Global Performance Tires Market, By Type (V Symbol, Z Symbol, W Symbol, Y Symbol), Application (Passenger Tires, Light Truck/SUV Tires), Tire Type (Racing Slick, Tread Tire, Other Tire Types), Sales Channel Type (OEM, Replacement/Aftermarket), Design (Radial, Bias), Vehicle Type (Passenger Cars, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, Off-The-Road (OTR)), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Performance Tires Market Analysis and Insights : Global Performance Tires Market
Performance tires market will reach at an estimated value of USD 114.3985 million and grow at a CAGR of 14.10% in the forecast period of 2021 to 2028. Increasing demand for power-efficient and high-performance electronic devices is an essential factor driving the performance tires market.
A tire or tyre is defined as a ring-shaped component which surrounds a wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground and also helps in providing traction on the surface over which the wheel travels. Tires help in providing a footprint which is called a contact patch, that is designed to match the weight of the vehicle with the bearing strength of the surface.
Rise in the consumption of tires in the passenger car and especially in heavy commercial vehicles is a crucial factor accelerating the market growth, also rising focus on reduction in carbon footprints, rising need for convenience and driver assistance, increased maintenance and replacement costs of conventional OTR tires, rising innovations in materials and advancements utilized for automotive manufacturing, the normal operational period of vehicles has expanded considerably, which in turn increases the demand for vehicles, rise in the production of vehicles all over the globe, rising demand of the vehicles due to increase in population and increasing disposable income are the major factors among others boosting the performance tires market. Moreover, rising technological advancements and increasing modernization in the production techniques of vehicles and rising research and development activities in the market will further create new opportunities for performance tires market in the forecast period mentioned above.
However, increase in the prices of vehicles due to increased technology is the vital factor among others which will curtail the market growth, and will further challenge the performance tires market in the forecast period mentioned above.
This performance tires market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on performance tires market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Performance Tires Market Scope and Market Size
Performance tires market is segmented on the basis of type, application, tire type, sales channel, design and vehicle type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, performance tires market is segmented into V symbol, Z symbol, W symbol and Y symbol.
- Based on application, the performance tires market is segmented into passenger tires and light truck/SUV tires.
- Based on tire type, the performance tires market is segmented into racing slick, tread tire and other tire types.
- Based on sales channel, performance tires market is segmented into OEM and replacement/aftermarket.
- Based on design, performance tires market is segmented into radial and bias.
- The performance tires market is also segmented on the basis of vehicle type into passenger cars, light commercial vehicle, medium and heavy commercial vehicles, two wheelers, three wheelers and off-the-road (OTR).
Performance Tires Market Scope Country Level Analysis
Performance tires market is analysed and market size, volume information is provided by country, type, application, tire type, sales channel, design and vehicle type as referenced above.
The countries covered in the performance tires market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Europe dominates the performance tires market due to rise in the production standards of tire manufacturing, rising sustainable innovation, rising demand for replacement/aftermarket tires, rise in the different types of automotive racing competitions and rise in the production of vehicles in this region.
The country section of the performance tires market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Performance Tires Market Share Analysis
Performance tires market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to performance tires market.
The major players covered in performance tires market report are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tyre & Rubber Company, Pirelli & C. S.p.A., Sumitomo Corporation, Yokohama Tire Corporation, Hankook Tire & Technology Co.,Ltd., Nokian Tyres plc, CEAT Ltd., Toyo Tire Corporation, Shandong Tang Ren Import and Export Trading Co., Ltd., Hebei Huichao Machinery Parts Co., Ltd., PDW GROUP OFFICIAL SITE., Jiangxi Deyou Technology Co., Ltd., Pengda Rubber Product Factory and Qingdao Keter Tyre Co.Limited Trading Company among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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