The global ultra-high performance (UHP) tire market is expected to attain a valuation of USD 13.6 billion in 2023 and is projected to reach USD 39 billion by 2033, anticipated to rise at a CAGR of 11.1% during the forecast period.
The market for high-performance and ultra-high-performance tires has witnessed a substantial increase in sales over the years. This growth can be attributed to the rising popularity of various automotive racing competitions, which serve as a key driver for the demand of high-performance tires.
The demand for high performance tires is expected to witness substantial growth due to the increasing global popularity of various automotive racing events. Initially centered around well-known car racing series like Formula One, NASCAR, and motorbike races, these competitions attracted numerous sponsorships and promotional activities.
However, in recent years, racing events have diversified, encompassing a wide range of vehicle types with varying engine sizes, including SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars. This expansion has contributed significantly to the market's growth.
Tire manufacturers are incorporating advanced technologies to create high-performance tires that redefine the limits of size, speed, and performance attributes. These next-generation tires prioritize multi-season driving safety, ride comfort, reduced noise levels, and enhanced fuel efficiency to meet evolving customer preferences.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 13.6 billion |
| Anticipated Forecast Value (2033) | USD 39 billion |
| Projected Growth Rate (2023 to 2033) | CAGR of 11.1% |
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The ultra-high performance (UHP) tire market was worth USD 8.1 billion in 2018. It accumulated a market value of USD 11 billion in 2022 while growing at a CAGR of 7.9% during the historical period.
Sales of ultra high-performance tires increased at a 7.9% CAGR between 2018 and 2022, with countries such as the USA, India, Germany, Japan, and China accounting for a substantial portion of the global market.
Increasing demand for replacement of tires for maintenance is boosting growth of the ultra-high performance tire market. Besides this, growing sales of high performance cars for NASCAR, Formula One and other professional automotive races will continue pushing sales of ultra-high performance tires.
UHP tires effectively improve road grip and maintain vehicle control at high speed. Rising demand for luxury and sports utility vehicles (SUV) is expected to bode well for the global UHP tires market in the forthcoming years. As a result, the ultra-high performance tire market is projected to grow at an 11.1% CAGR during the forecast period of 2023 to 2033.
Demand for high-performance tires has increased remarkably in recent years owing to surge in various types of automotive racing competitions. Competitive automotive racing events such as NASCAR and Formula One launch various promotional activities and sponsorships to generate interest among the audience.
All vehicles used in these events are equipped with the ultra-high performance tires. This is expected to continue boosting sales of ultra-high performance tires over the forecast period.
Principal Consultant
As per FMI, China is projected to account for nearly one-third of the East Asia market share, creating an incremental opportunity of above USD 1.1 billion in 2033. The sales of these tires in China are projected to rise with a CAGR of 11.3% during the forecast period.
China is expected to remain one of the top producers of automotive tires across the globe. UHP tire distributors in China are expanding their operations and distribution channels in countries such as Australia and India. Also, many manufacturers form China export their tires to countries all over the world, which is expected to augment growth of the UHP tires market in China.
The United States is projected to account for approximately 83% of the North America UHP tires market in 2023. The regions demand for ultra high performance tires is expected to grow with a CAGR of 11.2% during the forecast period.
Road journeys are becoming mainstream in warm-weather cities on the West Coast. As individuals become less willing to use public transportation, reliance on personal transportation is increasing, which in turn is spurring demand for UHP tires.
Growth of the ultra high performance tires market in the United States can also be attributed to increasing vehicle production driven by strong presence of key manufacturers. Apart from this, high demand for luxury cars is anticipated to continue pushing sales of UHP tires in the United States in the forthcoming years.
Germany is projected to account for 20% of the Europe UHP tires market share in 2033. The sales of these tires in the region is expected to rise with a significant CAGR of 11% during the forecast period. When it comes to ultra high-performance tires, German consumers have high expectations.
Shifting consumer preference towards high performance automotive components, along with rapid expansion of the automotive sector in Germany is expected to propel sales of UHP tires over the assessment period.
