Press Release Description

Rising Public Interest in Racing Competitions to Drive the Ultra-High Performance (UHP) Tire Market

A recent research report published by MarkNtel Advisors cites that the Global Ultra-High Performance (UHP) Tire Market is projected to register around 9% CAGR during 2022-27. The increasing adoption of sports vehicles by consumers for high-speed driving is the prime aspect driving the demand for UHP tires worldwide, owing to their excellent vehicle handling & traction, which enhances the overall driving experience.

Moreover, the rising awareness among vehicle owners about the benefits of UHP tires like maximum grip, precise cornering, shorter braking distance, and an uncompromising level of safety are other prominent aspects contributing to the growing expansion of the global market. 

Furthermore, the rising trend of racing championships & increasing sales entwined with massive investments by prominent tire manufacturers in sponsorships of these competitions is another notable factor projected to drive the market through 2027, further states the research report, “Global Ultra-High Performance (UHP) Tire Market Analysis, 2022.”

Increasing Frequency of Tire Replacements to Enhance Passenger & Vehicle Safety Drives the Market

Aftermarket UHP Tires are anticipated to acquire the largest market share during 2022-27, owing to the widespread availability of numerous tires of different brands & budgets. The burgeoning consumer requirements for various features in tires are generating growth opportunities for the leading tire manufacturers to expand their production capacities.

Moreover, the growing consumer awareness about the importance of timely tire replacements in order to ensure the utmost safety of both the vehicle & passengers, as UHP tires are driven at high speeds, which can affect their treads at some point, is another prominent aspect driving the demand for aftermarket UHP tires.

Mounting EV Adoption to Drive the Europe UHP Tire Market

People across Europe are increasingly adopting Electric Vehicles (EVs) owing to stringent government norms to reduce carbon emissions and enhance fuel efficiency. Moreover, there's increasing participation of people in racing events, especially across countries like Germany, France, & the UK. Hence, Europe is all set to witness the fastest market growth for UHP tires during 2022-27.

In addition, increasing sponsorships by the market leaders in racing championships across Europe, i.e., leading to the mounting demand for UHP tires, indicate remunerative growth prospects for the regional market in the years to come.

Competitive Landscape

The leading companies operating in the Global Ultra-High Performance (UHP) Tire Market include Bridgestone, Michelin, Pirelli, Continental, Goodyear, Kumho, Hankook, and Toyo.

Key Questions Answered in the Research Report

  1. What are the current & future trends in the Global Ultra-High Performance (UHP) Tire Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across various countries, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Ultra-High Performance (UHP) Tire Market?
  5. What are the customer orientation, purchase behavior, & expectations from tire manufacturers across various regions?

Market Segmentation:

  1. By Type of Vehicle (Passenger Car (Sedan, SUV), Two-Wheelers (Bikes, Moped, Scooter), Light Commercial Vehicle (Light Trucks, Light Bus, Pick-Up Trucks & Vans), Medium & Heavy Commercial Vehicle (Truck, Bus), Off the Road Vehicle)
  2. By Demand (OEM, Aftermarket)
  3. By Type of Tire (Summer, Winter, All Season)
  4. By Price Category (Budget- Up to USD250 Per unit, Economy- USD251 to 500 Per Unit, Premium- Above USD500 Per Unit)
  5. By Speed Rating (H-130mph, T-118mph, W-168mph, V-149mph, Y-186mph, Q-99mph, R-106mph, S-112mph, P-93mph, Z-149+mph)
  6. By Sales Channel (Dealer & Distributor, Online, Direct Sales)
  7. By Rim Diameter in Inches (Up to 15, 15.1 to 16, 16.1 to 17, 17.1 to 18, Above 18)
  8. By Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
  9. By Country (The US, Canada, Mexico, Brazil, Argentina, Chile, Germany, France, The UK, Russia, Italy, Poland, Saudi Arabia, UAE, South Africa, China, India, Japan, South Korea, and Australia)