The Ultra High-Performance Tire Market Size was valued at USD 13.29 billion in 2023 and is expected to reach USD 30.64 billion by 2031 and grow at a CAGR of 11% over the forecast period 2024-2031.
Ultra-high performance (UHP) tires are made for drivers who want to get the most out of their luxury or sports automobiles by providing improved handling. Ultra-high performance (UHP) tires are designed to handle more horsepower, improve high-performance driving, and deliver a lively, responsive ride with excellent traction. A UHP tire is distinguished not only by its size, which must be 18 inches in diameter or bigger but also by its better performance in the most demanding situations. A tire with a top speed of 149 mph or higher is considered ultra-high-performance.
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These tires promote vehicle safety by having a reduced stopping distance, lateral grip, and good wet traction. As a result, the increased demand for high-performance tires has been spurred by customer demand for fuel efficiency. Furthermore, the number of different forms of car racing contests is on the rise, which is likely to boost sales of high-performance tires throughout the forecast period. As a result, competitive vehicle racing began with successful car racing series that garnered a lot of sponsorships and promotional activities. Racing contests, on the other hand, have seen a surge in the number of races, with cars of various engine sizes.
KEY DRIVERS:
The rise in crude oil costs is causing a shift in the public's demand for more fuel-efficient vehicles.
The ultra-high performance tire industry is growing due to the rising demand for tire replacement for maintenance.
Due to increased customer awareness and supplier concentration.
RESTRAINTS:
Raw material prices are rising in tandem with transportation & labor expenses, further limiting the market's expansion.
As enterprises have ceased production, owing to a lack of skilled personnel due to social distancing rules.
The growth of the automotive tire industry is being stifled by strict regulations relating to non-biodegradable concerns.
OPPORTUNITIES:
The public's growing awareness of automobile emissions.
The shift in consumer preference for fuel-efficient transportation technologies.
Tires' efficacy will be improved by introducing new technologies.
CHALLENGES:
The ultra-high-performance tire sector has been severely impacted by supply chain disruption.
The increasing tensions in global trade are having a significant impact on raw material prices.
Impact Of Russia Ukraine War
Russia's invasion of Ukraine in late February has led to a tragic loss of life and widespread displacement. The conflict extends beyond the military front, involving electronic and financial dimensions. While the military and cyber aspects carry severe consequences, the economic fallout is set to impact European tire production significantly.
As of March 1, 2022, Western sanctions targeting Russia aim to cripple its economy and hinder war capabilities. Measures like expulsion from the Swift system and asset freezes may lead to a substantial contraction, with predictions ranging from a 20% shrinkage in Q2 2022 to a potential collapse of the Russian economy, according to the French finance minister. The scale of frozen assets, valued at $1 trillion, includes major banks and the central bank. The economic shockwaves extend beyond Russia, affecting European tire production due to direct conflict disruptions and indirect factors like logistical challenges and sanctions.
The first month of Russia's invasion of Ukraine has profoundly affected the global tire industry and mobility. Sanctions on Russia, along with multinational companies scaling back operations (about 450 reported), are set to resonate across global economies. The tire sector anticipates challenges, including elevated fuel prices and disruptions to logistics and material supplies, translating into forthcoming impacts on tire sales. Astutus Research's analysis examines the immediate consequences for tire manufacturing in Russia, Ukraine, and Belarus, focusing on global manufacturers responsible for approximately 70% of Russia's passenger car and light truck (PCLT) output. The evolving situation promises to reshape the tire industry amid geopolitical disruptions.
Impact of Economic Slowdown
Anticipated to maintain momentum, replacement demand, constituting two-thirds of tire demand, is poised for mid-single digit growth in FY23, following a robust FY22. While Indian tire exports surged in FY22, fueled by demand from the US and Europe, a potential economic slowdown in these regions is expected to flatten export growth in FY23. Despite a buoyant original equipment manufacturers (OEM) segment, softened natural rubber and crude oil prices, and stable pricing, ICRA projects domestic tire demand growth to settle at 6%-8% for FY23. The subdued expansion is attributed to sluggish replacement volumes amid a dynamic economic landscape.
By Tire Type:
Summer
All-Season
Winter
The all-season sector is predicted to account for the majority of the market share. The all-season segment is predicted to increase at the quickest rate, as these tires are designed to give year-round grip through tread patterns and compounds that remain more flexible in cold weather, allowing them to integrate all-season traction with outstanding handling and high-speed capabilities.
By Demand Category:
OEM
Replacement
The replacement category is expected to have a greater market share. Replacement tires are designed to provide excellent all-around performance on any vehicle for which they are sized and rated. They frequently emphasize one or two performance characteristics that consumer research has shown as being particularly important to end-user motorists.
By Vehicle Type:
Sports Cars
Light Truck
SUVs/MUVs
The sports car segment is expected to dominate the global market. The demand for ultra-high-performance tires from OEMs and aftermarket (replacement) segments is expanding in tandem with the increased sales of sports cars.
