Global Automotive High-performance Tires Market 2019-2023 | 16% CAGR Projection Over the Next Four Years | Technavio
LONDON--(BUSINESS WIRE)--Dec 4, 2018--The global automotive high-performance tires market is expected to post a CAGR of over 16% during the period 2019-2023, according to the latest market research report by .
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Technavio has released a new market research report on the global automotive high-performance tires market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the performance benefits and advantages of high-performance tires. High-performance tires are designed to deliver optimum performance and driving characteristics compared with conventional tires. These tires offer performance benefits in the form of high-speed driving, responsiveness off the road, greater traction for better control. Such tire properties and characteristics provide greater reliability at high speeds and while cornering. Manufacturers of sports cars are, therefore, offering factory-fitted performance tires. Each vehicle OEM has a tie-up with the leading manufacturers in a region, and they share the desired performance parameters of the vehicles based on which tires and design and manufacture the cars.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the innovations in automotive high-performance tires market as one of the key emerging trends in the global automotive high-performance tires market:
Global automotive high-performance tires market: Innovations in automotive high-performance tires market
The automotive high-performance tires market is witnessing developments wherein the vendors are spending on more efficient tread designs and side profiles. Such research and development activities in improving the overall performance and reliability of high-performance tires are resulting in the production of more efficient high-performance tires.
“By design, high-performance tires are meant for sportier driving or racing. These tires can perform best during summer or dry conditions when the road temperature is relatively high. Therefore, the vendors are focused on developing all-season high-performance tires. Many automakers have launched their versions of high-performance all-season tires with more functionalities. Bridgestone recently launched ultra-high-performance tire with all-season capabilities. According to the company, the tire offers superior ride and grip under dry and wet conditions,” says a senior analyst at Technavio for research on wheels and tires.
Global automotive high-performance tires market: Segmentation analysis
This market research report segments the global automotive high-performance tires market by application (sports car and other) and geographical regions (APAC, EMEA, and the Americas).
The sports car segment held the largest market share in 2018, accounting for nearly 65% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 with a market share of over 44%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER
SOURCE: Technavio Research
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PUB: 12/04/2018 07:16 AM/DISC: 12/04/2018 07:16 AM