North America UHP Tire Market to Grow at over 12% CAGR through 2023
Growth in SUV and CUV
segment coupled with enhanced safety features in UHP tires to drive North America UHP tire market through 2023
According
to TechSci Research report, “North
America Ultra High-Performance (UHP) Tire Market By Vehicle Type, By Tire Type,
By Demand Category, By Country, Competition Forecast & Opportunities, 2013 -
2023”, North
America UHP tire market is projected to grow at a CAGR of more than 12% during
2018 - 2023 on the back of increasing imports, exports and sales of premium passenger
cars and motorcycles across the region.
Additionally, higher performance and safety standards of UHP tires is further anticipated to boost North America UHP
tire market over the next five years. Michelin, Bridgestone Corporation, The
Goodyear Tire & Rubber Company, Continental AG, Hankook Tire Co., Ltd., are
some of the major players operating in North America UHP tire market.
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Among countries,
United States dominated North America UHP tire market with more than 80% volume
share in 2017. The country is anticipated to maintain its dominance during
forecast period as well on the back of increasing sales of premium and utility
vehicles and introduction of technologically advanced UHP tires by leading tire
companies. On the basis of tire type, North America UHP tire market is
categorized into summer & all season and winter tires. The former category accounts
for majority share in the market due to rising demand for summer & all
season tires.
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“SUV
and CUV segment is gaining traction across North America, which is also propelling
demand for UHP tires. Due to heavy engines in SUVs and CUVs, these vehicles
come equipped with UHP tires to offer better performance as well as safety.
Moreover, automakers are offering UHP tires as OE fitment, which is further
positively influencing the UHP tire market in North America. Additionally,
rising demand for performance vehicles would further steer growth in the
region’s UHP tire market in the coming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“North America Ultra
High-Performance (UHP) Tire Market By Vehicle Type, By Tire Type, By Demand
Category, By Country, Competition Forecast & Opportunities, 2013 - 2023” has analyzed the potential of UHP tire market
across North America, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by North America UHP tire
market.
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