Ultra High Performance Tire Market Size Scope and Comprehensive Analysis by 2030
Ultra High-Performance Tire Market Overview
Ultra High Performance Tire 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.
This research report provides insights into various levels
of analysis, such as industry analysis and market share analysis for the
leading industry competitors, along with their profiles. It also helps in
studying the target segments by providing views on the emerging and high-growth
segments. The market data comprises the basic assessment of the competitive
scenarios and strategies in the global ultra
high performance tire market, including high-growth regions and/or
countries and political and economic environments. The project report further
provides both – historical market values and pricing and cost analysis.
Key Players
The key players operating in the global ultra
high-performance tire market are MICHELIN (France), Bridgestone Corp. (Japan),
The Goodyear Tire and Rubber Co. (US), Continental AG (Germany), 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), and
Kumho Tire Co. Inc. (South Korea).
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In 2020, the sports cars segment held the
largest market share: MRFR
Based on tire type, the global market is divided into
summer, all-season, and winter. The all-season segment is expected to hold the
largest share of the market. The all-season segment is expected to grow at the
fastest rate during the study period as these tires are designed to provide
year-round traction (even in light snow) through tread designs and compounds
that remain more flexible in the cold weather to help blend all-season traction
with excellent handling and high-speed abilities.
Based on the demand category, the global market is divided
into OEM and replacement. The replacement segment is expected to hold the
larger market share, and it is expected to grow at the faster rate during the
forecast period. Replacement tires are meant for all-around performance on any
vehicle that they are sized and rated to fit. They often emphasize one or two
performance attributes that consumer research has identified to be especially
vital to end-user motorists.
Based on vehicle type, the ultra high performance tire
market is segmented into sports cars, SUV/ MUV, and light truck. The sports
cars segment is expected to dominate the global market during the forecast
period. Several brands in the market are catering high-speed sports cars to the
professional as well as consumer segments. With an increased sale of the sports
car, the demand for ultra-high-performance tires is also surging from the OEMs
and aftermarket (replacement).
Industry News
- In
June 2021, The Goodyear Tire & Rubber Company announced that it had
completed the acquisition of Cooper Tire & Rubber Company, finalizing
the merger agreement made public on February 22. The combination unites
two leading tire companies with complementary product portfolios,
services, and capabilities to create a stronger US-based leader in the
global tire industry. The merged company will offer more options across
the value spectrum, making it easier for customers to choose Goodyear- and
Cooper-branded tires.
- In
May 2021, Hankook Tire, aleading tire company, announced that it would
supply its ultra-high performance (UHP) racing tires to support Audi
Korea’s Audi Sport Driving Experience, the German automotive brand’s
large-scale driving experience event for customers set to be held from May
28 to June 6 at Inje Speedium in Gangwon Province, South Korea.
- In
July 2020, Michelin released its latest UHP all-season tire — the MICHELIN
Pilot Sport All-Season 4. It is designed to provide year-round performance
and give drivers ultimate control at any moment and in any season. The
company’s previous all-season ultra-high-performance tire broke the
performance barrier between summer tires and all-season tires. The latest
generation improves that performance with 4% better dry braking, 5% better
wet braking, and 10% more snow traction.
- In
January 2020, Toyo Tire Corporation announced that it signed a sponsorship
agreement with Michael Whiddett (a.k.a. “Mad Mike”), a renowned New
Zealand drifting racer, under which Toyo Tire will support this celebrated
driver at drifting races and other events. It is looking forward to
working with this new brand ambassador to enhance the global presence of
the ‘TOYO TIRES’ brand, the hallmark of high-quality, high-performance
tires. The company will continue to support him at drifting races in
various ways, such as through the provision of its PROXES
ultra-high-performance tires.
- In
July 2018, Michelin launched a high-performance bias tire, the Michelin
pilot, designed for piston and turboprop aircraft to provide extra-long
tire life, exceptional tread life, and all-weather protection.
- In
September 2017, Continental Presented the Latest Technologies for Safe,
Clean, and Affordable Travel and Stress-Free Arrival. As
ultra-high-performance (UHP) premium winter tires are available in sizes
18”–21”, the new WinterContact TS 860 S is ideal for highly motorized
vehicles in particular.
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In 2020, the sports carssegment held the largest market
share: MRFR
Based on tire type, the global market is divided into
summer, all-season, and winter. The all-season segment is expected to hold the
largest share of the market. The all-season segment is expected to grow at the
fastest rate during the study period as these tires are designed to provide
year-round traction (even in light snow) through tread designs and compounds
that remain more flexible in the cold weather to help blend all-season traction
with excellent handling and high-speed abilities.
Based on the demand category, the global market is divided
into OEM and replacement. The replacement segment is expected to hold the
larger market share, and it is expected to grow at the faster rate during the
forecast period. Replacement tires are meant for all-around performance on any
vehicle that they are sized and rated to fit. They often emphasize one or two
performance attributes that consumer research has identified to be especially
vital to end-user motorists.
Based on vehicle type, the ultra high performance tire
market is segmented into sports cars, SUV/ MUV, and light truck. The sports
cars segment is expected to dominate the global market during the forecast
period. Several brands in the market are catering high-speed sports cars to the
professional as well as consumer segments. With an increased sale of the sports
car, the demand for ultra-high-performance tires is also surging from the OEMs
and aftermarket (replacement).
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
Continued……..
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