Accelerating Demand Fuels High Performance Tires Market in North America & Europe to Reach $77.61 Billion by 2030, | AMR
North America and Europe High-Performance Tires Market
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Presently, the North America and Europe high-performance tire market is dominated by Europe followed by North America. In North America, the market is mainly driven by US owing to the optimistic market scenario performance cars, and growing automotive industry in the region. In Europe, France is foreseen to witness considerable growth in high-performance tire market during the forecast period.
Significant surge in demand for safety and comfort among people across the globe, rise in popularity of race and adventure events, and increase in need for high performance tires for better efficiency and overall performance of the vehicle are expected to drive the growth of the North America and Europe high performance tires market. On the other hand, high up-front cost of these products are predicted to hinder the growth to some extent. However, persistent advancements in technology and rapid adoption of electric vehicles among people across the globe are expected to create ample opportunities for the industry.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ง๐๐ฅ๐ฒ๐ณ๐๐ ๐ข๐ง ๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐๐ง๐ ๐๐ฎ๐ซ๐จ๐ฉ๐ ๐ก๐ข๐ ๐ก ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ญ๐ข๐ซ๐๐ฌ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
๐๐ซ๐ข๐๐ ๐๐ฌ๐ญ๐จ๐ง๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐จ๐ง๐ญ๐ข๐ง๐๐ง๐ญ๐๐ฅ ๐๐, ๐๐จ๐ค๐ข๐๐ง ๐๐ฒ๐ซ๐ ๐๐ฅ๐, ๐๐๐ง๐ค๐จ๐จ๐ค ๐๐ข๐ซ๐ & ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐๐จ., ๐๐ญ๐., ๐๐ข๐๐ก๐๐ฅ๐ข๐ง, ๐๐ข๐ซ๐๐ฅ๐ฅ๐ข & ๐. ๐.๐ฉ.๐., ๐๐ฎ๐ฆ๐ข๐ญ๐จ๐ฆ๐จ ๐๐ฎ๐๐๐๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฌ, ๐๐ญ๐., ๐๐ก๐ ๐๐จ๐จ๐๐ฒ๐๐๐ซ ๐๐ข๐ซ๐ & ๐๐ฎ๐๐๐๐ซ ๐๐จ๐ฆ๐ฉ๐๐ง๐ฒ, ๐๐ก๐ ๐๐จ๐ค๐จ๐ก๐๐ฆ๐ ๐๐ฎ๐๐๐๐ซ ๐๐จ., ๐๐ญ๐., ๐๐ง๐ ๐๐จ๐ฒ๐จ ๐๐ข๐ซ๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง.
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The report offers a detailed segmentation on the North America and Europe high performance tires market based on vehicle type, sales channel, tires type and region.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ฌ๐๐ฅ๐๐ฌ ๐๐ก๐๐ง๐ง๐๐ฅ, the aftermarket segment held the largest market share in 2020, garnering more than three-fourths of the total market. The OEM segment, on the other hand, is expected to cite the fastest CAGR of 6.7% during the forecast period.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ญ๐ข๐ซ๐๐ฌ ๐ญ๐ฒ๐ฉ๐, the tread tires segment held the majority market share in 2020, holding more than four-fifths of the total market. The racing slick segment, on the other hand, is anticipated to exhibit the fastest CAGR of 7.3% during the forecast period.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ซ๐๐ ๐ข๐จ๐ง, the market across Europe held the dominating market share in 2020, garnering more than half of the total market. In addition, the same region is expected to cite the fastest CAGR of 5.9% during the forecast period. Other region analyzed in the report is North America
Factors such as rise in demand for safety and comfort, growing popularity of racing and adventure events, coupled with increase in demand for better efficiency of vehicles are expected to reinforce the demand for high-performance tires in the near future. However, high up-front cost and volatile raw material prices are factors that are expected to hinder the high-performance tires market growth. Moreover, advancement in technology, rise in adoption of electric vehicles, and increase in demand for high-performance vehicle are anticipated to provide remunerative opportunities for market expansion.
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Key Findings Of The Study
By vehicle type, the passenger and commercial vehicle segment dominated the North America and Europe high-performance tire market in 2020, in terms of revenue.
By sales channel, the OEM segment is expected to register significant growth during the forecast period.
By tire type, the racing slick segment is expected to register significant growth during the forecast period
By region, Europe dominated the North America and Europe high-performance tire market in 2020 in terms of market share.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ข๐ซ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/brazil-automotive-tire-market-A07485 - Opportunity Analysis and Industry Forecast, 2020-2027
https://www.alliedmarketresearch.com/tire-bead-wire-market - Global Opportunity Analysis and Industry Forecast, 2021 - 2031
https://www.alliedmarketresearch.com/racing-tires-market - Global Opportunity Analysis and Industry Forecast, 2022 - 2032
https://www.alliedmarketresearch.com/latin-america-and-caribbean-automotive-tire-market-A10400 - Opportunity Analysis and Industry Forecast, 2019-2027
https://www.alliedmarketresearch.com/automotive-tire-market -Global Opportunity Analysis and Industry Forecast, 2023 - 2033
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