High Performance Tire Market Size

High Performance Tires Market Analysis

The High Performance Tire Market size is estimated at USD 53.25 billion in 2024, and is expected to reach USD 82.18 billion by 2029, growing at a CAGR of 9.07% during the forecast period (2024-2029).

• The COVID-19 pandemic significantly affected the automotive tire market in the short term, as the production and sales of new vehicles declined in 2020. Moreover, people stayed mostly indoors owing to the restrictions imposed by authorities, which further decreased revenues due to low maintenance and tire replacements.
• 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 acts as a significant driver for the high-performance and ultra-high-performance tires market.
• The growing popularity of various types of automotive racing worldwide has helped boost the market's growth 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, racing competitions have witnessed an increase in the number of different types of races, with vehicles having varying engine sizes, such as SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars.
• Furthermore, tire manufacturers are utilizing new technologies in producing high-performance tires that push the boundaries of size, speed, and performance characteristics. Many of these next-generation high-performance tires offer multi-season driving safety, ride comfort, low noise, and improved fuel efficiency to satisfy changing customer needs.