The high-performance tire sector has been among the fastest-growing segments of the tire market in recent years and is expected to continue to outpace the overall market over the next five years to 2022, according to new research conducted by Smither Rapra.
The company’s latest in-depth study – The Future of High-Performance Tires to 2022 – forecasts the high-performance tire market will grow at 6.3% year-on-year through to 2022 reaching a market value of US$74.7bn, up from US$54.9bn in 2017.
Around 56% of the total global high-performance market value is accounted for by light vehicles, and that is also where the growth is, and has been.
However, in unit terms, light vehicles account for nearly four fifths of the volume and most of the historical and forecast growth. As the industry evolves, manufacturers are having to address new end user’s priorities, produce different tire formats, and embrace new technical solutions.
Report author Arthur Mayer commented, “The high-performance tire market has traditionally been focused on speed ratings, but there now seems to be little room for further increase in these and the focus will shift to other properties.
“Some of these will still relate to high performance (grip, handling, ride comfort, etc.), but other properties now impacting the general tire market will also become important and have to be taken into consideration. These are mainly environment-related and include fuel efficiency, sustainability of raw materials, longevity, and recycling.”