Portland, OR, June 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the North America and Europe high performance tires market generated $43.53 billion in 2020, and is projected to reach $77.61 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030.The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in demand for safety and comfort among people across the globe, rise in popularity of race and adventure events, and increase in need for high performance tires for better efficiency and overall performance of the vehicle are expected to drive the growth of the North America and Europe high performance tires market. On the other hand, high up-front cost of these products are predicted to hinder the growth to some extent. However, persistent advancements in technology and rapid adoption of electric vehicles among people across the globe are expected to create ample opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the North America and Europe high performance tires market, owing to the presence of lockdowns in various countries across the globe. Lockdowns led to the closure of various industries, including automotive sector. In fact, the automotive industry was among the hardest hit sectors during the pandemic due to the stringent social distancing restrictions imposed by the government so as to limit the spread of the virus.
- However, rapid adoption electric vehicles in the near future are anticipated to recoup the growth of the market.
The report offers a detailed segmentation on the North America and Europe high performance tires market based on vehicle type, sales channel, tires type and region.
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Based on sales channel, the aftermarket segment held the largest market share in 2020, garnering more than three-fourths of the total market. The OEM segment, on the other hand, is expected to cite the fastest CAGR of 6.7% during the forecast period.
Based on tires type, the tread tires segment held the majority market share in 2020, holding more than four-fifths of the total market. The racing slick segment, on the other hand, is anticipated to exhibit the fastest CAGR of 7.3% during the forecast period.
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Based on region, the market across Europe held the dominating market share in 2020, garnering more than half of the total market. In addition, the same region is expected to cite the fastest CAGR of 5.9% during the forecast period. Other region analyzed in the report is North America
The key players analyzed in North America and Europe high performance tires market report include Bridgestone Corporation, Continental AG, Nokian Tyre Plc, Hankook Tire & Technology Co., Ltd., Michelin, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., and Toyo Tire Corporation.
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