Germany to Continue Dominating Europe Ultra High-Performance (UHP) Tire Market through 2023
Growth in SUV and CUV
segments along with improved performance and safety of UHP tries to aid growth
of Europe UHP tire market through 2023
According
to TechSci Research report, “Europe
Ultra High-Performance (UHP) Tire Market By Vehicle Type, By
Tire Type, By Demand Category, By Country, Competition Forecast &
Opportunities, 2013 - 2023”,
Europe UHP tire market is projected to cross $ 15 billion by 2023. Anticipated
growth in the market can be attributed to rising sales of premium vehicles
across the countries in the region. Moreover, various advantages are associated
with UHP tires, such as these tires can withstand extreme temperatures, which further
makes them a favourable choice in cars. Additionally, SUVs and CUVs are gaining
traction across Europe, consequently, demand for UHP tires is likely to witness
an upsurge as these vehicles are equipped with high powered engines.
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Tire Market"
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Germany
dominates Europe UHP tire market and is likely to maintain its dominance in the
coming years as well, on the back of rising sales of premium and utility
vehicles across the country. Among
vehicle types, passenger car is the leading segment backed by rising number of
nuclear families and increasing per capita income resulting in growing demand
for passenger cars. Rising presence of various companies such as Michelin, Bridgestone Corporation, The Goodyear Tire &
Rubber Company, Continental AG, Hankook Tire Co., Ltd., Pirelli & C.
S.p.A., etc., and their expanding operations in the region’s tire
industry are anticipated to intensify competition in Europe UHP tire market over
the course of next five years.
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“Automakers across the globe are focusing on
offering UHP tires as this segment offers them high profit margins as compared
to other tires. Moreover, UHP tires were earlier available only as summer
tires, however with the advancement in technology, manufacturers are now
focusing on winter and all-seasons tires, which is further expected to fuel
their demand over the coming years across Europe.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Europe Ultra
High-Performance (UHP) Tire Market By Vehicle Type, By Tire Type, By
Demand Category, By Country, Competition Forecast & Opportunities, 2013 -
2023”
has analyzed the potential of UHP tire market across 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 Europe UHP tire market.
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