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The Asia-Pacific region commands one of the largest automotive aftermarkets, driven by the burgeoning automotive industry in countries like China, India, and Japan. The increased demand for tires in the region can be credited to factors such as growing construction activities, industrial development, and the rise in demand for fuel-efficient technologies. Boasting several raw material suppliers, low labor costs, and favorable government guidelines, countries like China, Japan, and South Korea contribute significantly. China, the global leader in vehicle sales, remains the most attractive market for tire manufacturers, accounting for a substantial portion of the Asia-Pacific tire demand.
The United States is projected to capture approximately 85% of the North America Ultra High-Performance (UHP) tires market in 2023, driven by the increasing reliance on personal transportation and a growing demand for UHP tires in warm-weather cities on the West Coast.
In , Germany is anticipated to hold a 22% share in the UHP tires market by 2033, fueled by consumer preferences for high-performance automotive components and the robust expansion of the automotive sector.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
MICHELIN (France), The Hercules Tire and Rubber Company, The Goodyear Tire and Rubber Co. (US), Sumitomo Rubber Industries (Dunlop Tires), Continental AG (Germany), Bridgestone Corp. (Japan), Hankook Tire and Technology Co. Ltd. (South Korea), Pirelli (Italy), Toyo Tire Corporation (Japan), Chaoyang Tires, Yokohama Rubber Co. Ltd. (Japan), Cooper Tire, Nitto tires, NEXEN TIRE, Rubber Co. (US), and Kumho Tire Co. Inc. (South Korea) are some of the affluent competitors with significant market share in the Ultra High-Performance Tire Market.
Continental AG (Germany)-Company Financial Analysis
RECENT TRENDS
Yokohama Rubber Co., Ltd., announced in July 2023 that it would introduce the ADVAN Sport EV, a new Ultra High-Performance Summer Tyre for Electric Vehicles, into overseas markets, including Europe, from this autumn. The new tyres are planned to be offered in 16 sizes by Yokohama Rubber.
In June 2023, Pirelli announced the introduction of the P Zero AS Plus 3, a new Ultra High Performance All-Season tire specially designed for premium cars.
Report Attributes | Details |
---|---|
Market Size in 2023 | US$ 13.29 Billion |
Market Size by 2031 | US$ 30.64 Billion |
CAGR | CAGR of 11% From 2024 to 2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Tire Type (Summer, All-Season, Winter) • By Demand Category (OEM, Replacement) • By Vehicle Type (Sports Cars, Light Truck, SUVs/MUVs) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Company Profiles | MICHELIN (France), The Hercules Tire and Rubber Company, The Goodyear Tire and Rubber Co. (US), Sumitomo Rubber Industries (Dunlop Tires), Continental AG (Germany), Bridgestone Corp. (Japan), Hankook Tire and Technology Co. Ltd. (South Korea), Pirelli (Italy), Toyo Tire Corporation (Japan), Chaoyang Tires, Yokohama Rubber Co. Ltd. (Japan), Cooper Tire, Nitto tires, NEXEN TIRE, Rubber Co. (US), and Kumho Tire Co. Inc. |
Key Drivers | • The rise in crude oil costs is causing a shift in the public's demand for more fuel-efficient vehicles. • The ultra-high performance tire industry is growing due to the rising demand for tire replacement for maintenance. • Due to increased customer awareness and supplier concentration. |
Restraints | • Raw material prices are rising in tandem with transportation & labor expenses, further limiting the market's expansion. • As enterprises have ceased production, owing to a lack of skilled personnel due to social distancing rules. • The growth of the automotive tire industry is being stifled by strict regulations relating to non-biodegradable concerns. |
Ans:- The Ultra High-Performance Tire Market Size was valued at USD 30.64 billion in 2031.
Ans:- Tire type, demand category, and vehicle type are the different segments of the market.
Ans:- Yes.
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Ans:- Raw material vendors, Regulatory authorities, including government agencies, Commercial research & development (R&D) institutions, and consulting firms are the stakeholder of this report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Ultra High-Performance Tire Market Segmentation, by Tire Type
8.1 Summer
8.2 All-Season
8.3 Winter
9. Global Ultra High-Performance Tire Market Segmentation, by Demand Category
9.1 OEM
9.2 Replacement
10. Global Ultra High-Performance Tire Market Segmentation, by Vehicle Type
10.1 Sports Cars
10.2 Light Truck
10.3 SUVs/MUVs
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 MICHELIN (France)
12.3 The Hercules Tire and Rubber Company
12.4 The Goodyear Tire and Rubber Co. (US)
12.5 Sumitomo Rubber Industries (Dunlop Tires)
12.6 Bridgestone Corp. (Japan)
12.7 Hankook Tire and Technology Co. Ltd. (South Korea)
12.8 Pirelli (Italy)
12.9 Toyo Tire Corporation (Japan)
12.10 Chaoyang Tires
12.11 Yokohama Rubber Co. Ltd. (Japan)
12.12 Cooper Tire
12.13 Nitto tires
12.14 NEXEN TIRE
12.15 Rubber Co. (US)
12.16 Kumho Tire Co. Inc. (South Korea)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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