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High Performance Tires Market - Forecast(2023 - 2028)
High Performance Tires Market Overview:
High Performance Tires Market size is estimated to reach $55.3 billion by 2030, growing at a CAGR of 6.6% during the forecast period 2023-2030. The high-performance tires market is being propelled by the worldwide growth of the automobile industry, which can be attributed to a surge in demand for both commercial and passenger vehicles, an upsurge in the transportation sector, an increase in disposable incomes, and the development of advanced automotive infrastructure in various countries.
Moreover, the growing preference for electric vehicles, driven by their reduced noise and pollution levels, is projected to generate significant demand for high-performance tires throughout the forecast period. Furthermore, the increasing awareness of the benefits offered by high-performance tires in terms of acceleration, fuel efficiency, and lightweight design is anticipated to fuel the growth of the market.
Market Snapshot:
High Performance Tires market - Report Coverage:
“High Performance Tires market - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the High Performance Tires Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The world has been confronted with an unparalleled economic, humanitarian, and healthcare challenge due to COVID-19. Although lockdown measures have helped contain the spread of the virus, they have also taken a tremendous toll on the economy. Among the industries that have been hit the hardest, the automotive sector stands out. As seen in countries where COVID-19 spread earlier, the high-performance tires industry is expected to face significant challenges due to the pandemic, leading to disruptions in global supply networks and a negative impact on economic growth and competitiveness. Manufacturers of high-performance tires have been grappling with various issues, including government-mandated plant closures and a complete halt in production activities. Additionally, the pandemic has affected the manufacturing of critical raw materials, such as steel and rubber, which are used in the production of high-performance tires, thereby limiting their global supply. However, with the easing of lockdown measures and the reopening of markets worldwide, the demand for high-performance tires is expected to surge shortly.
● The supply chain disruption due to the Russia-Ukraine war has impeded the High Performance Tires Market growth. The disruption has increased freight charges, created container shortages and lowered the availability of warehousing space. This has resulted in inflationary issues in the aftermarket.
Key Takeaways:
● Fastest Growth of Europe Pacific Region
Countries in Western Europe, including the United Kingdom, Germany, and France, plays a crucial part in shaping the high-performance tire market. Prominent manufacturers like Ferrari, Daimler, BMW, Volkswagen Group, and Renault from this region actively engage in automotive racing events held across Europe to both showcase and evaluate their products. As a result, there has been a significant surge in the demand for racing tires by Original Equipment Manufacturers (OEMs). Additionally, Western Europe hosts numerous prestigious auto races, primarily in countries such as France, Italy, Spain, and the United Kingdom. This growing trend in the auto races market is projected to further boost the demand for racing tires.
● Replacement segment is highly in Demand
The worldwide market is segmented into OEM and replacement demand categories. The replacement category is predicted to have a greater market share and to grow at a quicker rate throughout the projection period. Replacement tyres are designed to provide all-around performance on any vehicle that they are measured and rated to suit. They frequently lay extra focus on one or two performance characteristics that consumer research has revealed as being crucial to end-user motorists.
● Growing Demand for Sports Vehicles
The high-performance tires market is being driven by the swift growth of the global automobile sector, which can be attributed to expanding demand for commercial and passenger vehicles, a thriving transportation industry, rising disposable incomes, and advanced automotive infrastructure in various countries. The increasing preference for electric cars due to their lower noise and pollution levels is anticipated to generate significant demand for high-performance tires throughout the forecast period. Additionally, the growing awareness of the benefits offered by high-performance tires in terms of acceleration, fuel efficiency, and lightweight design is expected to drive market expansion. These tires are known for enhancing vehicle safety by providing a shorter stopping distance, stronger wet traction, and lateral grip. In 2021, SUVs accounted for 77.6% of total vehicle sales in the United States and about 40% of vehicles sold in Europe. The market is expected to witness expansion due to the rising popularity of sports vehicles among the younger generation and major car manufacturers' efforts to build more powerful and safer vehicles.
● Raising Demand for safety and comfort
In recent years, there has been a significant increase in the demand for comfortable driving experiences, with a focus on handling, seating structure, and aerodynamics. This has resulted in a growing need for high-performance tires that can offer better stability for vehicles. Automobile manufacturers are also introducing new comfort features, such as stability and reduced impact of bumps or speed breakers, which drive the demand for automotive tires. For example, in March 2022, Hankook Tire launched its high-performance all-season Ventus s1 AS tire, which performs exceptionally well in all weather conditions, including wet, dry, and snow-covered roads. These tires not only enhance driving performance but also provide added safety features for drivers.
● Fluctuating raw material prices may impede market expansion.
Fluctuating raw material prices can have a significant impact on the high-performance tire market. The manufacturing of high-performance tires requires several raw materials, such as rubber, steel, carbon black, and other chemicals, which can be subject to price fluctuations in the market. These fluctuations can be caused by a variety of factors, including changes in global supply and demand, natural disasters, geopolitical tensions, and currency exchange rates. When the prices of these raw materials increase, it can increase the manufacturing costs for high-performance tires, which can then lead to higher prices for consumers. This can result in reduced demand for high-performance tires, especially in price-sensitive markets.
