Global Ultra High-Performance Tire Market to Witness Growth at 15% CAGR
Increasing vehicle
fleet, growing technological advancements, increasing demand for low noise and
better fuel efficiency tire, drive the Global Ultra High Performance Tire
Market through 2022
According to TechSci Research report, “Global Ultra High-Performance Tire Market,
By Vehicle Type (Passenger Cars, Commercial Vehicles etc.), By Tire Type, By
Demand Category, By Company, By Region, Forecast & Opportunities, 2016-2022’’, Ultra High-Performance tire market is expected to grow at
a CAGR of over 15% during next five years due to rising technological
advancements, demand for multi season driving tires, safety, luxury, extended
tread wear and better fuel efficiency in tires. Moreover, tire manufacturers
are continuously working on new technologies in the development of
ultra-high-performance tires that will push the speed limits, tire sizes and
performance which will further drive the Ultra High-Performance Tire market
during the forecast period.
Moreover,
the increasing demand from the automotive aftermarket segment is expected to
drive the growth of the Global Ultra High Performance Tire market during forecast period. Automotive
Aftermarket segment is the secondary market of the automotive
industry, where remanufacturing, installation of all vehicle parts, distribution
and accessories are changed after the vehicle sale by the original
equipment manufacturer (OEM). Further, the increased adoption of Ultra High-Performance Tires in the
racing competitions like motorbike races, Formula One, NASCAR etc will ensure
robust growth of the market in the next five years.
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On the basis of the type of vehicle, the
passenger cars segment is expected to dominate the the Global Ultra High Performance Tire Market, in
volume terms during the forecast period owing to the increasing production and sales of
passenger vehicles globally. Moreover, the growing innovations in the passenger
car segment by key players is anticipated to drive the growth of the market in
the future.
Michelin, Bridgestone, Goodyear, Yokohama, Continental, BKT etc,
are major companies operating in the Global Ultra High-Performance Tire Market.
Asia Pacific is expected to lead the Ultra High-Performance
Tire market during the forecast period owing to the attributed to growing demand
for automobiles, expanding automobile fleet in the region, increasing
production capacity and the presence of major automotive OEMs. Moreover, the increasing
per capita income and anticipatory new vehicle launches by the automotive
companies present in emerging economies like China and India are anticipated to
act as driving forces for the market in APAC in the coming years.
“The
innovations by tire manufacturers like Michelin, Bridgestone etc such as the Ultra-High
Performance All-Season tires that combine wet and dry grip for summers with
cold weather and light snow mobility for luxury as well as sports vehicles are
expected to have a positive impact on the growth of the market in the next five
years. Moreover, the increasing demand of Ultra-high performance from the
automotive aftermarket is anticipated to drive the
growth of Ultra High-Performance Tire market through 2022.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Ultra
High-Performance Tire Market, By Vehicle Type (Passenger Cars, Commercial
Vehicles etc.), By Tire Type, By Demand Category, By Company, By Region,
Forecast & Opportunities, 2016-2022” has evaluated the future growth potential of Global Ultra
High Performance Tire market and provides statistics and information on market
size, structure and future market growth. The report offers decision makers
superior market intelligence, thereby enabling them conduct thorough investment
appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Ultra High
Performance Tire Market.
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