High Performance Tire Market Size, Share, Growth | Report 2031

Segments - High-performance Tire Market by Tire Type (Tread Tire, Racing tire, and Others), Sales Channel Types (Aftermarket/OEM and Replacement), Vehicle Type (Racing Cars, Off-road Vehicles, and Others), Regions (North America [United America, Canada, Mexico, Rest of North America], Asia Pacific [Japan, India, China, and Rest of Asia-Pacific], Europe [United Kingdom, Germany, France, Russia, Rest of Europe], Rest of the World [Brazil, South Africa, Other Countries])- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

Author : Akash Vedpathak

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

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.

Attributes	Details
Report Title	High performance Tire Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Type (Tread Tire, Racing tire, and Others), Sales Channel Types (Aftermarket/OEM and Replacement), Vehicle Type (Racing Cars, Off-road Vehicles, and Others)
Regional Scope	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])
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Michelin; Bridgestone Corporation; Continental AG; Pirelli & C. SpA; MRF Limited

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.

High-performance Tire Market Vehicle Types

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

Michelin
Bridgestone Corporation
Continental AG
Pirelli & C. SpA
MRF Limited

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.

High-performance Tire Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. High-performance Tire Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. High-performance Tire Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. High-performance Tire Market - Supply Chain
  4.5. Global High-performance Tire Market Forecast
     4.5.1. High-performance Tire Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. High-performance Tire Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. High-performance Tire Market Absolute $ Opportunity
5. Global High-performance Tire Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. High-performance Tire Market Size and Volume Forecast by Types
     5.3.1. Tread Tire
     5.3.2. Racing Tire
     5.3.3. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global High-performance Tire Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. High-performance Tire Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global High-performance Tire Demand Share Forecast, 2019-2026
7. North America High-performance Tire Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America High-performance Tire Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America High-performance Tire Market Size and Volume Forecast by Types
     7.4.1. Tread Tire
     7.4.2. Racing Tire
     7.4.3. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America High-performance Tire Demand Share Forecast, 2019-2026
8. Latin America High-performance Tire Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America High-performance Tire Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America High-performance Tire Market Size and Volume Forecast by Types
     8.4.1. Tread Tire
     8.4.2. Racing Tire
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America High-performance Tire Demand Share Forecast, 2019-2026
9. Europe High-performance Tire Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe High-performance Tire Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe High-performance Tire Market Size and Volume Forecast by Types
     9.4.1. Tread Tire
     9.4.2. Racing Tire
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe High-performance Tire Demand Share Forecast, 2019-2026
10. Asia Pacific High-performance Tire Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific High-performance Tire Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific High-performance Tire Market Size and Volume Forecast by Types
     10.4.1. Tread Tire
     10.4.2. Racing Tire
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific High-performance Tire Demand Share Forecast, 2019-2026
11. Middle East & Africa High-performance Tire Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa High-performance Tire Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa High-performance Tire Market Size and Volume Forecast by Types
     11.4.1. Tread Tire
     11.4.2. Racing Tire
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa High-performance Tire Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global High-performance Tire Market: Market Share Analysis
  12.2. High-performance Tire Distributors and Customers
  12.3. High-performance Tire Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Michelin
     12.4.2. Bridgestone Corporation
     12.4.3. Continental AG
     12.4.4. Pirelli & C. SpA
     12.4.5. MRF Limited