According to the research report titled, ‘Global High-performance Tires Market Size study, by Tire type (Racing Slick, Tread Tire, Other Tire Types) by Sales Type (OEM, Replacement/Aftermarket) by (Racing Cars, Off-road Vehicles) and Regional Forecasts 2021-2027,’ available with MarketStudyReport, global high-performance tires market was valued USD 31 billion in 2020 and is anticipated to register a CAGR of 6.5% during 2021-2027 thereby amassing USD 48.17 billion by the end of the analysis timeline.
 

Growing concerns over wear and tear of rubber tires coupled with increasing number of racing competitions are propelling the growth of global high-performance tires market. As per Statista, the volume of sports cars is predicted to jump to 8,581,000 units by 2025, reaching USD 59,332 billion in terms of revenue by the same year.
 

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For the unversed, high-performance tires are used to provide cars with dynamic control, excellent grip to prevent friction, and faster response. In addition, surging technological innovations and growing investments to develop advanced and high-performance tires are augmenting the overall industry outlook.
 

On the contrary, decreasing production and supply of these tires due to COVID 19 and low maintenance as well as lack of tire replacements are likely to hamper the remuneration scope of this marketplace in the ensuing years.
 

By tire type, global high-performance tires market is split into racing slick, tread tire, others. Moving on to sales channel, the market is split into OEM and replacement/aftermarket segments. In terms of vehicle type, the industry is fragmented into racing cars and off-road vehicles.
 

Regionally speaking, North America, Europe, Asia Pacific, and Latin America are considered to understand the regional dynamics of this business sphere. Among these, Europe accounts for a major market share, owing to escalating demand for racing cars and increasing racing tournaments.
 

Meanwhile, North America market is projected to showcase lucrative expansion trends over 2021-2027 accreditable to prompt technological advancements in the region.
 

The major players defining the competitive landscape of global high-performance tires market are Continental AG, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., The Michelin Group, MRF Ltd., Pirelli & C. S.p.A, Sumitomo Rubber Industries Ltd., The Yokohama Rubber Co. Ltd., and Bridgestone Corporation.