North America and Europe High Performance Tires Market Shows 5.6% CAGR, Reaching $77.61 Billion by 2030

According to a recent report published by Allied Market Research, titled, "North America and Europe High-Performance Tires Market Size, Share, Competitive Landscape and Trend Analysis Report, by Vehicle Type, Sales Channel and Tire Type : Regional Opportunity Analysis and Industry Forecast, 2021-2030."

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐚𝐧𝐝 𝐄𝐮𝐫𝐨𝐩𝐞 𝐇𝐢𝐠𝐡-𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐓𝐢𝐫𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬 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.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A16253

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.

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/north-america-and-europe-high-performance-tires-market/purchase-options

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge. Lockdown measures have helped to contain the spread of coronavirus, but exacted an immense economic toll. On the business side, the automotive sector is one of the hardest hit sectors. Following the pattern witnessed in countries where COVID-19 spread earlier, COVID-19 is predicted to have a severe influence on the high-performance tires industry's competitiveness, economic growth by disrupting global supply networks. Automotive high-performance tires manufacturing players are facing issues, such as mandated plant closures by the government, complete halt of production activities. Furthermore, the COVID-19 pandemic further affected the manufacturing of critical raw materials used in the manufacture of high-performance tires, such as steel and rubber, limiting global supply of these tires However, With the relaxation of lockdown measures and the consequent opening of markets across the world, the demand for high performance tire is anticipated to grow considerably in the near future.

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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A16253

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.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Reverse Logistics Market
https://www.alliedmarketresearch.com/reverse-logistics-market

Inland Vessels market
https://www.alliedmarketresearch.com/inland-vessel-market-A13092

Recreational Vehicles (RVs) Batteries Market
https://www.alliedmarketresearch.com/recreational-vehicles-rvs-batteries-market-A13677

Railway Traction Motor Market
https://www.alliedmarketresearch.com/railway-traction-motor-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

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