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The High-performance Tires market has been segmented by Tire Type (Racing Slick, Tread Tire, and Other Tires), Sales Channel Type (OEM and Replacement/Aftermarket), Vehicle Type (Racing Cars and Off-road vehicles), and by Geography.
Fastest Growing Market:
Greater Than 6.5 %
The high-performance tires market is anticipated to record a CAGR of over 6.5%, during the forecast period, 2020 - 2025.
The sales of high-performance tires have increased significantly over the years, owing to a rise in the different types of automotive racing competitions, which act as a major driver for the high-performance and ultra-high-performance tires market. Growing popularity for various types of automotive racing around the world has helped boost the growth of the market to a significant extent. Competitive automotive racing was initially focused on popular car racing series such as Formula One, NASCAR, and motorbike races, which attracted many sponsorships and promotional activities. However, over the years, the racing competitions have witnessed an increase in a number of different types of races with vehicles having varying engine sizes, such as SUVs, dirt bikes, monster trucks, solar car, sprint car, and touring car.
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 market 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, which are required to perform at extremely high speeds.
In a typical racing championship (for which it has the maximum penetration), a team usually uses between 9-14 sets of tires depending upon the length of the track, surface type like asphalt, concrete, etc., and the type of the track - short track, speedway, and superspeedway, or road course.
Brand loyalty is exhibited by OEMs and vehicle team owners, who 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, played 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.
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 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 modified F1 rules, to have a comprehensive supply chain. Bridgestone and Michelin both have invested huge amounts in Canada to expand their product portfolio in the automotive tire segment.
Demand for high performance, highly efficient, and safe handling tires from the end market are 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 Force 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
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 Rest of Asia-Pacific
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.4.4 Rest of World
188.8.131.52 South Africa
184.108.40.206 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