South America UHP Tire Market to Reach $ 1 Billion Mark by 2023
Growing demand for high-end
cars along with various advantages of UHP tires over other types of tires to
drive South America UHP tire market through 2023
According
to TechSci Research report, “South
America Ultra High-Performance (UHP) Tire Market By Vehicle Type, By Tire
Type, By Demand Category, By Country, Competition Forecast & Opportunities,
2013 - 2023”, South
America UHP tire market is projected to cross $ 1 billion by 2023 on account of
rising sales of premium passenger cars and motorcycles. Moreover, UHP tires can
withstand high temperature and have high traction rating as well, making them a
favorable choice among customers as well as the automakers in South America.
Rising presence of various companies such as Michelin,
Bridgestone Corporation, The Goodyear Tire & Rubber Company, etc., and
their expanding operations in South America are further anticipated to
intensify competition in the region’s UHP tire market over the next five years.
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High-Performance Tire Market"
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Among
countries, Brazil dominated South America UHP tire market with more than 50%
volume shares 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 across the country. On the basis of tire type, South America
UHP tire market is categorized into summer & all season and winter tires. Summer
& all season tires account for a majority share in the market and the
segment is expected to continue its dominance during the forecast period.
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“With
rising demand for SUVs and CUVs, demand for UHP tires is also likely to
increase across South America in the coming years. Moreover, demand for
performance vehicles is increasing in different countries of the region due to
improvement in road infrastructure, which is further likely to propel growth in
South America UHP tire market through 2023. Additionally, rising inclination of
automakers towards offering UHP tires in their vehicles would further steer
growth in the market during forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“South 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 South 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 South America UHP tire
market.
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