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.
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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. Most performance tire companies have benefitted immensely with this recent switch to non-racing avenues and have notably popular brand perceptions.
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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.
The growth in popularity and healthy expansion of the auto-racing segment in all spheres is expected to be one of the key growth drivers of the performance tires market.
An increasing demand for performance tires by original equipment manufacturers and a growing car ownership in many countries are also projected to be drivers of the performance tires market.
Performance tires require a high initial investment as they are significantly costlier than ordinary vehicle tires. This is due to the greater manufacturing costs. This cost factor is likely to impede the growth of this market.
Another concern that this leads to is that of mass production of these tires, which is expected to be slow because the supply is bound to overshoot the demand due to the cost factor involved.
Performance tire manufacturers also face a worrying problem regarding the durability of these tires which tend to wear out faster than tires with less rolling resistance making them a less economic option.
The cost of silica and rubber too have a major impact on the prices of these tires. The replacement of performance tires after they are worn out creates a great opportunity for manufacturers to capitalize on, especially in the auto-racing field where tires are required to perform at extremely high speeds leading to a significantly faster material failure.
The COVID-19 pandemic negatively impacted the global economy at various levels, with no industrial sector being spared.
As a result, a substantial slowdown in manufacturing was witnessed in the first six months of 2020 and a temporary halt in all automotive racing activities has impeded the market for performance tires in terms of production and related sales.
The market for performance tires is forecasted to recover before the end of 2022 with a resumption in auto-racing activities expected to drive the demand for these tires.
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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.
Performance tires Market: Key Participants
Some of the key market participants in the global performance tires market, identified across the value chain include:
- Michelin
- 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
The research report on the performance tires market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The performance tires market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, aircraft type, and sales channel.