According to Future Market Insights, the global ultra-high performance (UHP) tire market is projected to reach a valuation of USD 13.6 billion in 2023. From 2023 to 2033, UHP tire sales are expected to grow at a compound annual growth rate (CAGR) of 11.1%, culminating in a market value of USD 39 billion.
This substantial growth is driven by the rapid expansion of the automotive sector, fueled by increased demand for commercial and passenger vehicles, a booming transportation industry, rising disposable incomes, and advanced automotive infrastructure in many countries. Additionally, the growing preference for electric cars, which are valued for their reduced noise and lower pollution levels, is expected to significantly boost the demand for high-performance tires in the coming years.
The aftermarket demand for high-performance tires is notably driven by the accelerated wear and tear of softer rubber tires designed for extremely high speeds. In racing championships, where high-performance tires are most prevalent, teams typically use between 9-14 sets of tires depending on factors such as track length, surface type (asphalt or concrete), and track category (short track, speedway, superspeedway, or road course). Consequently, the aftermarket segment experiences significantly higher demand for high-performance tires compared to the original equipment manufacturer (OEM) segment.
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Key Takeaways
- The market in the United States is expected to grow with a CAGR of 11.2% during the forecast period.
- The demand for ultra-high performance (UHP) tire in China is expected to grow with a CAGR of 11.3% during the forecast period.
- By vehicle type, sports car segment is projected to grow with a CAGR of 12.2% during the forecast period.
- Germany is expected to grow with a CAGR of 11% throughout the forecast period.
“Increasing preference of sports vehicles and rising aftermarket demand is expected to bode well for market growth,” – comments an FMI analyst.
Competitive Landscape
The market for ultra-high performance (UHP) tire is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Key industry players are 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, Nitto tires, NEXEN TIRE, The Hercules Tire and Rubber Company, Sumitomo Rubber Industries (Dunlop Tires), Chaoyang Tires, LLC, Cooper Tire & Rubber Company, Elangperdana Tyre Industry (Accelera Radial)
Some key developments in the ultra-high performance (UHP) tire market are:
- In September 2022, Bridgestone Americas launched the Firestone Firehawk AS V2, a new all-season ultra-high-performance tire.
- In May 2022, ZC Rubber introduced the Westlake ZuperAce Z-007, a new line of ultra-high-performance passenger car tires. These tires are constructed with nano-silica technology, enhancing both grip and fuel efficiency.
- Hankook Tire introduced the Ventus S1 AS, an ultra-high-performance (UHP) all-season tire, in March 2022. Designed with an asymmetric tread pattern, the Ventus S1 AS ensures optimal driving performance throughout every season.
- In September 2021, Continental introduced the Super Contact 7 ultra-high-performance tires. These tires boast significant improvements, with a claimed six percent better dry braking performance and a 17 percent longer service life compared to their predecessors.
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Key Segments Profiled in the Ultra-High Performance (UHP) Tire Market Survey
By Tire Type:
- Summer
- Winter
- All-Season
By Vehicle Type:
- Sports Car
- SUV/MUV
- Light Trucks
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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