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The High-performance Tires Market is segmented by Tire Type (Racing Slick, Tread Tire, and Other Tire Types), Sales Channel Type (OEM and Replacement/Aftermarket), Vehicle Type (Racing Cars and Off-road Vehicles), and Geography.
Fastest Growing Market:
The high-performance tires market is anticipated to record a CAGR of over 6.5%, during the forecast period, 2020 - 2025.
The high-performance tires market has been segmented by tire type, sales channel type, vehicle type, and geography.
|Other Tire Types|
|Sales Channel Type|
|Off-the Road Vehicles|
|Other Vehicle Types|
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The replacement of the high-performance tires presents a huge opportunity for tire manufacturers worldwide.
The demand for high-performance tires in the aftermarket is mainly attributed to the faster wear and tear of softer rubber tires that are required to perform at extremely high speeds.
In a typical racing championship (for which they have the maximum penetration), a team usually uses between 9-14 sets of tires, depending upon the length of the track, surface type, like asphalt and concrete, and types of track, such as short track, speedway, superspeedway, or road course.
Brand loyalty is exhibited by OEMs and vehicle teams, which replace tires on their cars with the same brand as originally installed.
In light of all these factors, the market for high-performance replacement tires is expected to grow over the forecast period.
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Countries in Western Europe, such as the United Kingdom, Germany, and France, play a major role in contributing to the high-performance tires market. Manufacturers in Western Europe, such as Ferrari, Daimler, BMW, Volkswagen Group, and Renault, frequently participate in automotive racing events organized across Europe to test and promote their products. This has increased the demand for racing tires by OEMs. The region is also a host to many auto races, primarily in countries, such as France, Italy, Spain, and the United Kingdom. A rise in the auto races market is expected to increase the demand for racing tires.
The increase in production standards of tire manufacturing, sustainable innovation, and excellent technical know-how based in the country are expected to continue strengthening the position of Germany to emerge as a leading high-performance tire manufacturing location, in the supply side dynamics, during the forecast period.
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The high-performance tires market is characterized by the presence of numerous international and a few regional players, resulting in a highly competitive market environment. Some of the leading players in the market are Michelin, Bridgestone Corporation, Yokohama Rubber Co. Ltd, Hankook Tire & Technology Co. Ltd, Continental AG, and Pirelli & C. SpA
Market leaders operate with many subsidiaries that cater to specific products in different countries. Yokohama and Pirelli, in particular, are trying to increase their market penetration by setting up production bases and manufacturing new tires as per the modified F1 rules, in order to have comprehensive supply chains. Bridgestone and Michelin have invested huge amounts in Canada to expand their product portfolios in the automotive tire segment.
The demand for high-performance, highly efficient, and safe-handling tires from the end market is expected to make the market more competitive and effectively dynamic during the forecast period.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Tire Type
5.1.1 Racing Slick
5.1.2 Tread Tires
5.1.3 Other Tire Types
5.2 Sales Channel Type
5.3 Vehicle Type
5.3.1 Racing Cars
5.3.2 Off-the Road Vehicles
5.3.3 Other Vehicle Types
5.4.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 Rest of Asia-Pacific
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.4.4 Rest of the World
126.96.36.199 South Africa
188.8.131.52 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Bridgestone Corporation
6.2.2 Continental AG
6.2.3 Goodyear Tire & Rubber Company
6.2.4 Hankook Tire & Technology Co. Ltd
6.2.5 Kumho Tire Co. Inc.
6.2.7 MRF Limited
6.2.8 Pirelli & C. SpA
6.2.9 Sumitomo Rubber Industries Ltd
6.2.10 Yokohama Rubber Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability