Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) -- As per the report by SNS Insider, the Ultra High-Performance Tire Market was valued at USD 11.98 billion in 2022. The market is projected to expand at a compound annual growth rate (CAGR) of 11% during the forecast period of 2023 to 2030, and is anticipated to attain a valuation of USD 27.62 billion by 2030.
The ultra high-performance tire market has experienced a notable uptick in sales in recent years. This trend can be attributed to the rise of various types of automotive racing competitions, which have served as a significant driver for the ultra-high-performance tire market. As more people around the world have developed an interest in motorsports, demand for high-performance tires has also increased. To capitalize on this trend, tire manufacturers and vendors have invested heavily in marketing efforts to increase their brand visibility.
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Major Trends Observed for Ultra High-Performance Tire Market
- The increasing consumer preference for high-performance automotive components, such as tires, is driving the demand for these products. This shift in consumer preference is driven by the desire to enhance driving experience and comfort while on the road.
- During the projected time frame, it is anticipated that the replacement tire segment will capture a greater portion of the market and experience more rapid growth. These tires are engineered to deliver comprehensive performance for any vehicle they are appropriately sized and rated for.
- The sports car segment is anticipated to have a significant impact on the global market in the coming years. A range of market brands is offering high-speed sports cars that cater to both professional and consumer markets.
- The Asia-Pacific region is home to some of the fastest-growing economies in the world, including China, India, and Japan. As a result, the automobile sector in this region has experienced tremendous growth over the years, leading to one of the largest automotive aftermarkets in the world.
Impact of recession on Ultra High-Performance Tire Market
During a recession, consumers may become more cautious with their spending and opt for more affordable options, which may lead to a decline in demand for UHP tires. This can be particularly true in the luxury car market, where UHP tires are often used as original equipment.
Key Developments Related to Ultra High-Performance Tire Market
- Apollo Tyres has launched the Vredestein Pinza AT tire in India, specifically designed for SUVs. The tire is produced at Apollo's Vadodara and Andhra Pradesh facilities and has undergone extensive testing in a variety of environments across the globe. Apollo Tyres has invested heavily in research and development to create a tire that meets the needs of SUV drivers in India.
- Hankook Tire, one of the leading tire makers in the world, has recently introduced a new addition to its Truck, Bus & Radial (TBR) product line. The SmartFlex DL15+ tire is a SmartWay-approved tire that boasts several innovative features that enhance overall traction performance and increase fuel efficiency for both regional and long-haul fitments.
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Table Of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact Of Ukraine- Russia War
4.3 Impact Of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact On Major Economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest Of The World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Ultra High-Performance Tire Market Segmentation, By Tire Type
8.1 Summer
8.2 All-Season
8.3 Winter
9. Global Ultra High-Performance Tire Market Segmentation, By Demand Category
9.1 OEM
9.2 Replacement
10. Global Ultra High-Performance Tire Market Segmentation, By Vehicle Type
10.1 Sports Cars
10.2 Light Truck
10.3 SUVs/MUVs
11. Regional Analysis
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 The Middle East & Africa
11.6 Latin America
12. Company Profiles
12.1 Continental AG
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS View
12.2 MICHELIN
12.3 The Hercules Tire And Rubber Company
12.4 The Goodyear Tire And Rubber Co.
12.5 Sumitomo Rubber Industries
12.6 Bridgestone Corp.
12.7 Hankook Tire And Technology Co. Ltd.
12.8 Pirelli
12.9 Toyo Tire Corporation
12.10 Chaoyang Tires
12.11 Yokohama Rubber Co. Ltd.
12.12 Cooper Tire
12.13 Nitto Tires
12.14 NEXEN TIRE
12.15 Rubber Co.
12.16 Kumho Tire Co. Inc.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
