Pangkalahatang ideya ng Market

The high-performance tires market, valued at USD 46.5 bilyon sa 2022, is expected to reach USD 75.4 bilyon sa pamamagitan ng 2028, with a CAGR of 9.07% sa panahon ng pagtataya (2023 – 2028).

High-performance tires are designed to provide cars with better grip and responsiveness on both wet and dry roads. These tires are specially built and designed using unique compounds, materials, and tread patterns to maximize performance. They enhance various aspects of a vehicle’s performance, including road grip, responsiveness, handling, braking, and steering wheel feedback.

Factors driving the market include the demand for luxury and sports cars, rising disposable income, and increased awareness about the value of performance and safety. The growing popularity of racing and motorsports also contributes to the demand for high-performance tires. Dagdag pa, the desire for fuel economy and the expansion of different forms of car racing contests are likely to boost sales of high-performance tires.

Companies are investing heavily in research and development to enhance the performance of their vehicles, leading to technological advancements in tire manufacturing. Next-generation high-performance tires now offer features such as multi-season driving safety, ride comfort, low noise, and improved fuel efficiency to meet evolving customer needs. Halimbawa na lang, Hankook Tire & Technology recently introduced the Ventus S1 evo3 EV, an extremely high-performance tire optimized for electric vehicles, with low rolling resistance, high load-carrying capacity, and low noise levels.

The COVID-19 pandemic had a short-term impact on the automotive tire market, as production and sales of new vehicles declined in 2020 due to restrictions and decreased maintenance and tire replacements.

The sales of high-performance tires have seen significant growth, driven by the increasing popularity of various types of automotive racing competitions. Different types of races, ranging from Formula One to SUV races and dirt bike races, have attracted sponsorships and promotional activities, contributing to market growth.

Overall, tire manufacturers are incorporating new technologies into high-performance tire production to push the boundaries of size, speed, and performance characteristics. These advancements aim to provide customers with enhanced safety, comfort, and fuel efficiency, aligning with their changing preferences.

Market Segmentation

Ang merkado ay segmented batay sa iba't ibang mga kadahilanan, including tire type, vehicle type, sales channel, at rehiyon.

Segmentation by Tire Type
Racing Slick
Tread Tires
Other Tire Types

Segmentation by Vehicle Type
Racing Cars
Off-the Road Vehicles
Other Vehicle Types

Segmentation by Sales Channel
OEM
Replacement/Aftermarket

Segmentasyon ayon sa Rehiyon
Hilagang Amerika – Estados Unidos, Canada, Rest of North America
Europa – Reyno Unido, Alemanya, Pransiya, Rusya, and Rest of Europe
Asia-Pacific – Tsina, Hapon, India, Timog Korea, and Rest of Asia-Pacific
Pahinga ng Mundo – Latin America and Middle East and Africa

The tread tires segment of the market was valued at USD 46.2 Billion in 2022, and it is expected to reach USD 75.0 Billion by 2028, registering a compound annual growth rate (CAGR) ng mga 9.08% sa panahon ng pagtataya (2023 – 2028). Treaded high-performance tires have become increasingly popular in recent years, particularly in the market segment for high-performance tires. This can be attributed to the growing number of high-performance cars and heavy-duty vehicles used in rugged environments, creating a rising demand for durable and high-performance treaded tires.

To meet the significant market demand for treaded tires compared to slick tires, numerous tire manufacturing companies have been introducing new products with competitive pricing and highly functional treads for vehicles of various sizes. These offerings cater to both on-road and off-road applications. Halimbawa na lang, in May 2022, Bridgestone Americas launched a new drive tire tread called Bandag B713 FuelTech, specifically designed to enhance retread value for fleet usage. It incorporates a new proprietary compound, 3D siping, and a continuous shoulder, providing fuel efficiency and extended wear life. Dagdag pa, in March 2022, Bridgestone announced an investment in Tyrata, a tire sensor and data management company that specializes in monitoring, tracking, and predicting tire tread wear through drive-over sense technology.

The extensive mining and construction activities worldwide have generated a substantial demand for heavy-duty trucks and their associated tires for efficient material transportation on-site. Major tire manufacturers have responded to this demand by developing next-generation tires and innovative tread designs. Halimbawang, in August 2022, Apollo Tyres introduced five new truck and bus radial tires for the Indian market that offer even wear characteristics, durability, and exceptional initial tread mileage. The groove design of these tires provides stability, traction, and steerability.

