The global automotive high-performance tires market is expected to post a CAGR of more than 16% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive high-performance tires market 2019-2023 (Graphic: Business Wire)
High-performance tires have become increasingly popular over recent years. These tires offer superior road handling capabilities in summer and dry conditions. Also, the soft rubber compound used in these tires provides greater surface area for contact with the road surface. This ensures better stability and maneuverability even in sharp turns at high speeds. High-performance tires also work better with onboard advanced systems such as anti-lock braking system (ABS), electronic stability control (ESC), traction control system (TCS), and electronic brake distribution (EBD). Many such benefits are increasing the demand for high-performance tires, which is driving the growth of the market.
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As per Technavio, the development of eco-friendly tires will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive High-Performance Tires Market: Increasing Product Portfolio of Eco-Friendly Tires
The growing emphasis on environmental sustainability has led prominent tire manufacturers to invest in the development of green tires. For instance, Goodyear Tire and Rubber showcased its new tire concept, Oxygene at the 2018 Geneva International Motor Show. The concept comprises of a unique tread design that absorbs and circulates moisture and water from the road surface to promote photosynthesis. Similarly, other tire manufacturers are introducing green tires that have minimal rolling resistance and offer better fuel efficiencies. Such product innovations will have a positive impact on the growth of the global automotive high-performance tires market during the forecast period.
“Innovations in automotive high-performance tires market and developments in tire retreading market will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive High-Performance Tires Market: Segmentation Analysis
This market report segments the global automotive high-performance tires market by application (sports cars and others) and geography (Americas, APAC, and EMEA).
The EMEA region led the market in 2018, followed by the Americas and APAC respectively. During the forecast period, the EMEA region is expected to maintain its dominance over the market. This is due to the growing demand for high-performance vehicles in Europe.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Customer Landscape
Geographical Segmentation
- Geographic comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Vendor classification
- Market positioning of vendors
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