New York, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Ultra-High Performance Tire Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Ultra High Performance Tire Market Research Report, by Tire Type, Demand Category, Vehicle Type and Region - Forecast till 2030”, the market is projected to be worth USD 31.19 billion by 2030, registering a CAGR of 11.36% during the forecast period (2022 - 2030). , The market was valued at USD 11.14 billion in 2021.
List of the companies profiled in the ultra-high performance tire market research report are –
- MICHELIN (France)
- Continental AG (Germany)
- Bridgestone Corp. (Japan)
- The Goodyear Tire and Rubber Co. (US)
- Hankook Tire and Technology Co. Ltd. (South Korea)
- Toyo Tire Corporation (Japan)
- Yokohama Rubber Co. Ltd. (Japan)
- Pirelli (Italy)
- Cooper Tire and Rubber Co. (US)
- Kumho Tire Co. Inc. (South Korea).
- Among others.
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Market Research Future’s Review on Ultra High Performance Tire Market
Market Analysis
Multiple Factors to Augment Market Growth
Crude oil prices per barrel have risen fast over the last decade, while crude oil availability has decreased with each passing day. The continuous conflicts in the Middle East have limited oil supply from oil-producing countries, contributing to the recent increase in oil prices. According to the Petroleum Exporting Countries (OPEC), spot crude oil prices per barrel climbed by roughly 58 percent in the second quarter of 2020 compared to 2019.
Tire demand is strong in North America due to increased consumer awareness and supplier concentration. This has resulted in an increase in the market availability of ultra-high performance (UHP) tires. Demand for UHP tires is now limited in some parts of the United States due to differences in raw material prices, limiting the expansion of the ultra high performance tire market. Consumer awareness, on the other hand, is growing in such areas. As a result, the impact of rising demand for fuel-efficient tires on the worldwide ultrahigh performance tire market is predicted to increase from moderate to high over the forecast period.
Tire construction, material compound, tread design, size/dimensions, and weight are among the many factors considered during the manufacturing process of ultra-high performance (UHP) tires. The operational efficiency and dependability of these tires are heavily influenced by the raw material or compound used in their manufacture.
Browse In-depth Market Research Report (188 pages) on Ultra High-Performance Tire
https://www.marketresearchfuture.com/reports/ultra-high-performance-tire-market-10685
Market Segmentation
The global ultra high performance tire market has been segmented on the basis of tire type, demand category, and vehicle type.
Based on tire type, the global ultra high performance tire market has been divided into summer, all-season, and winter.
Based on the demand category, the global ultra high performance tire market has been divided into OEM and replacement.
Based on vehicle type, the global ultra high performance tire market has been segmented into sports cars, SUV/ MUV, and light trucks.
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Regional Analysis
APAC to Dominate the Global Market
Due to the tremendous growth of the automotive sector in nations such as China, India, and Japan, Asia Pacific has one of the largest automotive aftermarkets. The region's rising need for tires can be attributed to reasons such as increased construction activity, industrial development, and greater demand for fuel-efficient technologies. The region is distinguished by the presence of numerous raw material suppliers, cheap labor costs, and advantageous government policies in nations such as China, Japan, and South Korea. These countries also place a great emphasis on agriculture; therefore, demand for UHP tires is projected to be substantial.
In terms of global vehicle sales, China is the market leader. The country is one of the most attractive markets for tire manufacturers looking to form joint ventures with local vehicle brands. Because of the introduction of the "Automobile Mid and Long-Term Development Plan" and the presence of BAIC, D, and JAC, China is one of the leading countries in terms of electric vehicle consumption. Tire manufacturers are working to create tires specifically for electric vehicles.
Segmentation of Market covered in the research:
Ultra High Performance Tire Market Research Report: Information by Tire Type (Summer, All-Season, and Winter), Demand Category (OEM and Replacement), Vehicle Type (Sports Cars, SUV/ MUV, and Light Truck), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
