Sport Tires Market size is predicted to reach $38.6 billion by 2030, growing at a CAGR of 6.4% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC.The increasing popularity of high-performance vehicles, including sports cars, luxury sedans, and performance-oriented motorcycles, is driving the demand for sport tires, finds IndustryARC in its recent report, titled “Sport Tires Flooring Market Size, Share & Trends Analysis Report By Application [ Racing Cars, Off Road Vehicles, Others], By Tire Construction [Bias -Ply, Radial Tires, Bias-Belted Tires], By Sales Channel [OEM, Aftermarket/Replacement], By Region and Segment Forecasts, 2023–2030”.
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Europe to register the highest growth:
Europe has a strong performance car culture, with a significant number of sports car enthusiasts and motor sports enthusiasts. Europe also has a well-developed road network and a combination of challenging driving conditions, including winding roads, mountainous terrains, and diverse weather. This necessitates the need for sport tires that offer excellent grip, stability, and handling, further driving the market growth.
Additionally, Europe has a rich heritage in motor sports, hosting prestigious events such as Formula 1 races, endurance races like Le Mans, and various motorcycle racing championships. The popularity and influence of motor sports in the region contribute to the demand for high-performance sport tires.
Sport Tires Market 2023-2030: Scope of the Report
Base Year Considered
Market Size in 2030
Tire Construction, Application, Sales Channel and Region
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).
Key Market Players
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Sport Tires Market Report – Key Takeaways:
Europe spans the largest market share
Europe had more than one third of the market share in 2022. One of the key reasons is Europe has stringent regulations and standards for automotive safety and performance. The European Union’s tire labelling regulations, for instance, require tire manufacturers to provide information on fuel efficiency, wet grip, and external rolling noise. Moreover, disposable income enables consumers to invest in premium vehicles and performance-enhancing products, including sport tires.
Racing to acquire the largest share and the Formula-E to lead the technological innovation in sports tires segment
In recent years, there has been an increase in racing events across different motorsports disciplines. According to the results of the Hagerty Motorsports Participation Survey, the number of events held in 2022 was higher than in 2021, especially early in the year. Apart from this the growing trend of formula-E is also set to open up new growth opportunities for sports tires market. The 2022-23 season marked the beginning of the Gen3 era in Formula E. The Gen3 cars, equipped with updated powertrains and chassis designs, competed in the championship and it represented a significant milestone in the evolution of Formula E. Starting from the 2022/23 season, Hankook Tire became the official and exclusive tire supplier for the Formula E Gen3 electric racing cars. Hankook Tire has developed the EVolution Technology, integrating their expertise in driving performance with optimized features for electric vehicles. Their tires prioritize quiet rides, high load-bearing mileage performance, energy efficiency, outstanding grip, and reliable handling.
Shift Towards Eco-Friendly Tires
Europe has been at the forefront of environmental initiatives and has seen significant adoption of eco-friendly tires. Governments worldwide are implementing stricter regulations and providing incentives to promote fuel efficiency and reduce carbon emissions. In many regions, including Europe and North America, there are tire labeling regulations that require manufacturers to provide information on fuel efficiency and other performance characteristics.
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Key Opportunity Analysis:
- The Adoption of Electric Sports Vehicles to avail new growth avenues
Electric sports cars have been gaining popularity and shaping trends in the automotive industry. These cars combine cutting-edge technology and impressive performance, resulting in an exhilarating driving experience. With high-capacity batteries powering electric motors, electric sports cars offer instant acceleration and abundant torque, allowing for quick sprint times and impressive speeds. They also provide a clean and emission-free driving experience, contributing to environmental sustainability. In recent years, manufacturers have been focusing on developing electric sports cars, expanding the market beyond conventional coupes and convertibles. Sports tires are specifically designed to provide optimal grip, handling, and performance for high-performance vehicles, including sports cars. With the increase in demand of electric sports car, the adoption for sports tires is set to witness new growth avenues during the forecast period 2023-2030
- Growing demand for customization & personalization in wheel & tire aftermarket
Growing demand for customization & personalization in wheel & tire aftermarket
Vehicle owners are increasingly seeking unique and personalized options for their wheels and tires, allowing them to enhance both the performance and visual appeal of their vehicles. The aftermarket industry caters to these demands by offering a wide range of customization options, including various wheel designs, sizes, finishes, and tire specifications. With the growing spendings on customization & personalization the demand for sports tires in the aftermarket sector is set to witness increase in demand in the future
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The Report also Covers the Following Areas:
- Sport Tires Market Size and Forecast
- Sport Tires Market Trends
- Sport Tires Market Analysis by Tire Construction
Sport Tires Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Sport Tires Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Sport Tires Market
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic caused significant disruptions in the supply chain, manufacturing, and sales of sport tires, leading to a decline in demand. Automotive manufacturers temporarily halted production, and consumers were more cautious with their spending. However, as restrictions eased and the automotive industry rebounded, there has been a gradual increase in demand for high-performance vehicles and the tires that accompany them. Overall, the long-term impact of the pandemic on the sport tires market was limited, and the market is expected to continue to grow in the coming years.
- The war in Ukraine impacted the sport tires market by causing supply chain disruptions due to Ukraine’s significant production of natural rubber. This disruption resulted in increased costs for manufacturers and impacted consumer demand for high-performance vehicles and sport tires. The escalation in war lead to trade disruptions or sanctions on Ukraine which further impacted the global supply chain for tire manufacturers.
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List of Key Market Players in Sport Tires Market:
The Global Sport Tires Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Michelin SCA
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company
- Continental Aktiengesellschaft
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Hankook Tire & Technology Co., Ltd.
- Kumho Tire Co., Inc.
- Cooper Tire & Rubber Company
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