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Sport Tires Market Size, Share & Trends Analysis Report By Application [Racing Cars, Off-Road Vehicles, Others], By Tire Construction [Bias -Ply, Radial Tires, Bias-Belted Tires], By Sales Channel [OEM, Aftermarket/Replacement], By Region and Segment Forecasts, 2023–2030.
Sport Tires Market Overview:
Sport Tires market size is estimated to reach $38.6 Billion by 2030, growing at a CAGR of 6.4% during the forecast period 2023-2030. The increasing popularity of motor sports, particularly among younger generations, is propelling the Sport Tires Market growth. Additionally, growing demand for high-performance vehicles acts as a market driver. High-performance vehicles require tires with superior handling, grip and stability, making sport tires an ideal fit. For example, according to company news releases, Porsche in 2022, delivered around 310,000 vehicles worldwide, with a significant portion being high-performance models such as the 911 and the Cayenne SUV. This trend is expected to continue in the coming years, further driving the demand for sports tires.
Sport Tires Market - Report Coverage:
The “Sport Tires Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Sport Tires Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic caused significant disruptions in the supply chain, manufacturing, and sales of sport tires, leading to a decline in demand. Automotive manufacturers temporarily halted production, and consumers were more cautious with their spending. However, as restrictions eased and the automotive industry rebounded, there has been a gradual increase in demand for high-performance vehicles and the tires that accompany them.
● The war in Ukraine impacted the sport tires market by causing supply chain disruptions due to Ukraine's significant production of natural rubber. This disruption resulted in increased costs for manufacturers and impacted consumer demand for high-performance vehicles and sport tires. The escalation in war led to trade disruptions or sanctions on Ukraine which further impacted the global supply chain for tire manufacturers.
Key Takeaways:
● Europe has the fastest growing market
According to global sports tires market analysis, Europe market is expected to growth the highest CAGR of 7.1% during the forecast period. Europe has a strong performance car culture, with a significant number of sports car enthusiasts and motor sports enthusiasts. Europe also has a well-developed road network and a combination of challenging driving conditions, including winding roads, mountainous terrains, and diverse weather. This necessitates the need for sports tires that offer excellent grip, stability, and handling, further driving the market growth.
● Adoption of eco-friendly sports tires
Adoption of eco-friendly sports tires is a gradually growing in the automotive industry, driven by the growing demand for sustainable and environmentally conscious practices. Eco-friendly sports tires, also known as green tires, are designed to reduce rolling resistance and improve fuel efficiency, resulting in lower carbon emissions. As consumers become more environmentally conscious, the inclination towards sustainable options, including eco-friendly sports cars equipped with green tires is also growing. The rise in environmental awareness and the push for sustainability have propelled the automotive industry to prioritize the development and use of such eco-friendly technologies. By adopting eco-friendly sports tires, sports car manufacturers can align with sustainability goals, reduce their carbon footprint, and appeal to environmentally conscious consumers thereby driving the market demand.
• Off-road SUVs to gain popularity
In the Sports tires market analysis, tires for off-road vehicles are expected to grow with a CAGR of 7% during the forecast period. Off-road sports tires feature aggressive tread patterns with large, deep lugs or blocks. These patterns help to provide enhanced traction and grip on various terrains, including loose surfaces like mud or sand. The growing popularity for off road sports utility vehicles in the recent years is analyzed to open new growth avenues for the Sports tires market
● Increasing competition from other tire segments challenge the market growth
The sport tires market is facing increasing competition from other tire segments, such as all-season and winter tires, which are becoming more capable and performance oriented. Additionally, the increasing popularity of crossover vehicles and SUVs has led to the development of "sporty" all-season tires that offer high levels of performance and handling characteristics, further encroaching on the traditional market for sport tires.
