North America and Europe High-Performance Tires Market Growing Trade Among Emerging Economies Opening New Opportunities To 2022-2031

According to a recent report published by Allied Market Research, titled, "High-performance Tire Market by Type and Application: North America and Europe Opportunity Analysis and Industry Forecast, 2021-2030," The North America and Europe high performance tires market was valued at $43.53 billion in 2020, and is projected to reach $77,61 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030.

Presently, the North America and Europe high-performance tire market is dominated by Europe followed by North America. In North America, the market is mainly driven by US owing to the optimistic market scenario performance cars, and growing automotive industry in the region. In Europe, France is foreseen to witness considerable growth in high-performance tire market during the forecast period.

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The high-performance tires market is segmented on the basis of vehicle type, sales channel, tire type, and region. By vehicle type, the high-performance tires market is divided into racing cars, off road vehicles, and passenger and commercial vehicle. By sales channel, the market is classified into OEM and aftermarket. On the basis of tire type, the market classified as racing slick, tread tires and other tire types. By region, the market is analyzed across North America and Europe.

Factors such as rise in demand for safety and comfort, growing popularity of racing and adventure events, coupled with increase in demand for better efficiency of vehicles are expected to reinforce the demand for high-performance tires in the near future. However, high up-front cost and volatile raw material prices are factors that are expected to hinder the high-performance tires market growth. Moreover, advancement in technology, rise in adoption of electric vehicles, and increase in demand for high-performance vehicle are anticipated to provide remunerative opportunities for market expansion.

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 Key Findings Of The Study

By vehicle type, the passenger and commercial vehicle segment dominated the North America and Europe high-performance tire market in 2020, in terms of revenue.
By sales channel, the OEM segment is expected to register significant growth during the forecast period.
By tire type, the racing slick segment is expected to register significant growth during the forecast period
By region, Europe dominated the North America and Europe high-performance tire market in 2020 in terms of market share.
The key players analyzed in the North America and Europe high-performance tires market include, Bridgestone Corporation, Continental AG, Nokian Tyre Plc, Hankook Tire & Technology Co., Ltd., Michelin, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., and Toyo Tire Corporation.

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