Automobile Energy & Chemicals Industry Analysis

Ultra High Performance Tire Market to WitnessHigh Growth During the Forecast Period

The global ultra high performance tire market is expected to grow at ~8% CAGR during the forecast period, 2021–2027.

Industry News

    • In June 2021, The Goodyear Tire & Rubber Company announced that it had completed the acquisition of Cooper Tire & Rubber Company, finalizing the merger agreement made public on February 22. The combination unites two leading tire companies with complementary product portfolios, services, and capabilities to create a stronger US-based leader in the global tire industry. The merged company will offer more options across the value spectrum, making it easier for customers to choose Goodyear- and Cooper-branded tires.

 

    • In May 2021, Hankook Tire, aleading tire company, announced that it would supply its ultra-high performance (UHP) racing tires to support Audi Korea’s Audi Sport Driving Experience, the German automotive brand’s large-scale driving experience event for customers set to be held from May 28 to June 6 at Inje Speedium in Gangwon Province, South Korea.

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    • In July 2020, Michelin released its latest UHP all-season tire — the MICHELIN Pilot Sport All-Season 4. It is designed to provide year-round performance and give drivers ultimate control at any moment and in any season. The company’s previous all-season ultra-high-performance tire broke the performance barrier between summer tires and all-season tires. The latest generation improves that performance with 4% better dry braking, 5% better wet braking, and 10% more snow traction.

 

    • In January 2020, Toyo Tire Corporation announced that it signed a sponsorship agreement with Michael Whiddett (a.k.a. “Mad Mike”), a renowned New Zealand drifting racer, under which Toyo Tire will support this celebrated driver at drifting races and other events. It is looking forward to working with this new brand ambassador to enhance the global presence of the ‘TOYO TIRES’ brand, the hallmark of high-quality, high-performance tires. The company will continue to support him at drifting races in various ways, such as through the provision of its PROXES ultra-high-performance tires.

 

    • In July 2018, Michelin launched a high-performance bias tire, the Michelin pilot, designed for piston and turboprop aircraft to provide extra-long tire life, exceptional tread life, and all-weather protection.

 

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    • In September 2017, Continental Presented the Latest Technologies for Safe, Clean, and Affordable Travel and Stress-Free Arrival. As ultra-high-performance (UHP) premium winter tires are available in sizes 18”–21”, the new WinterContact TS 860 S is ideal for highly motorized vehicles in particular.

 

In 2020, the sports car segment held the largest market share

Based on tire type, the global market is divided into summer, all-season, and winter. The all-season segment is expected to hold the largest share of the market. The all-season segment is expected to grow at the fastest rate during the study period as these tires are designed to provide year-round traction (even in light snow) through tread designs and compounds that remain more flexible in the cold weather to help blend all-season traction with excellent handling and high-speed abilities.

 

Based on the demand category, the global market is divided into OEM and replacement. The replacement segment is expected to hold the larger market share, and it is expected to grow at the faster rate during the forecast period. Replacement tires are meant for all-around performance on any vehicle that they are sized and rated to fit. They often emphasize one or two performance attributes that consumer research has identified to be especially vital to end-user motorists.

 

Based on vehicle type, the ultra high performance tire market is segmented into sports cars, SUV/ MUV, and light truck. The sports cars segment is expected to dominate the global market during the forecast period. Several brands in the market are catering high-speed sports cars to the professional as well as consumer segments. With an increased sale of the sports car, the demand for ultra-high-performance tires is also surging from the OEMs and aftermarket (replacement).

 

The key players operating in the global ultra high performance tire market are MICHELIN (France), Bridgestone Corp. (Japan), The Goodyear Tire and Rubber Co. (US), Continental AG (Germany), Hankook Tire and Technology Co. Ltd. (South Korea), Toyo Tire Corporation (Japan), Yokohama Rubber Co. Ltd. (Japan), Pirelli (Italy), Cooper Tire and Rubber Co. (US), and Kumho Tire Co. Inc. (South Korea).

 

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global ultra high performance tire market, including high-growth regions and/or countries and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis.

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