Future Market Insights' (FMI's) latest study offers detailed analysis on theultra-high performance tiremarket. It provides offers qualitative and quantitative assessment of factors and macro-economic indicators affecting growth across segments in terms of tire type, vehicle type, and sales channel across several countries and regions between 2021 and 2031.
DUBAI, UAE, Oct. 26, 2021 /PRNewswire/ -- As per an exhaustive survey by FMI, the global ultra-high performance (UHP) tire marketis poised to top US$ 10.4 Bn in 2021. Increasing number of professional automotive racing activities such as Formula One, NASCAR, and others is augmenting the market growth.
Driven by this, the market is forecast to total US$ 29.32 Bn by 2031, in comparison to US$ 9.4 Bn recorded in 2020.
The sales of ultra-high performance tires grew at a CAGR of 3.7% over the past half-decade. Shift of consumer preference of adopting high performance automotive components such as tires to enhance the driving experience and comfort is propelling the product demand.
In response to this, the sales of UHP tires are projected to rise at an impressive CAGR of 10.9% during the forecast period from 2021 to 2031.
A substantial rise in demand for automotive vehicles such as sports cars, sport utility vehicles (SUVs), and others has been witnessed over the last few years. According to a report by the International Council on Clean Transportation, around 5.7 million new SUV cars were sold in 2019 across the European Union (EU) alone. This increase in sales of automotive vehicles is expected to create high revenue generation opportunities for the market.
As per FMI, all-season tires are estimated to emerge as the most preferred tire type, projecting sales growth at a staggering CAGR of 11.6% through 2031.
Primary factor driving the segment growth is the ability to provide high performance on both dry and wet roads, making them ideal for all types of weather conditions.
"Leading tire manufacturers are increasingly investing in research and development (R&D) activities to introduce high quality tires with anti-puncture and high durability features. These efforts are expected to bode well for the market growth," says the FMI analyst.
Key Takeaways from the Ultra-High Performance (UHP) Tire Market Study
China is anticipated to account for around 1/3rd sales in the East Asia market, creating an incremental opportunity of more than US$ 1 Bn by 2031 end.
The U.S. is expected to dominate the market in North America, accounting for nearly 81.5% of the overall sales in 2021.
Germany, home to the top automotive manufacturing companies in the world, is estimated to account for about 17.9% of the total revenue share across Europe by 2031.
In terms of car type, sports cars are forecast to emerge as the most remunerative segment, creating an absolute dollar opportunity of over US$ 11.360.1 Mn through 2031.
Based on sales channel, replacement/aftermarket is projected to lead the segment, accounting for over 76.1% of the global sales over the forecast period.
Professional racing automotive vehicles need to replace their tires after every race or after a certain number of laps. Thus, increasing number of racing activities is estimated to accelerate the sales across the replacement/aftermarket segment.
Increasing number of light automotive trucks owing to the rising number of small and medium-size enterprises across the countries such as China, India, the U.S., and others are propelling the demand for ultra-high performance tires across the light truck vehicle segment.
High cost of ultra-high performance tires compared to conventional tires might hamper the growth in the market.
Stringent regulation regarding the production of automotive tires due to their non-biodegradable concerns is restraining the growth.
Key players in the global market are aiming at entering into strategic collaborations, agreement, mergers, and acquisitions to expand their production facilities across different countries.
Besides this, some of the players are emphasizing on investing and developing new high quality products to expand their product portfolio and gain a competitive edge in the market.
In January 2020, Toyo Tire Corporation, a leading tire and rubber products company, announced signing a sponsorship agreement with a renowned New Zealand drifting racer, Michael Whiddett. As per the agreement Toyo Tire will sponsor tires to the driver for drifting races and other events. The promotional strategy with assist the company enhance its global presence.
In June 2021, The Goodyear Tire & Rubber Company, a multinational tire manufacturer, announced acquiring a U.S.-based tire designing and manufacturing company, Cooper Tire & Rubber Company after finalizing the merger agreement on February 22. This will assist the company to expand its product portfolios,
Some of the key players operating in the market profiled by FMI are:
Goodyear Tire & Rubber Company
Pirelli & C. S.p.A.
KUMHO TIRE Co., Inc.
Yokohama Rubber Co., Ltd
Nankang Rubber Tire Corp., Ltd.
HANKOOK TIRE & TECHNOLOGY Co., Ltd.
The Hercules Tire and Rubber Company
Sumitomo Rubber Industries (Dunlop Tires)
Chaoyang Tires, LLC
Cooper Tire & Rubber Company
Elangperdana Tyre Industry (Accelera Radial)
More Valuable Insights on Ultra-High Performance (UHP) TireMarket
FMI, in its new report, offers an unbiased analysis of the global ultra-high performance tire market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in ultra-high performance tire market with detailed segmentation:
The report offers insight into ultra-high performance tire market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for ultra-high performance tire market between 2021 and 2031
Ultra-high performance tire market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Ultra-high performance tire market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Watertight Doors Market : The watertight doors market worth will reach US$ 311 Mn in 2021, as per Future Market Insights (FMI) analysis. FMI projects sales of watertight doors to rise at a compound annual growth rate (CAGR) of 6.3% between 2021 and 2031.
Dual-Clutch Transmission Market : As per Future Market Insights (FMI) analysis, the global dual-clutch transmission market reached a valuation of approximately US$ 24 Bn in 2020. The market is projected to exhibited healthy growth, expanding at a 6% CAGR through 2021-2031.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.