According to Future Market Insights, the global ultra-high performance (UHP) tire market is anticipated to attain a valuation of US$ 13.6 billion in 2023. From 2023 to 2033, sales of ultra-high performance (UHP) tires are estimated to incline at a CAGR of 11.1%, concluding at US$ 39 billion.
The market is experiencing substantial growth due to the rapid expansion of the automotive sector. The growth is attributed to rising demand for commercial and passenger vehicles, booming transportation industry, inflating disposable incomes, and the presence of advanced automotive infrastructure in many countries. Rising preference for electric cars, driven by their reduced noise and pollution levels, is anticipated to generate significant demand for high-performance wheels in the foreseeable future.
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The aftermarket demand for high-performance tires is primarily driven by the accelerated wear and tear experienced by softer rubber tires designed for extremely high speeds. In racing championships, where high-performance tires have the greatest presence, teams typically utilize between 9-14 sets of tires depending on track length, surface type (such as asphalt or concrete), and track category (like short track, speedway, superspeedway, or road course). As a result, the aftermarket segment witnesses a significantly higher demand for high-performance tires compared to the OEM segment.
Key Takeaways
- The market in the United States is expected to grow with a CAGR of 11.2% during the forecast period.
- The demand for ultra-high performance (UHP) tire in China is expected to grow with a CAGR of 11.3% during the forecast period.
- By vehicle type, sports car segment is projected to grow with a CAGR of 12.2% during the forecast period.
- Germany is expected to grow with a CAGR of 11% throughout the forecast period.
“Increasing preference of sports vehicles and rising aftermarket demand is expected to bode well for market growth,” comments an FMI analyst.
Competitive Landscape
The market for ultra-high performance (UHP) tire is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
Key industry players are 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:
- In September 2022, Bridgestone Americas launched the Firestone Firehawk AS V2, a new all-season ultra-high-performance tire.
- In May 2022, ZC Rubber introduced the Westlake ZuperAce Z-007, a new line of ultra-high-performance passenger car tires. These tires are constructed with nano-silica technology, enhancing both grip and fuel efficiency.
- Hankook Tire introduced the Ventus S1 AS, an ultra-high-performance (UHP) all-season tire, in March 2022. Designed with an asymmetric tread pattern, the Ventus S1 AS ensures optimal driving performance throughout every season.
- In September 2021, Continental introduced the Super Contact 7 ultra-high-performance tires. These tires boast significant improvements, with a claimed six percent better dry braking performance and a 17 percent longer service life compared to their predecessors.
Key Segments Profiled in the Ultra-High Performance (UHP) Tire Market Survey
By Tire Type:
- Summer
- Winter
- All-Season
By Vehicle Type:
- Sports Car
- SUV/MUV
- Light Trucks
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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