Sales of all-season tires are expected to grow at an impressive 11.7% CAGR over the forecast period of 2023 to 2033. All-season tires are becoming increasingly popular as they are designed for wet and dry roads, suiting all types of weather conditions.
These tires are available in a wide range of sizes that match vehicle performance dynamics and meet drivers’ expectations. Owing to these factors, sales of all-season UHP tires are projected to increase over the forecast period.
The sports cars segment is projected to create an absolute dollar opportunity of more than USD 11.3 billion during the period of 2023 to 2033. The use of ultra high performance tires in sports cars is expected to increase with a CAGR of 12.2% during the forecast period.
Due to consistent improvements in the automotive sector and growing preference for personal mobility, sales of sports vehicles have increased, and the trend is expected to continue in the forthcoming years.
Sports cars are gaining popularity as they have larger engine size and light overall weight. Increasing sales of sports cars will continue providing tailwinds to UHP tire sales over the assessment period.
The aftermarket segment is projected to account for more than 78.6% of the total market share by 2033. The segment is expected to exhibit a CAGR of 11.8% during the forecast period. Increasing replacement rates of tires due to excessive wear and tear is expected to boost sales of UHP tires through aftermarket.
Ultra-high-performance tires are recommended to be replaced every 60 to 120 Km ideally during automotive racing. Other factors such as quality of the tires and the substance they are made of might affect their lifespan.
Cars parked under extreme sunlight for longer duration experience wear and tear and erosion of tires. The sun and heat erode the rubber, leading the tires to wear off over time. If left ignored for too long, the material may tear leading to the serious damage to the rim of tires. This is expected to result in high demand for UHP tires over the forecast period.
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Start-ups are crucial in identifying growth opportunities, including the ultra-high performance (UHP) tire market. They effectively translate inputs to outputs and adapt to market uncertainties, contributing to the industry's expansion. Some start-ups are expected to drive growth in the ultra-high performance (UHP) tire market.
The market for ultra-high performance (UHP) tire is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players 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:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 13.6 billion |
| Market Value in 2033 | USD 39 billion |
| Growth Rate | CAGR of 11.1% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Tire Type, Vehicle Type, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, Malaysia, Singapore, Thailand, Indonesia, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | United States; Canada; Brazil; Mexico; Germany; United Kingdom; France; Spain; Italy; China; Japan; Malaysia; Singapore; Thailand; Indonesia; South Korea; Australia; New Zealand; GCC Countries; South Africa; Israel |
| Customization & Pricing | Available upon Request |
Trends include the increasing demand for sports cars, and performance vehicles, and the growing emphasis on vehicle customization.
UHP tires have specialized rubber compounds, innovative tread patterns, and construction that enhance grip and performance at higher speeds.
UHP tires provide improved handling, braking performance, and responsiveness, making them suitable for enthusiasts and drivers seeking enhanced driving dynamics.
Electric and hybrid vehicles also benefit from UHP tires as they require high-performance tires to maximize the potential of their instant torque delivery.
Challenges include balancing performance with tread life, addressing noise and ride comfort concerns, and adapting to changing vehicle technologies and regulations.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tire Type 5.1. Summer 5.2. Winter 5.3. All-Season 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 6.1. Sports Car 6.2. SUV/MUV 6.3. Light Trucks 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. OEM 7.2. Aftermarket 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Continental AG 16.2. Goodyear Tire & Rubber Company 16.3. Michelin Group 16.4. Pirelli & C. S.p.A. 16.5. Bridgestone 16.6. KUMHO TIRE Co., Inc. 16.7. Yokohama Rubber Co., Ltd 16.8. Nankang Rubber Tire Corp., Ltd. 16.9. HANKOOK TIRE & TECHNOLOGY Co., Ltd. 16.10. Toyo Tires 16.11. Nitto tires 16.12. NEXEN TIRE 16.13. The Hercules Tire and Rubber Company 16.14. Sumitomo Rubber Industries (Dunlop Tires) 16.15. Chaoyang Tires, LLC 16.16. Cooper Tire & Rubber Company 17. Assumptions & Acronyms Used 18. Research Methodology
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Ultra-High Performance (UHP) Tire Market
