According to “Global Ultra High Performance (UHP) Tire Market By Vehicle Type, By Tire Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2013 – 2023”, ultra-high performance (UHP) tyre market is projected to grow at a CAGR of 9.8% during the 2018-2023 period.
This growth is backed by the increasing consumer demand for high performance vehicles. Some of the other factors that would fuel the market are growing inclination of automakers towards UHP tyres as OEM fitment and increasing investments by leading tyre manufacturers such as Michelin, Continental, Bridgestone, etc., in their UHP tyre product lines.
Moreover, expanding SUV & CUV segments coupled with growing technological advancements are anticipated to positively impact the global UHP tyres market during the forecast period.
Some of the major players operating in the global UHP tyre market are Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Yokohama Rubber Co., Ltd., Continental, Hankook Tire Co., Ltd., Kumho Tire Co., Inc., Toyo Tire & Rubber Company, Pirelli, and Cooper Tire & Rubber Company, among others.
(RJA)
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