The global UHP tires market is projected to reach a valuation of US$ 10.41 Bn in 2021. Increasing demand for high performance vehicles in the automotive sports sector is expected to push sales of UHP tires at 10.9% CAGR, with the market valuation reaching US$ 23.32 Bn in 2031.
Rapid expansion of the automotive sector is resulting increasing sales of sports cars, SUVs, and light trucks across the globe. These vehicles are expected to offer optimal performance in all weather conditions, which in turn is spurring demand for ultra-high performance tires.
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Besides this, shifting consumer preference towards high performance automotive components backed by rising disposable income is creating lucrative growth prospects for UHP tires market players.
As per FMI’s regional analysis, the U.S. is anticipated to dominate the North America UHP tires market. Growth can be attributed to strong presence of key automotive players in the U.S., along with rapid adoption of new technologies to manufacture more efficient and durable tires. These trends will continue augmenting growth of the UHP tires in North America over the assessment period.
“Rising popularity of automotive racing sports such as Formula one, coupled with increasing replacement and repair of vehicle parts through aftermarket, will continue augmenting growth of the global UHP tires market through 2031,” says an FMI analyst.
- By tire type, all-season tires are expected to account for more than half of total UHP tires market share in 2021.
- Sales of UHP tires in the sports car segment are anticipated to hold nearly 57% of the total UHP tires market share in 2021.
- The replacement/aftermarket segment is projected to account for more than three-quarter of the total UHP market share in 2031.
- The U.S. is anticipated to hold a dominant share of 81.5% of the North America UHP tires market in 2021.
- China will emerge as a lucrative market, creating an incremental opportunity of US$ 1 Bn in 2031.
- Germany is projected to account for 17.9% of the Europe UHP tires market share in 2031.
- Japan and South Korea will hold 43.5% and 26.0% of the global UHP tires market share respectively.
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Leading players operating in the global UHP tires market include Continental AG, Goodyear Tire & Rubber Company, Michelin Group, Pirelli & C. S.p.A., Bridgestone, KUMHO TIRE Co., Inc. , Yokohama Rubber Co., Ltd, Nankang Rubber Tire Corp., Ltd. , HANKOOK TIRE & TECHNOLOGY Co., Ltd., Toyo Tires and others.
To gain a competitive edge in the market, players are focusing on research and development to launch new variants of UHP tires. Apart from this, players are investing in strategic collaborations, mergers and acquisitions to expand their global footprint. For instance:
- Michelin is launching a new generation of four-season tires. The new MICHELIN CrossClimate 2 tire stands out through its excellent mileage performance and its ability to maintain a high level of performance from the first kilometer to the last, i.e. all the way down to the legal minimum tread depth. It illustrates Michelin’s commitment to designing tires that offer a very high level of performance throughout their life and right up to their end of life.
- Yokohama Tire’s long, successful history with Porsche Motorsport North America (PMNA) continues. Yokohama and PMNA announced a new racing series and partnership with the United States Auto Club (USAC). Yokohama will be the official tire partner and presenting sponsor for the USAC-sanctioned 2021 Porsche Sprint Challenge North America by Yokohama.
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More Insights into the Ultra-High Performance (UHP) Tires Market Report
In its latest report, FMI offers an unbiased analysis of the global UHP tires market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of tire type (summer, winter, all season), vehicle type (sports cars, SUV/MUV and light trucks), and sales channel (OEM and replacement/aftermarket) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).