United States Ultra High Performance Tires Market to grow at a Significant Rate through 2026
Increasing demand for racing tires and production of quality tires is expected to drive the demand for United States ultra high performance tires market for the forecast period.
According to TechSci Research report, “United States Ultra High Performance Tires Market By Demand Category (OEM, Replacement) By Tire Type (Summer, Winter and All Season) By Vehicle Type (Passenger car, Two-Wheeler) By Company, By Region, Forecast & Opportunities, 2026”, United States ultra high performance tires market is expected to witness significant growth for the next five years owing to need for tires in harsh summer seasons and increasing vehicle production in the region. An ultra high performance tires majorly focuses on grip of the vehicle and are also referred as extreme performance tires or max performance tires. These tires can be denoted by maximum speed rating of 149 mph or more. The tires are best suited for dry surfaces, but they also can be driven over rainy surfaces. Ultra high performance tire enhance the driving performance, handle a greater horsepower and improve the vehicle traction. Increasing consumer demand for high performance vehicles is a major driver for the market growth. High-end investments by major tire manufacturers to increase the tore performance and preference of original equipment manufactures to fit ultra high performance tires is contributing to high market growth for the forecast period. Increase in affordability of consumer and high demand for SUV & CUV segment is expected to accelerate the market growth. Tire manufacturers have collaboration with racing teams and original equipment manufacturers to increase the market growth.
Since the onset of pandemic COVID-19, complete lockdown was announced by leading authorities of United States to fight the novel coronavirus. Many sports events were cancelled or postponed which impacted the ultra high performance tires market. Manufacturing units were shutdown and lockdown created loss of skilled labors. After the lockdown was revoked in the region, the ultra high performance tire is expected to pick up the pace eventually.
However, high cost of ultra high performance tires may create hindrance in the market growth.
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United States ultra high performance tires market is segmented into demand category, tire type, vehicle type, regional distribution, and company. Based on demand category, market is further bifurcated into OEM and replacement. Replacement tires segment is expected to witness growth for the forecast period. Increasing investments by vendors to adopt attractive marketing strategies to increase brand awareness and widen the reach of products is a major driver for this segment growth. Creation of websites to make visible on online platforms and increase the product portfolio to fuel the growth of replacement tires segment. Wear and tear of soft rubber tires which are required to run at high speeds by performance vehicles is paving the way for market growth. On a racing track for which ultra high performance tires have maximum market share, a racing car team generally requires 9-14 tire sets which depend on the length of the track, surface of the track and type of track. Each team chose a particular brand which usually sponsor the team and requires the replacement tires also the same brand as original tires.
Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd, Kumho Tire Co., Inc., Toyo Tire & Rubber Co. Ltd, Cooper Tire & Rubber Company are the leading players operating in United States ultra high performance tires market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several ultra high performance tires manufacturers are coming up with their technologically advanced offerings.
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“Manufacturers are investing heavily to make ultra high performance tires to run for more than one season and can be used for other seasons by increasing the wet performance of tires. Tire manufacturers are finding alternatives to material used for tire manufacturing which are eco-friendly and have lower rolling resistance for better fuel consumption. Major market players such as Michelin, Goodyear, Continental are increasing the production of ultra high performance tires to cater the growing demand from consumers to cater the rising need of tires is anticipated to propel the United States ultra high performance tires until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Ultra High Performance Tires Market By Demand Category (OEM, Replacement) By Tire Type (Summer, Winter and All Season) By Vehicle Type (Passenger car, Two-Wheeler) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of United States ultra high performance tires market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of United States ultra high performance tires market.
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