High Performance Tires Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the High Performance Tires Market. The top 10 companies in this industry are listed below:
- MECHELIN (BFGoodrich, Uniroyal, Warrior)
- Bridgestone Corp. (Firestone, Dayton, Fuzion)
- The Good Year Tire and Rubber Co. (Goodyear, Dunlop, Kelly)
- Continental AG (Continental, Viking, Gislaved)
- Hankook Tire and Technology (Laufenn, Kingstar, Aurora)
- Toyo Tire Corporation ( Toyo Tires, Nitto Tires, M-Line Tires)
- Yokohama Rubber Co. Ltd. (Advan Tires, BluEarth Tires, Geolander Tires)
- Pirelli & C. SpA (Cinturato, Scorpion, Dragon Sports)
- Cooper Tire & Rubber Co. (Mastercraft, Roadmaster, Avon)
- MRF Ltd. ( ZVTS, Wanderer, Mogrip)
Scope of Report:
1. High Performance Tires Market - Overview
1.1. Definitions and Scope
2. High Performance Tires Market - Executive Summary
3. High Performance Tires Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. High Performance Tires Market - Start-up Companies Scenario
4.1 Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. High Performance Tires Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. High Performance Tires Market - Forces
6.1. Market Drivers
6.2. Market Constraints/Challenges
6.3. Porter's Five Force Model
6.3.1. Bargaining power of suppliers
6.3.2. Bargaining powers of customers
6.3.3. Threat of new entrants
6.3.4. Rivalry among existing players
6.3.5. Threat of substitutes
7. High Performance Tires Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. High Performance Tires Market – by Rim Size (Market Size – $Million/$Billion)
8.1. 13-15 inches
8.2. 16-18 inches
8.3. 19-21 inches
8.4. 21 inches or larger
9. High Performance Tires Market – by Section Width (Market Size – $Million/$Billion)
9.1. Less than 200 milimetres
9.2. 200-230 milimetres
9.3. More than 230 milimetres
10. High Performance Tires Market – by Aspect Ratio (Market Size – $Million/$Billion)
10.1. Less than 60
10.2. 60-70
10.3. More than 70
11. High Performance Tires Market – by Type (Market Size – $Million/$Billion)
11.1. Racing Slick
11.2. Tread Tires
11.3. Tubeless
11.4. Others
12. High Performance Tires Market – by Vehicle Category (Market Size – $Million/$Billion)
12.1 Two Wheeler
12.2 Four Wheeler
12.3 Others
13. High Performance Tires Market – by Vehicle Type (Market Size – $Million/$Billion)
13.1. Sports Car
13.2. Off-Road Vehicle
13.3. Light Trucks
13.4. Others
14. High Performance Tires Market – by Drive Train (Market Size – $Million/$Billion)
14.1. ICE Vehicles
14.2. Electric Vehicles
15. High Performance Tires Market– by Distribution Channel (Market Size – $Million/$Billion)
15.1. OEM
15.2. Replacements/Aftermarket
15.3. Others
16. High Performance Tires Market – by Geography (Market Size – $Million/$Billion)
16.1. North America
16.1.1. The U.S.
16.1.2. Canada
16.1.3. Mexico
16.2. Europe
16.2.1. The UK
16.2.2. Germany
16.2.3. France
16.2.4. Italy
16.2.5. Spain
16.2.6. Russia
16.2.7. The Rest of Europe
16.3. Asia-Pacific
16.3.1. China
16.3.2. India
16.3.3. Japan
16.3.4. South Korea
16.3.5. Australia & New Zealand
16.3.6. The Rest of Asia-Pacific
16.4. South America
16.4.1. Brazil
16.4.2. Argentina
16.4.3. Chile
16.4.4. Colombia
16.4.5. The Rest of South America
16.5. The Rest of the World
16.5.1. The Middle East
16.5.2. Africa
17. High Performance Tires Market – Entropy
17.1. New product launches
17.2. M&A’s, collaborations, JVs and partnerships
18. High Performance Tires Market – Industry/Segment Competition Landscape
18.1. Market Share Analysis
18.1.1. Market Share by Product Type – Key Companies
18.1.2. Market Share by Region – Key Companies
18.1.3. Market Share by Country – Key Companies
18.2. Competition Matrix
18.3. Best Practices for Companies
19. High Performance Tires Market – Key Company List by Country Premium
20. High Performance Tires Market - Company Analysis
20.1. MICHELIN Group
20.2. Bridgestone Corp.
20.3. The Good Year Tire and Rubber Co.
20.4. Continental AG
20.5. Hankook Tire and Technology
20.6. Toyo Tire Corporation
20.7. Yokohama Rubber Co. Ltd.
20.8. Pirelli & C. SpA
20.9. Cooper Tire & Rubber Co.
20.10. MRF Ltd.
* "Financials would be provided to private companies on best-efforts basis."
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High Performance Tires Market is projected to grow at 6.6% CAGR during the forecast period 2023-2030.
High Performance Tires Market size is estimated to be $35.3 billion in 2023 and is projected to reach $55.3 billion by 2030.
Top companies in the High Performance Tires market are MECHELIN, Bridgestone Corp., The Good Year Tire and Rubber Co., Continental AG, Hankook Tire and Technology, Toyo Tire Corporation, Yokohama Rubber Co. Ltd., Pirelli & C. SpA, Cooper Tire & Rubber Co., MRF Ltd.
High Performance Tires market is expected to experience significant growth in the coming years due to Increasing demand for electric vehicles, Advancements in tire technology, and Increasing focus on safety. These are some major trends that will shape the market in future.
Rising Demand for High Performance Vehicles, Growing demand for safety and comfort are some driving factors and opportunities for the High Performance Tires market.