific the largest market for automobiles. On the other hand, 17.1 million cars were sold in the United States alone, owing to the higher individual disposable income and presence of various automobile manufacturers in the region.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for High-Performance Tire Market Products.
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Moreover, the advancement in technology, such as, advanced driver assistance systems (ADAS), infotainment systems, and increasing adoption of electric vehicles, is certain to assist the growth of the High-Performance Tire Market . Along with this, the prompt implementation of these technologies in the upcoming vehicles, supported by various government initiatives and favorable policies, can guarantee the market development. The sale of plug-in hybrid electric vehicles (PHEV) reached 0.969 million, while the battery electric vehicles (BEV) sales touched 2.008 million in the year 2020, as per the data by the IEA. The total global stock of BEV amounted to 6.850 million units in the same year.
The High Performance Tire market is expected to grow in the near future owing to the increase in the number of sporting and racing cars. This increase can be attributed to the increase in the number of enthusiasts of sporting and racing events and championships. These popularity of such events is rising in the developing countries like India, China and Indonesia. In addition to this, innovations in the tire manufacturing processes, the raw materials used and recycling of tires are some of the factors which are also contributing to the growth of the high performance tires market.
End-user/Technology
The end-users of the high performance tires are the automotive vehicle end-users i.e. OEM and aftermarket. OEMs are the Original Equipment manufacturers who manufacture the high performance tires to match the tire specifications of a particular car's make and model. Whereas the aftermarkets are the third party manufacturers who manufacture the tires in high volume to fit the tire specifications of more than a one vehicle, and not just one car's make and model.
Nanotechnology is used in the production of high performance tires to reduce the wear and tear of the tires. As a result, the tires can operate in a wide range of temperatures and have a superior heat resistance. To achieve these results, Nanoprene, a rubber additive is used with rubber mixture of the tire tread. Also, racing slick tire with reduced tread is used on dry tracks as it ensures minimum traction by providing largest contact patch to the road.
Market Dynamics
The high performance tire manufacturers gain visibility and brand leverage through sponsorships of international racing events. The aftermarket segment, especially the racing segment contributes substantially to the high performance tires demand. The market had traditionally focused on speed, but now the focus of end consumers have changed to fuel-efficient, ecofriendly and recyclability of the tires. The OEMs are expected to continue dominating the passenger automotive segment because of the preference for original quality products by manufacturers and consumers. Whereas, in China, the dominance is of aftermarket segment.
Market Segmentation
The High-Performance Tire Market is segmented by tire type, vehicle type and end-users.
By tire-type, the market is segmented into three segments:
Racing Slicks
Tread tires
Others
By vehicle-type, the market is segmented into:
Racing Vehicles
OTR vehicles
Others
By end-users, the market is segmented into:
OEMs
Aftermarket
Regional/Geographic Analysis
North America, Europe and Asia Pacific regions dominate the high performance tires market currently in the descending order and the dominance is expected to remain the same in the forecast period. Whereas growth is predicted to be the highest in the APAC region, followed by Europe.In the APAC region, China is the market leader of high performance tires, followed by Japan and India.
Opportunities
The market has several opportunities with regard to development of technologies and innovations in the tire manufacturing process. The advent of technologies to provide ecofriendly tires so as to increase the fuel-efficiency of automobile vehicles also give way to new opportunities. The demand for higher durability and tougher performance tires is providing newer opportunities for the growth of the market.
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Key Players
Some of the major players in the market include Goodyear, Michelin, Bridgestone Group, Yokohama, Hankook, Continental, Kumho, Pirelli and Cooper Tires.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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