New York, US, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Ultra-High Performance Tire Market Research Report: Information by Tire Type, Vehicle Type, Demand Category, and Region– Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 31.19 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.36% during the assessment timeframe.
Ultra-High Performance Tire Market Overview:
Ultra-high performance (UHP) tires are developed for driving fanatics willing to make the most of their sport or luxury vehicles by providing maximum handling capabilities. Ultra-high performance (UHP) tires are supposed to manage greater horsepower, provide a sporty, and boost high-performance driving is likely to boost outstanding traction levels. The differentiating trait of a UHP tire is not only the size 18 inches in diameter or more extensive but also its improved competency in the most challenging situations. It is represented by a max speed rating of 149 mph or more. Ultra-high performance (UHP) tires cater to a particular objective: to boost high-performance driving. UHP can significantly enhance the vehicle's performance by impacting vehicle capability and offering a sporty, responsive drive with a brilliant grip. These tires have better grip, so they can lower braking distance and enhance handling. The global market for ultra-high-performance tires has grown tremendously in the last few years. The main factor causing an upsurge in the market's growth is the rising fame of several kinds of automotive racing globally. Primarily, competitive automotive racing was concentrated on popular car racing series like NASCAR, Formula One, and motorcycle races. Moreover, vendors are investing in marketing to boost the visibility of their products on their websites and growing their portfolios of high-performance tires available for online purchase, which in turn are anticipated to catalyze the growth of the market over the coming years. the rapid wear and tear of softer rubber tires needed to function at very high speeds are also predicted to influence the growth of the UHP tires market over the assessment era.
Ultra-High Performance Tire Market Competitive Analysis
The catalog for critical participants across the global Ultra-High Performance Tire Market includes players such as:
- MICHELIN (France)
- Toyo Tire Corporation (Japan)
- Bridgestone Corp. (Japan)
- Yokohama Rubber Co. Ltd. (Japan)
- The Goodyear Tire and Rubber Co. (US)
- Pirelli (Italy)
- Continental AG (Germany)
- Cooper Tire and Rubber Co. (US)
- Hankook Tire and Technology Co. Ltd. (South Korea)
- Kumho Tire Co. Inc. (South Korea)
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Ultra-High Performance Tire Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 31.19 Billion |
| Growth Rate | CAGR of 11.36% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The availability of crude oil is decreasing with each passing day |
| Key Market Drivers | Specially designed and developed for achieving low rolling resistance |
Ultra-High Performance Tire Market USP Covered
UHP tires Drivers
The global Ultra-High Performance Tire Market has grown tremendously in the last few years. These tires' operational efficiency and reliability are the primary factors supporting the market's growth. The market players are investing in building tires working efficiently with internal and external factors, like raw materials, humidity, road surface, and temperature. Furthermore, factors such as importing raw materials from foreign countries, intensifying trade disagreements between the two countries, and mandates related to duties and taxes on importing & exporting raw materials are also likely to influence the Ultra-High Performance Tire Market growth over the coming years.
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Ultra-High Performance Tire Market Restraints
On the other hand, the lack of knowledge regarding the advantages of these tires across the globe may restrict the market's growth. Furthermore, the escalating raw material prices needed to produce these tires are predicted to hamper the market's performance.
COVID-19 Impact
The world has been through many unexpected changes, given the arrival of the global health crisis in the form of COVID-19, which affected the growth of several global market areas. Like all the other market areas, the global market for ultra-high-performance tires has also witnessed a massive disruption in the supply chain networks and a fall in demand. On the other hand, with all the industrial and financial activities returning to normal, the global market for ultra-high performance is anticipated to grow substantially over the coming years.
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Ultra-High Performance Tire Market Segment Analysis
Among all the tire types, the all-season segment will likely secure the top position across ultra-high-performance tires over the assessment era. Since these tires are developed to offer year-round traction through compounds and tread designs, remaining more flexible in the cold weather to assist blend all-season traction with brilliant handling and high-speed abilities.
Among all the demand categories, the replacement segment is predicted to lead the global UHP tires market over the review era.
Among all the vehicle types, the sports cars segment is predicted to dominate the global market for ultra-high-performance tires over the coming years owing to the increased sale of the sports car.
Ultra-High Performance Tire Market Regional Analysis
The global market for ultra-high performance is analyzed across five major regions: Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
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According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top spot across the global Ultra-High Performance Tire Market over the assessment timeframe. The fast development of the automotive market across nations such as Japan, India, and China is believed to be the main parameter supporting regional market growth. The growing demand for these tires across the region can be ascribed to the rise in demand for fuel-efficient technologies, growing construction activities, industrial development, several raw material suppliers, clear government guidelines, and low labor costs. The region has China as the leading growth contributor, given that it is the largest automobile market.
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