Market Size of High Performance Tire Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 53.25 Billion |
Market Size (2029) | USD 82.18 Billion |
CAGR (2024 - 2029) | 9.07 % |
Fastest Growing Market | Europe |
Largest Market | Europe |
Major Players*Disclaimer: Major Players sorted in no particular order |
High Performance Tires Market Analysis
The High Performance Tire Market size is estimated at USD 53.25 billion in 2024, and is expected to reach USD 82.18 billion by 2029, growing at a CAGR of 9.07% during the forecast period (2024-2029).
- The COVID-19 pandemic significantly affected the automotive tire market in the short term, as the production and sales of new vehicles declined in 2020. Moreover, people stayed mostly indoors owing to the restrictions imposed by authorities, which further decreased revenues due to low maintenance and tire replacements.
- The sales of high-performance tires have increased significantly over the years, owing to a rise in the different types of automotive racing competitions, which acts as a significant driver for the high-performance and ultra-high-performance tires market.
- The growing popularity of various types of automotive racing worldwide has helped boost the market's growth to a significant extent. Competitive automotive racing was initially focused on popular car racing series, such as Formula One, NASCAR, and motorbike races, which attracted many sponsorships and promotional activities. However, over the years, racing competitions have witnessed an increase in the number of different types of races, with vehicles having varying engine sizes, such as SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars.
- Furthermore, tire manufacturers are utilizing new technologies in producing high-performance tires that push the boundaries of size, speed, and performance characteristics. Many of these next-generation high-performance tires offer multi-season driving safety, ride comfort, low noise, and improved fuel efficiency to satisfy changing customer needs.
High Performance Tires Industry Segmentation
High-performance tires are designed to provide cars with a more gripping, responsive contact to the road in both wet and dry situations. Performance tires are built and designed with specialized and unique compounds, materials, and tread patterns, all of which are focused on giving the highest performance. Performance tires are intended to provide enhanced performance by altering the characteristics of the car by boosting road grip, as well as responsiveness, handling, braking, and steering wheel feedback.
The high-performance tires market has been segmented by tire type, sales channel type, vehicle type, and geography. Based on tire type, the market has been segmented as racing slick, tread tire, and other tire types. Based on sales channel type, the market has been segmented into OEM and replacement/aftermarket. Based on vehicle type, the market has been segmented into racing cars and off-road vehicles, and based on geography, the market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World.
The report offers the market size and forecast of the high-performance tires market in value USD million for the segments mentioned above.
Tire Type | |
Racing Slick | |
Tread Tires | |
Other Tire Types |
Sales Channel Type | |
OEM | |
Replacement/Aftermarket |
Vehicle Type | |
Racing Cars | |
Off-the Road Vehicles | |
Other Vehicle Types |
Geography | |||||||
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High Performance Tire Market Size Summary
The high-performance tire market is poised for significant growth, driven by the increasing popularity of automotive racing and advancements in tire technology. The market has rebounded from the initial setbacks caused by the COVID-19 pandemic, which had temporarily dampened production and sales. The rise in various automotive racing competitions, including those featuring SUVs, dirt bikes, and other vehicle types, has been a key driver for the demand for high-performance and ultra-high-performance tires. Manufacturers are leveraging new technologies to enhance tire performance, offering features such as multi-season driving safety, improved fuel efficiency, and enhanced ride comfort. This technological advancement is meeting the evolving needs of consumers who prioritize vehicle safety, acceleration, and fuel efficiency.
The global expansion of the automotive sector, coupled with rising disposable incomes and advanced automotive infrastructure, is further propelling the demand for high-performance tires. The growing interest in electric vehicles, known for their reduced noise and pollution, is also expected to contribute to market growth. The aftermarket segment is particularly robust due to the faster wear of high-performance tires used in racing, necessitating frequent replacements. Regions like Western Europe, with its strong automotive presence and numerous racing events, play a crucial role in the market's expansion. Leading tire manufacturers are actively investing in production capacity and technological innovations to maintain their competitive edge, ensuring a dynamic and competitive market landscape in the coming years.
High Performance Tire Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD Billion)
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2.1 Tire Type
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2.1.1 Racing Slick
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2.1.2 Tread Tires
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2.1.3 Other Tire Types
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2.2 Sales Channel Type
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2.2.1 OEM
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2.2.2 Replacement/Aftermarket
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2.3 Vehicle Type
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2.3.1 Racing Cars
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2.3.2 Off-the Road Vehicles
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2.3.3 Other Vehicle Types
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Asia-Pacific
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2.4.2.1 China
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2.4.2.2 Japan
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2.4.2.3 India
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2.4.2.4 South Korea
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2.4.2.5 Rest of Asia-Pacific
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2.4.2.6
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Russia
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2.4.3.5 Rest of Europe
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2.4.4 Rest of the World
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2.4.4.1 South America
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2.4.4.2 Middle East and Africa
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High Performance Tire Market Size FAQs
How big is the High Performance Tire Market?
The High Performance Tire Market size is expected to reach USD 53.25 billion in 2024 and grow at a CAGR of 9.07% to reach USD 82.18 billion by 2029.
What is the current High Performance Tire Market size?
In 2024, the High Performance Tire Market size is expected to reach USD 53.25 billion.