Ultra High Performance Tire Market overview
It is expected that the Ultra High-Performance Tire Market will gain USD 31.19 billion by 2030 and a CAGR of 11.36% during the forecast period. The market value is USD 11.14 billion in 2021. The hire performance tires are created using advanced technologies using additives and silica compounds. The advantages of using this tire are a super transaction, quality ride handling, and fast response. It also has a wide tread to give the vehicle a better road grip.
The Ultra High-Performance Tire is made for the driving enthusiast who uses luxury or sports vehicles by offering optimized handling capabilities. It is made to handle the greater horsepower, enhance high performance and driving and provide responsible driving with great traction. The max speed of the ultra-high-performance tire is 149 mph or more. The manufacturing and capital intensive and the technical expertise needed to develop the product are high. The increasing demand for high clearance, powerful vehicles, like SUVs, boosts the demand for high-performance tires.
The number of young drivers is increasing, and the Zen z population is mostly interested in high-performance vehicles, which propels the market growth in the forecast period. COVID 19 on the Ultra High-Performance Tire Market is negative as the automotive industry was also got impacted by the pandemic. The production and sales of automotive vehicles decreased, which led to a decline in the market. The safety concerns, lateral grip and high-performance tires will enhance the market growth. The increasing raw materials prices needed to manufacture ultra-high-performance tires will hinder the market in future.
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Ultra High Performance Tire Market segmentation
the Ultra High-Performance Tire Market is segmented by tire type, demand category and vehicle type. By the Tire Type, the market is divided into Summer, All-Season, and Winter. Based on the Demand Category, the market is categorized into OEM and Replacement. The OEM segment will register a high growth rate and will dominate the market during the forecast period. It shows the rate of revenue and production. The Ultra High-Performance Tire Market Vehicle Type are fragmented into Sports Cars, SUV/ MUV, and Light Truck. Cars would witness high CAGR and will have strong market growth in future. The segment will improve the market opportunities in the forecast period.
Ultra High Performance Tire Market Regional analysis
The Ultra High-Performance Tire Market is analyzed in North America, Asia Pacific, Europe, and the rest of the world. North America will hold the largest market share, including the European region. The region is growing with a high market stake and will showcase substantial growth in the forecast period. The Asia Pacific region is also experiencing growth due to the rising demand for premium vehicles and consumer affordability. The presence of automobiles in the Latin American region will also propel market growth in the forecast period. Each region will have a great impact on the market, and it will create new opportunities in the future for newer and better tires.
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Ultra High Performance Tire Industry news
South Korean tire maker Kumho Tire said Monday that it had launched MajestyX Solus, a new ultra-high performance tire targeting the premium vehicle market.
Ultra High Performance Tire Key Players
· MICHELIN (France)
· Bridgestone Corp. (Japan)
· The Goodyear Tire and Rubber Co. (US)
· Continental AG (Germany)
· Hankook Tire and Technology
· Toyo Tire Corporation (Japan)
· Yokohama Rubber Co. Ltd. (Japan)
· Pirelli (Italy)
· Cooper Tire and Rubber Co. (US)
· Kumho Tire Co. Inc. (South Korea)
