Report Id: SNS/AUTO/1488 | May 2022 | Region: Global | 120 Pages
Report Scope & Overview:
Ultra High-Performance Tire Market Size was valued at USD 10.8 billion in 2021 and is expected to reach USD 22.42 billion by 2028 and grow at a CAGR of 11% over the forecast period 2022-2028.
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.
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.
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.
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.
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.
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 COVID-19:
The COVID-19 epidemic dealt a serious blow to the automotive sector. Due to the halt of automotive manufacturing and disruption in supply networks, vehicle and aftermarket component sales have plunged. Because of the lockdown, several production facilities in numerous nations were completely shut down, which had a direct impact on UHP tire sales. UHP tire sales were further hampered by stagnant car sales and production halts. As a result of the reopening of several production facilities, the industry is gradually recovering from losses, resulting in favorable sales prospects in the UHP market. In the coming years, increased tire sales via various E-commerce websites are predicted to raise demand for UHP tires.
KEY MARKET PLAYERS:
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.
Market, By Tire Type:
Based on the tire type segment, the global market has been divided into summer, all-season, and 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.
Market, By Demand Category:
The global market has been divided into OEM, and replacement based on the demand category segment. 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.
Market, By Vehicle Type:
Based on the vehicle type segment, the global market has been divided into Sports Cars, Light Trucks, and 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.
By Tire Type:
By Demand Category:
By Vehicle Type:
Asia-Pacific, North America, Europe, the Middle East, Africa, and South America make up the ultra-high-performance tire market. Because of the tremendous growth of the automobile sector in nations like China, India, and Japan, Asia-Pacific has one of the largest automotive aftermarkets. Factors such as rising construction activity, industrial expansion, and the desire for fuel-efficient technology are all contributing to the region's increased tire consumption. In countries like China, Japan, and South Korea, the region boasts a plethora of raw material sources, low labor prices, and favorable government policies. Because these countries place a major emphasis on agriculture, demand for UHP tires is projected to be high.
However, due to the continued increase in the demand for passenger automobiles, India's automotive industry is well-positioned in terms of contribution to the overall GDP. Due to its high production rate, low labor costs, improving ease-of-doing-business rating, developing economy status, and globally acknowledged engineering talents, India is one of the leading vehicle exporters in Asia-Pacific.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Frequently Asked Questions (FAQ) :
Ans:- The market size is expected to reach USD 22.42 billion by 2028.
Ans:- Tire type, demand category, and vehicle type are the different segments of the market.
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Ans:- Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research & development (R&D) institutions, and consulting firms are the stakeholder of this report.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Ultra High-Performance Tire Market Segmentation, by Tire Type
9. Global Ultra High-Performance Tire Market Segmentation, by Demand Category
10. Global Ultra High-Performance Tire Market Segmentation, by Vehicle Type
10.1 Sports Cars
10.2 Light Truck
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
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
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