High performance tires are made with advanced technologies using silica compounds and additives. These tires are designed to deliver superior traction, provide fast response, and quality ride handling. These tires have wider tread for better road grip.
Rise in demand for high clearance and powerful vehicles, such as SUVs, have fueled the demand for high performance tires. Rise in number of young consumers who demand for performance ride is boosting the demand for the high performance tire for automotive. High performance tires have shorter stopping distance, lateral grip, and good wet traction and hence, improve vehicle safety. Rising demand for fuel efficiency from consumers has fueled the demand for high performance tires. The European Union has enacted tire labelling legislation since 2012, wherein tires are labelled according to their wet grip, fuel efficiency, and emission. Such mandates are instrumental in boosting the demand for high performance tires. Increase in vehicle ownership in emerging economies, such as India and Brazil, is expected to boost the high performance tire market for automotive.
The global high performance tire market for automotive can be segmented based on speed rating, rim size, vehicle type, sales channel, and region. Based on speed rating, the high performance tire market for automotive can be classified into H rated, V rated, Z rated, and others. H rated tires have a speed rating of 130 mph and are highly effective as high performance tires. V rated tires have a speed limit of 149 mph and are widely utilized in sport sedans, coupes, and sports cars. Z rated tires perform at speeds higher than 149 mph.
Based on vehicle type, the high performance tire market for automotive can be divided into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment accounted for a dominant share of the market. However, demand for high performance tires is projected to increase significantly in light commercial and heavy commercial vehicles.
In terms of sales channel, the high performance tire market for automotive can be bifurcated into OEM and aftermarket. The OEM segment held a dominant share of the high performance tire market due to its extensive use by automakers. Rise in demand is expected to boost the aftermarket segment at a considerable rate during the forecast period.
Based on region, the global high performance tire market for automotive can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are mature markets for high performance tires for automotive. Rise in demand for premium vehicles and consumer affordability in Asia Pacific and Latin America is expected to propel the high performance tire market for automotive in these regions.
Key players operating in the global high performance tire market for automotive are Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Michelin, Pirelli & C.S.p.A., Sumitomo Rubber Industries, Ltd., Yokohoma Rubber Co. Ltd., and Cooper Tire & Rubber Company.
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