Europe UHP Tire Market to Cross $ 15 Billion by 2023
Rising demand for high performance vehicles and growing
preference of automakers for UHP Tries to Fuel UHP Tire Market in Europe
through 2023
According to TechSci Research report, “Europe Ultra High Performance (UHP) Tire Market By Country, Competition
Forecast & Opportunities, 2013 – 2023”, UHP tire market in
Europe is projected to cross $ 15 billion by 2023. Anticipated growth in Europe UHP tire market
can be attributed to growing preference of consumers towards tires that can
provide better comfort even at high speed and over bumpy areas, while ensuring enhanced
safety. Additionally, rising technological advancements in tire manufacturing
processes has allowed tire manufacturers to offer UHP tires for all the
seasons, which is further expected to positively influence the market over the
next five years. Pirelli is the most recognized UHP tire manufacturer across the
Europe as more than 23% of the respondents expressed knowledge of brand in a
‘Voice of Consumer’ survey conducted by TechSci Research. Moreover, Pirelli
grabbed the highest satisfaction level among customers across Europe in terms
of lifetime, vehicle compatibility and performance attribute of UHP tires.
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UHP tires with a speed rating of “V” are the most popular in Europe as
most of the low level hatchbacks and sedans are equipped with V rated tires. Earlier,
UHP tires were being specifically installed on high-end sports cars like
Porsche, Lamborghini, etc., or only drive enthusiasts would invest in high
priced UHP tires, however, that is not the case today, the consumer base for
UHP tires has significantly broadened since then. Summer & All-Season tires are the most
preferred tire types for UHP tires across Europe. The replacement tires are
likely to dominate Europe UHP tire market, on account of shorter replacement
cycles of these tires as compared to standard tires. A large demand for UHP
Tires emanates from Germany and the UK, on the back of huge fleet size of
performance vehicles, SUVs and CUVs in both of these countries.
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Michelin, Pirelli, Bridgestone, Goodyear and
Continental are few of the market leaders in Europe UHP tire market. “Increasing inclination of consumers as well as automakers towards sports
cars, along with growing preference of car manufacturers towards UHP tires, is
expected to have a huge positive impact on Europe UHP tire market in the coming
years. Moreover, rising demand for performance vehicles due to better ride
quality and increasing consumer awareness about tire safety would significantly
boost UHP tire sales during the forecast period.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Europe Ultra High
Performance (UHP) Tire Market By Country, Competition Forecast &
Opportunities, 2013 – 2023”
has analyzed the potential of UHP tire market in Europe, and provides
statistics and information on market sizes, shares and trends. The report will
suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by Europe UHP tire market.
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