High-performance Tire Market Outlook 2031:
The global high performance tire market size was valued at USD 44.76 Billion in 2022 and is projected to reach USD 97.78 Billion by 2031, expanding at a CAGR of 9.07% during the forecast period 2023 - 2031. The growth of market is attributed to increasing popularity of automotive racing competition.
These competitive automotive racing majorly focuses on popular car racing series such as motor bike races (moto GP), NASCAR, Formula One it is mainly use to attract big sponsorships and promotional activities.
However, over the last decades racing competition industry have witnessed increase in the types of racing that the industry has to offer with vehicles varies in engine sizes such as dirt bikes, SUV, drag races, and monster truck touring cars.
The Covid-19 pandemic affected the demand and supply of high performance tire market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
High-performance Tire Market Trends, Drivers, Restraints, and Opportunities
- Increasing popularity of automotive racing competition is expected to boost the high performance tire market in the coming years.
- Increasing investment by the vendors for their brand visibility is estimated to drive the market during the forecast period.
- Growing demand for the high-performance tires due to rapid wear and tear of the tensile rubber tires is one of the factors estimated to propel the high performance tire market growth during the forecast period.
- Growing demand for high-performance and ultra high-performance tire in the industry involves stronger grip and durability creates lucrative offers for the key players in the market.
- Growing popularity for the racing series such as moto GP, Formula One, and NASCAR is expected to propel the high performance tire market growth during the projectile period.
Scope of the High-performance Tire Market
The report on the high performance tire market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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High performance Tire Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Tread Tire, Racing tire, and Others), Sales Channel Types (Aftermarket/OEM and Replacement), Vehicle Type (Racing Cars, Off-road Vehicles, and Others)
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Regional Scope
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North America [United America, Canada, Mexico, Rest of North America], Asia Pacific [Japan, India, China, Rest of Asia-Pacific], Europe [United Kingdom, Germany, France, Russia, Rest of Europe], Rest of the World [Brazil, South Africa, Other Countries])
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Michelin; Bridgestone Corporation; Continental AG; Pirelli & C. SpA; MRF Limited
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High-performance Tire Market Segment Insights
The racing tire is anticipated to exhibit a high CAGR
On the basis of types, the global high performance tire market is categorized into tread tire, racing tire, and others. The racing tire segment is anticipated to exhibit a high CAGR during the forecast period due to increasing popularity of the automotive racing series such as NASCAR, formula one, and demand for stronger grip and durability to reduce wear and tear.
The aftermarket/OEM segment is estimated to account for a key share of the market
Based on sales channel types, the global high performance tire market share is bifurcated into aftermarket/OEM and replacement. The aftermarket/OEM segment is estimated to account for a key share of the market in the coming years owing to set of tires are to be used in a typical racing events depending on type of surface, asphalt or concrete, type of tracks, speedway, and of course road courses which increases the demand of high-performance segment in the market.
The racing car segment is expected to hold major market share
On the basis of vehicle type, the global high performance tire market is segregated into racing cars, off-road vehicles, and others. The racing car segment is expected to hold large market share during the projectile period due to increasing number of races variation which varies in engine sizes such as monster truck, drag race, formula one, touring car, and solar cars.
The Europe market is anticipated to hold key share market
In the terms of regions, the global high performance tire market in bifurcated into North America [United America, Canada, Mexico, Rest of North America], Asia Pacific [Japan, India, China, Rest of Asia-Pacific], Europe [United Kingdom, Germany, France, Russia, Rest of Europe], Rest of the World [Brazil, South Africa, Other Countries]).
Europe is anticipated to dominate the market due to frequent racing events organized across European region in countries such as Italy, Spain, and the United Kingdom. On the other hand Germany holds a key position in leading high-performance tire manufacturer boosting the market exponentially.
Segments
The high-performance tire market has been segregated on the basis of
Type
- Tread Tire
- Racing Tire
- Others
Sale Channel Types
- Aftermarket/OEM
- Replacement
Vehicle Types
- Racing Cars
- Off-road Vehicles
- Others
Regions
- North America
- United America
- Canada
- Mexico
- Rest of North America
- Asia Pacific
- Japan
- India
- China
- Rest of Asia-Pacific
- Europe
- United Kingdom
- Germany
- France
- Russia
- Rest of Europe
- Rest of the World
- Brazil
- South Africa
- Other Countries
Key players
Competitive Landscape
Key players competing in the high-performance tire market include Michelin; Bridgestone Corporation; Continental AG; Pirelli & C. SpA; MRF Limited.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
In October 2021, Bridgestone Corporation announced premium highway touring tires to unlock full potentials of the vehicles such as SUV’s, CUV’s and trucks.
In October 2021, Bridgestone Corporation developed custom engineered Potenza sports tires for the Ferrari Roma.
In July 2021, Bridgestone Corporation announced a partnership with Lamborghini to develop custom Potenza race tires for Huracan STO supercar.
In April 2021, Michelin introduced a new range of tires developed entirely virtually for the headlining LE MANS hypercar class.
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