The High Performance Tire market is expected to grow in the near future owing to the increase in the number of sporting and racing cars. This increase can be attributed to the increase in the number of enthusiasts of sporting and racing events and championships. These popularity of such events is rising in the developing countries like India, China and Indonesia. In addition to this, innovations in the tire manufacturing processes, the raw materials used and recycling of tires are some of the factors which are also contributing to the growth of the high performance tires market.
The end-users of the high performance tires are the automotive vehicle end-users i.e. OEM and aftermarket. OEMs are the Original Equipment manufacturers who manufacture the high performance tires to match the tire specifications of a particular car’s make and model. Whereas the aftermarkets are the third party manufacturers who manufacture the tires in high volume to fit the tire specifications of more than a one vehicle, and not just one car’s make and model.
Nanotechnology is used in the production of high performance tires to reduce the wear and tear of the tires. As a result, the tires can operate in a wide range of temperatures and have a superior heat resistance. To achieve these results, Nanoprene, a rubber additive is used with rubber mixture of the tire tread. Also, racing slick tire with reduced tread is used on dry tracks as it ensures minimum traction by providing largest contact patch to the road.
The high performance tire manufacturers gain visibility and brand leverage through sponsorships of international racing events. The aftermarket segment, especially the racing segment contributes substantially to the high performance tires demand. The market had traditionally focused on speed, but now the focus of end consumers have changed to fuel-efficient, ecofriendly and recyclability of the tires. The OEMs are expected to continue dominating the passenger automotive segment because of the preference for original quality products by manufacturers and consumers. Whereas, in China, the dominance is of aftermarket segment.
The high performance tires market is segmented by tire type, vehicle type and end-users.
By tire-type, the market is segmented into three segments:
• Racing Slicks
• Tread tires
By vehicle-type, the market is segmented into:
• Racing Vehicles
• OTR vehicles
By end-users, the market is segmented into:
North America, Europe and Asia Pacific regions dominate the high performance tires market currently in the descending order and the dominance is expected to remain the same in the forecast period. Whereas growth is predicted to be the highest in the APAC region, followed by Europe.In the APAC region, China is the market leader of high performance tires, followed by Japan and India.
The market has several opportunities with regard to development of technologies and innovations in the tire manufacturing process. The advent of technologies to provide ecofriendly tires so as to increase the fuel-efficiency of automobile vehicles also give way to new opportunities. The demand for higher durability and tougher performance tires is providing newer opportunities for the growth of the market.
Some of the major players in the market include Goodyear, Michelin, Bridgestone Group, Yokohama, Hankook, Continental, Kumho, Pirelli and Cooper Tires.
- Market segments
- Market Drivers, Restraints and Opportunities
- Market Size & Forecast 2016 to 2022
- Supply & Demand Value Chain
- Market – Current Trends
- Competition & Major Companies
- Technology and R&D Status
- Porters Five Force Analysis
- Strategic and Critical Success Factor Analysis of Key Players
- North America
- US and Canada
- Latin America
- Mexico, Brazil, Argentina and Rest of Latin America
- Western Europe
- EU5 (Germany, France, Italy, Spain, U.K.)
- Nordic Countries (Denmark, Finland, Norway, and Sweden)
- Benelux (Belgium, The Netherlands, and Luxembourg)
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
- South Africa
- North Africa
- Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
- Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
- Consumer and Pricing Analysis
- Market dynamics of the industry
- Market Segmentation
- Estimated Market Sizing in terms of volume and value
- Recent trends in Market and impact
- Research Status and Technology Overview
- Extensive Industry Structure Coverage