Ultra-High-Performance Tires- Global Market Overview

Product Overview:

The High-performance tire referred to H rated tires 70 series and under. Whereas, Ultra-High-Performance tires are V-and Z-series. UHP tires were a specialty advertise, a sub-section of the superior class.

These tires need to give grip in dry and wet conditions, handle at any rate some light snow, give dependability at speed and amid cornering and braking. They are quite and hard-wearing. Summer tires offer a definitive grip on wet and dry roads and they are suitable for warm weather conditions. UHP all-season tires can be utilized as a part of most climate conditions and offer at any rate humble snow equilibrium.

Global Ultra-High-Performance tires market is expected to grow at a CAGR of over 15% over the 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.

Some of the major players operating globally in Ultra High-Performance tire market are Michelin, Bridgestone, Goodyear, Yokohama, Continental, BKT, Pirelli, Hankook etc.

In 2016, Michelin leads among both summers and all season ultra-high-performance tires. Michelin Pilot Super Sport is the most spelling product and is the leader among summer Ultra-high-performance tires market with remarkable braking performance. In Ultra-high-performance all season tires, Michelin Pilot Sport A/S 3+ leads the market with its strong all climate condition grip and excellent tread life.

In March 2017, Goodyear under the brand name Debica launches ultra-high-performance summer tire Presto UHP2. The tire offers increased mileage, high number of biting edges, excellent wet surfaces grip and low rolling resistance.

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United States Market for Ultra-High-Performance Tire:

                                                                                                                                             Source: OICA

United States has one of the largest automotive tire market and the second largest automobile market across the globe. A slow increase in the market was witnessed during 2012, which was neglected due to increment in the sales of automobiles during 2013-2016. Increasing automobile sales paired with increasing vehicle fleet are expected to drive the country’s tire industry through 2022. Moreover, growth in the country’s tire industry is backed by increasing sales volume of different vehicle segments, which is resulting in expansion of replacement automotive fleet in the country. The country’s automobile sales, comprising passenger cars and commercial vehicles, grew from around 14.7 million in 2012 to about 17.8 million units in 2016.

Growing Replacement Market of Tires in United States:

United states tire market is dominated by the replacement segment. In 2016, over 80% of share, in volume terms, in the market was captured by replacement tire segment, while remaining was held by the OEM segment. Volume share of replacement and OEM tire segments is forecast to witness marginal change over the next five years.

Growing replacement tire market will drive the tire market which in turns drive the ultra-high-performance tire market in the country.

Increasing demand of Electric and Hybrid Vehicles in United States:

According to International Energy Agency (IEA), due to 17% reduction in the battery prices of the electric vehicles, the sales of electric vehicles in 2016, witnessed a robust growth as compare to previous years.

Penetration of electric and hybrid vehicles is fuelling the demand for ultra-high-performance tires in the country due to their better handling, higher fuel efficiency and safety. Growth is also fuelled by consumer popularity for ultra-high speed rated tires. It is anticipated that this segment will continue to grow over the coming years. The main reasons may be durability and reliability of Ultra-High-Performance tires, they also give better service. Increasing demand of electric vehicles drives the ultra-high-performance tire market in the country.

Conclusion: 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 which will further boost the demand for ultra-high-performance tires.