The high performance tire manufacturers gain visibility and brand leverage through sponsorships of international racing events. The aftermarket segment, especially the racing segment contributes substantially to the high performance tires demand. The market had traditionally focused on speed, but now the focus of end consumers have changed to fuel-efficient, ecofriendly and recyclability of the tires. The OEMs are expected to continue dominating the passenger automotive segment because of the preference for original quality products by manufacturers and consumers. Whereas, in China, the dominance is of aftermarket segment.
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The High Performance Tire market is expected to grow in the near future owing to the increase in the number of sporting and racing cars. This increase can be attributed to the increase in the number of enthusiasts of sporting and racing events and championships. These popularity of such events is rising in the developing countries like India, China and Indonesia. In addition to this, innovations in the tire manufacturing processes, the raw materials used and recycling of tires are some of the factors which are also contributing to the growth of the high performance tires market.
The end-users of the high performance tires are the automotive vehicle end-users i.e. OEM and aftermarket. OEMs are the Original Equipment manufacturers who manufacture the high performance tires to match the tire specifications of a particular car’s make and model. Whereas the aftermarkets are the third party manufacturers who manufacture the tires in high volume to fit the tire specifications of more than a one vehicle, and not just one car’s make and model.
Nanotechnology is used in the production of high performance tires to reduce the wear and tear of the tires. As a result, the tires can operate in a wide range of temperatures and have a superior heat resistance. To achieve these results, Nanoprene, a rubber additive is used with rubber mixture of the tire tread. Also, racing slick tire with reduced tread is used on dry tracks as it ensures minimum traction by providing largest contact patch to the road.
The high performance tires market is segmented by tire type, vehicle type and end-users.
By tire-type, the market is segmented into three segments:
By vehicle-type, the market is segmented into:
By end-users, the market is segmented into:
North America, Europe and Asia Pacific regions dominate the high performance tires market currently in the descending order and the dominance is expected to remain the same in the forecast period. Whereas growth is predicted to be the highest in the APAC region, followed by Europe.In the APAC region, China is the market leader of high performance tires, followed by Japan and India.
The market has several opportunities with regard to development of technologies and innovations in the tire manufacturing process. The advent of technologies to provide ecofriendly tires so as to increase the fuel-efficiency of automobile vehicles also give way to new opportunities. The demand for higher durability and tougher performance tires is providing newer opportunities for the growth of the market.
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Some of the major players in the market include Goodyear, Michelin, Bridgestone Group, Yokohama, Hankook, Continental, Kumho, Pirelli and Cooper Tires.
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