Performance tires are vehicle tires made with superior technologies using silica compounds and additives. Performance tires feature unique construction features, treading patterns and rubber compounds to provide an enhanced precision, responsiveness and traction. These tires have significantly shorter stopping distances, lateral grip, superior traction and offer a better overall safety. Performance tires are even designed to achieve higher fuel efficiencies and offer better shock absorbing and anti-puncture properties to improve the overall durability of the vehicle.
For many years the use of performance tires was limited to the realms of vehicle racing, such as Formula One, Formula Two, Formula Three, Nascar, Rally car racing, Motorbike racing and others. Today as many companies have redesigned and optimized these tires to suit public roads, there has been a broader consumer acceptance as these tires offer a more comprehensive list of features and benefits such as improved ride comfort, reduced noise generation, greater fuel efficiency and a significantly better safety against vehicular skidding.
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Performance tires Market: Dynamics
A proliferating demand for high clearance and heavy duty vehicles, such as SUV’s as well as an increasingly diverse sphere of applications for non-commercial vehicles such as tractors and more, are fueling the demand for performance tires. Off-Road vehicles is also a prominent user of performance tires in mining, industrial and construction sites. Performance tires are predominantly used in the auto-racing field for both off-road and on-road competitions.
In a Formula One race weekend, an average of 13 sets of tires are used per team across all the qualification laps and final race. Motorbike racing, Nascar, rally racing, Motocross racing and many more sectors within this field have vehicles that exclusively use performance tires to achieve maximum speed, safety and overall efficiency.
Performance tires Market: Regional Outlook
European countries such as Germany, France, Italy and the United Kingdom are estimated to acquire a healthy share of the global performance tires market with automotive racing sector being an established market in the region.
Germany being the technological hub and automotive leader of the world is also the leading high-performance tire manufacturing location. North America is expected to witness moderate growth in wake of market saturation whereas the Latin America market is expected to showcase limited growth opportunities.
This growth is expected to be matched in the Asia-Pacific segment and Middle East with countries such as China, India, U.A.E., Saudi Arabia and Australia witnessing a rise in demand which can be attributed to growing vehicle ownership and an increasing inclination towards comfort travelling and enhanced safety.
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Performance tires Market: Key Participants
Some of the key market participants in the global performance tires market, identified across the value chain include:
- Bridgestone Corporation
- Yokohama Rubber Co. Ltd
- Hankook Tire & Technology Co. Ltd
- Continental AG
- Pirelli & C.S.p.A.
- Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries, Ltd.
- Cooper Tire & Rubber Company
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
- Detailed overview of parent market
- Changing market dynamics in the Performance tires market
- In-depth Performance tires market segmentation
- Historical, current, and projected Performance tires market size in terms of volume and value
- Recent industry trends and developments in the global Performance tires market
- Competitive landscape
- Strategies of key players and products offered in the global Performance tires market
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Performance tires market performance
- Must-have information for market players in Performance tires market to sustain and enhance their market footprint
The global Performance tires market can be segmented on the basis of tire type, sales channel type and vehicle type.
- H Rated Tires (for speeds up to 130mph)
- V Rated Tires (for speeds up to 149mph)
- Z Rated Tires (for speeds higher than 149mph)
- Passenger vehicle
- Light commercial vehicle
- Heavy commercial vehicle
- Sports Racing vehicle
sales channel type:
- Original equipment manufacturer
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