High Performance Tire Market Business Overview 2022, and Forecast to 2030 | CAGR 3.3%

In accordance with the High Performance Tire market is set to grow at a CAGR of 3.3% over a forecast period (2022-2030).

Sales of ultra-high performance tires increased at a 3.7% CAGR between 2022 and 2028, with countries such as the U.S., India, Germany, Japan, and China accounting for a substantial portion of the global market. Increasing demand for replacement of tires for maintenance is boosting growth of the ultra-high performance tire market. Besides this, growing sales of high performance cars for NASCAR, Formula One and other professional automotive races will continue pushing sales of ultra-high performance tires.

UHP tires effectively improve road grip and maintain vehicle control at high speed. Rising demand for luxury and sports utility vehicles (SUV) is expected to bode well for the global UHP tires market in the forthcoming years. AS a result, the ultra-high performance tire market is projected to grow at a 10.9% CAGR during the forecast period of 2022 to 2028.

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The "High Performance Tire Market" Report includes qualitative and quantifiable insights into the major drivers, restraints, opportunities, and challenges affecting global market growth. The examination contains complete statistical market data on the major companies, as well as revenue forecasts. The High Performance Tire market study also includes information on the sales growth of many regional and country-level markets, as well as the competitive landscape and specific company analysis for the forecast period. The market report observes future growth aspects as well as the current status of market share, penetration of various types, technologies, applications, and geographies through 2030.

High Performance Tire Market Leading Players:

Bridgestone, Continental, Cooper Tires, Goodyear, Hankook, Kumho Tires

Recent Development:

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.

This Research Considers the following Regions on Prime focus:

North America (U.S., Canada)

Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)

South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)

Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

Regional Overview:

The demand for tires is high in North America due to high consumer awareness and increasing supplier concentration. This has resulted in the increased availability of ultra-high performance (UHP) tires in the market. The demand for UHP tires in some parts of the US is currently limited due to the difference in raw material prices, restraining the growth of the ultra-high performance tire market. However, consumer awareness is continuously increasing in such regions. Therefore, the impact of the increasing demand for fuel-efficient tires on the global ultrahigh performance tire market is expected to shift from moderate to high during the forecast period.

Global High Performance Tire Market Segmentation:

By type:

Racing Slick

Tread Tires

Other Tire Types

By Vehicle Type:

Racing Cars

Off-the Road Vehicles

Other Vehicle Types

By application:

OEM

Replacement/Aftermarket

Year Considered Estimating the Market Size:

Base Year of the Analysis: 2021

Historical Period: 2016-2021

Forecast Period: 2023-2029

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Report Aim and Scope:

An overview of the High Performance Tire market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
The report presents the estimated High Performance Tire market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
Based on various indicators, the Year-on-Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period are offered.
The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America, and Europe.
The various parameters accelerating the growth of the High Performance Tire market is incorporated in the research report.
The report analyzes the growth rate, market size, and valuation of the market during the forecast period.

Key Reasons to Purchase:

- To gain insightful analyses of the market and have a comprehensive understanding of the global market and its industrial landscape.

- To identify and analyze the profile of leading players operating in the global High Performance Tire market.

- To understand the most affecting driving and restraining forces in the market and their impact on the global market.

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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials in various sectors including investment, information technology, telecommunications, consumer technology, and manufacturing markets. CDI helps investment communities, business executives and IT professionals make accurate, statistically-based decisions on technology purchases and promote strong growth tactics to maintain market competitiveness. Composed of a team of more than 100 analysts and a cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and national experience.

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