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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.