The replacement/aftermarket segment of the market was valued at USD 813.31 milyon sa 2022, and it is expected to reach USD 1032.86 milyon sa pamamagitan ng 2028, with a CAGR of 9.78% sa panahon ng pagtataya (2023 – 2028). Aftermarket or replacement high-performance tires have emerged as a significant market segment that is experiencing substantial growth and projected to continue on an upward trajectory in the coming years. The increasing availability of performance used cars has resulted in a significant surge in the demand for replacement high-performance tires. Dagdag pa rito, the ongoing construction and mining activities have shortened the lifecycles of heavy-duty tires, leading to a substantial increase in demand for aftermarket or replacement fit tires. As a result, with the potential for significant growth in the used vehicles market worldwide, the replacement tires segment is expected to experience a surge in demand in the years ahead.

The other vehicle types segment of the market was valued at USD 28,240 milyon sa 2022, and it is projected to reach USD 45,661 milyon sa pamamagitan ng 2028, pagrehistro ng isang CAGR ng 8.98% sa panahon ng pagtataya (2023 – 2028). The growing mining activity driven by the demand for lithium for electric vehicle batteries, combined with increased investments in infrastructure development and the construction sector, has led to a higher usage of heavy-duty haulage trucks worldwide.

The Chinese segment of the market accounted for USD 11,491 milyon sa 2022, and it is expected to reach USD 18,693 milyon sa pamamagitan ng 2028, projecting a CAGR of 9.14% sa panahon ng pagtataya (2023-2028). The Chinese government has implemented incentive plans to boost auto sales and offers subsidies on the purchase of electric vehicles, aiming to promote the expansion of the automotive industry in the country. Halimbawang, according to the China Association of Automobile Manufacturers (CAAM), auto sales in China surged by 29.7% in July 2022 compared to the previous year, umaabot sa 2.42 milyong units. In the same period, sales of new energy vehicles, including pure electric vehicles, plug-in hybrids, and hydrogen fuel-cell vehicles, increased by 120% compared to the previous year. Sa 2021, humigit-kumulang 505,000 buses and 4.3 million trucks were sold in China, reflecting a 13% increase in bus sales compared to the previous year. Bukod pa rito, China is home to some of the world’s largest light-vehicle manufacturers, with a significant portion of these vehicles being exported overseas. According to the China Passenger Car Association (CPCA), China exported over 760,000 cars in the first five months of 2021, with main destinations including Chile, Saudi Arabia, Rusya, and Australia.

Mapagkumpitensya na Landscape

The market for high-performance tires is characterized by intense competition, primarily driven by the presence of numerous international players and a smaller number of regional competitors. Continental AG, Bridgestone Corporation, Pirelli & C. SpA, MRF, Michelin, and other prominent companies are key players in this market.

These market leaders typically operate through multiple subsidiaries, each focusing on specific products tailored to different countries. Halimbawang, Yokohama and Pirelli are actively seeking to enhance their market presence by establishing production facilities and manufacturing new tires in accordance with the modified F1 regulations, thereby establishing comprehensive supply chains. Bridgestone and Michelin have made substantial investments in Canada, aiming to expand their product portfolios specifically in the automotive tire segment.

Key Companies Profiled in this report include Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd, Kumho Tire Co. Inc., Michelin, MRF Limited, Pirelli & C. SpA, Yokohama Rubber Co. Ltd.

Market Recent Developments

Noong Setyembre 2022, Bridgestone Americas introduced the Firestone Firehawk AS V2, an all-season ultra-high-performance tire.

In May 2022, ZC Rubber launched the Westlake ZuperAce Z-007, an ultra-high-performance passenger car tire. The tire incorporates nano-silica technology to enhance grip and fuel efficiency.

Marso 2022 saw the release of the Hankook Tire Ventus S1 AS, an ultra-high-performance all-season tire. It features an asymmetric tread pattern designed to optimize driving performance throughout the year.

Continental unveiled the Super Contact 7 ultra-high-performance tires in September 2021. According to Continental, the new Sport Contact offers a six percent improvement in dry braking and a 17 percent longer service life compared to previous models. It is characterized as a high-performance, handling-oriented tire that emphasizes safety and durability. On the racetrack, it demonstrates a 10% increase in mileage and an eight percent reduction in wet braking distances.

Mga Mahahalagang Tanong na Nasagot

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Which region exhibits the highest growth rate in the High Performance Tire Market?
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