Sport 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 Sport Tires Market. The top 10 companies in this industry are listed below:
1. Michelin SCA (Michelin Pilot Sport, Michelin Pilot Super Sport, Michelin Pilot Sport Cup 2)
2. Bridgestone Corporation (Bridgestone Potenza RE-71R, Bridgestone Potenza S-04 Pole Position)
3. The Goodyear Tire & Rubber Company (Goodyear Eagle F1 Asymmetric 2)
4. Continental Aktiengesellschaft (Continental ExtremeContact Sport)
5. Pirelli & C. S.p.A. (Pirelli P Zero, Pirelli P Zero Corsa, Pirelli P Zero Trofeo R)
6. The Yokohama Rubber Co., Ltd. (Yokohama Advan Sport V105, Yokohama Advan A052)
7. Toyo Tire Corporation (Toyo Proxes Sport, Toyo Proxes R888R, Toyo Proxes T1 Sport)
8. Hankook Tire & Technology Co., Ltd. (Hankook Ventus S1 Evo 3, Hankook Ventus V12 Evo 2)
9. Kumho Tire Co., Inc. (Kumho Ecsta PS91, Kumho Ecsta V720, Kumho Ecsta XS)
10. Cooper Tire & Rubber Company (Cooper Zeon RS3-G1, Cooper Zeon RS7, Cooper Zeon RS6-G1)
Scope of the Report:
Relevant Reports:
Report Code: CMR 66364
Report Code: CMR 1089
Report Code: FBR 13246
1. Sport Tires Market- Overview
1.1. Definitions and Scope
2. Sport Tires Market- Executive Summary
3. Sport 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. Sport Tires Market- Start-up Companies Scenario (Premium)
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. Sport Tires Market– Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Sport Tires Market- Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Sport Tires Market– Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Sport Tires Market– by Application (Market Size – $Million/$Billion)
8.1. Racing Cars
8.2. Off Road Vehicles
8.3. Others
9. Sport Tires Market– by Tire Construction (Market Size – $Million/$Billion)
9.1. Bias-Ply
9.2. Radial Tires
9.3. Bias-Belted Tires
10. Sport Tires Market– by Sales Channel (Market Size – $Million/$Billion)
10.1. OEM
10.2. Aftermarket/Replacement
11. Sport Tires Market– by Geography (Market Size – $Million/$Billion)
11.1. North America
11.1.1. The U.S.
11.1.2. Canada
11.1.3. Mexico
11.2. Europe
11.2.1. UK
11.2.2. Germany
11.2.3. France
11.2.4. Italy
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Asia-Pacific
11.3.1. China
11.3.2. India
11.3.3. Japan
11.3.4. South Korea
11.3.5. Australia & New Zealand
11.3.6. Rest of Asia-Pacific
11.4. South America
11.4.1. Brazil
11.4.2. Argentina
11.4.3. Chile
11.4.4. Colombia
11.4.5. Rest of South America
11.5. Rest of the World
11.5.1. Middle East
11.5.2. Africa
12. Sport Tires Market– Entropy
13. Sport Tires Market– Industry/Segment Competition Landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Product Type – Key Companies
13.1.2. Market Share by Region – Key Companies
13.1.3. Market Share by Country – Key Companies
13.2. Competition Matrix
13.3. Best Practices for Companies
14. Sport Tires Market– Key Company List by Country Premium Premium
15. Sport Tires Market- Company Analysis
15.1. Michelin SCA
15.2. Bridgestone Corporation
15.3. The Goodyear Tire & Rubber Company
15.4. Continental Aktiengesellschaft
15.5. Pirelli & C. S.p.A.
15.6. The Yokohama Rubber Co., Ltd.
15.7. Toyo Tire Corporation
15.8. Hankook Tire & Technology Co., Ltd.
15.9. Kumho Tire Co., Inc.
15.10 .Cooper Tire & Rubber Company
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The Sport Tires Market is projected to grow at 6.4% CAGR during the forecast period 2023-2030.
Global Sport Tires Market size is estimated to be $25 billion in 2023 and is projected to reach $38.6 billion by 2030
The leading players in the Sport Tires Market are Michelin SCA, Bridgestone Corporation. The Goodyear Tire & Rubber Company, Continental Aktiengesellschaft, Pirelli & C. S.p.A. and others.
Development of eco-friendly tires and focus on safety are some of the major Sport Tires Market trends in the industry which will create growth opportunities for the market during the forecast period.
Increasing demand for high-performance vehicles, better durability and performance of Sport Tires are the driving factors of the market.