The high-performance tire market is expected to witness an estimated CAGR of around 15.5% during the forecast period, 2018-2023.
High-performance tires have a substantial demand from the aftermarket segment, particularly in the racing segment.
A racing vehicle requires about nine to 14 sets of tires on an average in a racing championship circuit. In a racing championship, a team requires an average of 36-58 tires.
The average cost of a racing tire ranges from USD 1,500-USD 2,600, which costs around USD 63,000–USD 157,000 for a team to buy racing tires, per championship. The market is expected to grow significantly with the increased interest among racing enthusiasts.
Racing and sporting events have played a significant role in the growth of the automotive industry, offering automotive manufacturers an opportunity to promote high-performance automotive components such as engines, external parts and tires.
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Growing Popularity of Diverse Racing Competitions is Majorly Driving the Market
The sales of high performance tires have increased significantly due to the rise in the number and type of automotive racing competitions, which act as major drivers for the high performance and ultra-high performance tire market. Increase in popularity for various types of automotive racing around the world has helped to boost the growth of the market 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, there has been an increase in the variety of races with different types of vehicles having varying engine sizes, such as SUVs, dirt bikes, monster trucks, solar car, sprint car and touring car.
The reinforcement variants available in the manufacturing of racing tires is a key development across the high performance tire market.
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Key Developments in the Market
- April 2016: Michelin announced the specially developed version of its Pilot Sport Cup 2 tires, to be the sole original equipment fitment on the new limited special model BMW M4 GTS.
- January 2018: Petlas’ forklift tires range has been stretched out to include 17 sizes and three patterns (HL10, HL30 and HL40).
- January 2015: Michelin launched the BIBLOAD, which is specifically designed for asphalt and other solid surface applications.
Major Key Players:
BRIDGESTONE, MICHELIN GROUP, MRF TIRES, GOODYEAR DUNLOP TIRES, CONTINENTAL, YOKOHAMA RUBBER CO., LTD amongst others
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