According to the report titled ‘Global High-performance Tires Market by Tire Type (Racing Slick, Tread Tire, and Other Tire Types), Sales Channel Type (OEM and Replacement/Aftermarket), Vehicle Type (Racing Cars and Off-road Vehicles), Regional Forecasts 2021-2027’, available with MarketStudyReport, global high-performance tires market was valued at USD 31 billion in 2020 and is projected to grow at a healthy rate of 6.5%, thereby expected to reach a valuation of USD 48.2 billion during the forecast period 2021-2027.

 

The spike in younger population with desire for high-performance premium vehicles is pushing up the demand in global high-performance tires market.
 

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Because of reduced braking distance, better lateral grip, and excellent wet traction, high-performance tires aid in improving vehicle safety. These tires are designed with advanced technology such as silica compounds and additives. These tires are intended to give outstanding grip, rapid response, and smooth control. 

 

Surging demand for high clearance and powerful vehicles, such as SUVs, will further facilitate the industry outlook. In this context, Statista stated that the number of SUVs on the road worldwide increased nearly tenfold between 2009 and 2019, approaching 200 million vehicles in 2019.

 

However, mounting car prices as a result of improved technology may stifle market expansion over the projection period of 2021-2027.

 

Based on tire type, worldwide high-performance tires market is categorized into racing slick, tread tires, and others. In terms of sales channels, the market is segregated into replacement/aftermarket, and OEM. Different vehicle types considered in the report are off-road vehicles, and racing cars.

 

On a regional basis, Europe, particularly Germany, the United Kingdom, and France, contribute substantially to the market valuation. Automobile manufacturers in Western Europe, such as Ferrari, Daimler, The Volkswagen Group, BMW, and Renault, regularly engage in European racing events to test and advertise their vehicles, resulting in stronger demand for racing tires.

 

Speaking of the competitive landscape, global high-performance tires market includes top tier companies such as Sumitomo Rubber Industries Ltd., Hankook Tire & Technology Co. Ltd., Madras Rubber Factory (MRF), Bridgestone Corporation, Yokohama Rubber Co. Ltd., Goodyear Tire & Rubber Company, Michelin, Kumho Tire Co. Inc., Pirelli & C. S.p.A., and Continental AG among others.