Farmington, March 29, 2023 (GLOBE NEWSWIRE) -- The Global High Performance Tire Market is anticipated to reach US$ 46.96 Billion by 2030 from US$ 32 Billion in 2022 at a CAGR of 6.6% during a forecast period 2022-2030. Using advanced technology, silica compounds, and additives, high-performance tires are manufactured. These tires are designed to provide superior traction, responsiveness, and ride comfort. These tires have a broader tread for enhanced traction on the road. The increased demand for SUVs and other high-clearance, potent vehicles has increased the demand for high-performance tires. As more youthful consumers seek high-performance riding comfort, the demand for high-performance tires for automobiles is growing.
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High-performance tires enhance vehicle safety with their brief stopping distances, superior lateral grip, and superior traction on wet roads. As consumer demand for fuel efficiency increases, so does demand for high-performance tires. Since 2012, the European Union (EU) has enacted tire labeling legislation, and tires are labeled based on damp traction, fuel economy, and emissions. These requirements have a significant impact on the demand for high-performance tires. Increasing vehicle ownership in emerging economies such as India and Brazil is anticipated to increase demand for high-performance tires for automobiles.
High Performance Tire Market Recent Developments:
- In October 2021, Bridgestone Corporation announced a premium highway touring tire that will unlock the full potential of vehicles such as SUVs, CUVs and trucks.
- In October 2021, Bridgestone Corporation has developed a custom designed Potenza sports tire for the Ferrari Roma.
- In July 2021, Bridgestone Corporation announced a partnership with Lamborghini to develop custom Potenza race tires for the Huracan STO supercar.
- In April 2021, Michelin launched a new range of tires developed entirely virtually for the headlining Le Mans hypercar class.
High Performance Tire Market Dynamics:
The increasing preference of young consumers for performance and ride comfort is propelling market growth. These tires enhance vehicle safety with their brief stopping distances, superior lateral grip, and superior wet-road traction. Consequently, the trend of increasing fuel economy among consumers fuels the demand for high-performance tires. In addition, a significant rise in the number of various types of auto racing competitions is anticipated to increase the demand for high-performance tires over the forecast period. Thus, competitive car racing focused initially on renowned car racing series such as Formula One, NASCAR, and motorcycle racing, which attracted a great deal of sponsorship and publicity. However, the number of races involving vehicles with various engine sizes, such as SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars, has increased.
Increasing auto ownership in developing nations like India and Brazil is anticipated to bolster the market for high-performance tires. SUVs, prestige automobiles, and sports cars have a demand for premium vehicles that are likely to have high-performance tires. Consequently, the increased influence of vehicle ownership among people in developing nations is anticipated to drive market growth during the forecast period.
Regional Outlook:
In 2020, the U.S. market for high-performance tires was projected to expand by 5.4% during the forecast period. The European market for performance tires is anticipated to reach 593 billion units by 2027. Countries in Western Europe such as the United Kingdom, Germany, and France contribute significantly to the high-performance tire market. Numerous auto competitions are also held in the region, primarily in France, Italy, Spain, and England. The expansion of the auto racing industry is anticipated to increase the demand for racing tires.
Germany is anticipated to grow at a CAGR of 3.4% over the foreseeable future. Increasing production standards and sustainable innovation are anticipated to propel tire manufacturing to the top performance tire manufacturing position during the forecast period. Over the forecast period, Japan and Canada are anticipated to grow by 2.6% and 3.6%, respectively.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 6.6% from 2023 to 2030 |
| Market Size in 2022 | USD 32 Billion |
| Revenue Forecast by 2030 | USD 46.96 Billion |
| By Type |
|
| By Vehicle Type |
|
| By Application |
|
| By Companies | Bridgestone, Continental, Cooper Tires, Goodyear, Hankook, Kumho Tires, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
High Performance Tire Market Key Segments Covered:
Top Market Players:
Bridgestone, Continental, Cooper Tires, Goodyear, Hankook, Kumho Tires, and Others.
By Type:
- Racing Slicks
- Tread Tires
- Other Tire Types
By Vehicle Type:
- Racing Cars
- Off-the Road Vehicles
- Other Vehicle Types
By Application:
- OEMS
- Replacement/Aftermarket
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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