The demand for ultra-high performance tires is driven by the rise in the number of racing competitions such as motorbike races, NASCAR and Formula One. These racing events attract many sponsorships and promotional activities. Sometimes the manufacturers promote their brand and test their product with the help of racing activities. Moreover, there has been a proliferation in the variety of races with diverse types of vehicles having erratic engine sizes, such as SUVs, touring cars, sprint cars, dirt bikes, monster trucks, and solar cars. The reinforcement variants available in the manufacturing of racing tires is a key development across the high-performance tire market.
According to the MarkNtel Advisors’ research report, the CAGR of “Ultra High-Performance Tire Market Analysis, 2020”, is expected to be around 9% in unit terms during 2020-25. The major demand for high-performance tires is attributed to Western European countries such as France, Germany, and the United Kingdom. Moreover, the demand from the OEMs is catalyzing as the manufacturers such as Ferrari, BMW, Renault and Daimler participate in the racing events that mostly take place in Europe for testing the products and to promote the products. Furthermore, with the rise in the racing activities would surge the demand for racing tires. The OEM demand is anticipated to fuel during the forecast period
Increasing R&D Budgets of the Manufacturers is the Key Contributor
Leading manufacturers such as Bridgestone, Goodyear, Michelin, and Pirelli are increasing their budgets for the research and development with intensifying the production standards of tire manufacturing, appropriate innovation, and excellent technical know-how, as revealed by MarkNtel Advisors’ in their research report, “Ultra High Performance Tire Market Analysis, 2020”.
New Launches of Ultra High Performance Tire Making the Competition Higher Among Players
According to the MarkNtel Advisors the major leading players are Bridgestone, Continental, Michelin, Yokohama, Goodyear, Pirelli, Hankook, Toyo, Kumho, and Cooper Tyres among others. Michelin in Canada is investing around USD 16 million at its Granton plant for the launch of winter tire.
The manufacturing unit is the Nova Scotia plant. The factory is set to get operational by 2020. Yokohama launched a new Advan Apex tire specially designed for the North American market, the Speed rating of the tire is Y rated, comes in the fitments of around 17 to 20 inches. The tire includes 25,00 miles limited tread warranty. Advan Apex has launched the tire in August 2019.
“Global Ultra-High Performance Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Ultra High Performance Tires market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheeler)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Studded and Non-Studded)
4. By Sales Channel (Dealer/Distributor, Online and Others)
5. By Price Category (Budget, Economy, Premium)
6. By Rim Diameter (Upto 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
7. By Region (North and South America, Europe, middle East and Africa and Asia-Pacific)
8. By Company (Bridgestone, Continental, Michelin, Yokohama, Goodyear, Pirelli, Kumho, Toyo, Hankook, Cooper Tires)
Key questions answered in the study:
1. What are the current and future trends of the Ultra High Performance Tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Ultra High Performance Tire market industry?
6. What are the customer orientation, purchase behavior, and expectations from Ultra High Performance Tire suppliers across various regions?