Leatherhead, Surrey - The high-performance (HP) tire sector will to continue to outpace the overall tire market over the next five years to 2022, according to a study by Smithers Rapra.
In the report, titled “Future of high-performance tires to 2022”, the HP tires market is estimated to grow at 6.3% year-on-year to 2022, reaching a market value of $74.7 billion (€69 billion), up from $54.9 billion in 2017.
Light vehicles, said the study, contributed to 56% of the total HP market value and are “where the growth is, and has been.”
The HP tires market “has traditionally been focused on speed ratings, but there now seems to be little room for further increase in these and the focus will shift to other properties,” explained report author Arthur Mayer.
These properties, forecast Mayer, will be mainly environment-related and include fuel efficiency, sustainability of raw materials, longevity, and recycling.
According to the Rapra report, OEMs are major contributors to the driving up of HP tire trend.
The report predicted that number of HP tires sales as OE fitments will continue to grow as car makers trend towards higher wheel diameters and lower aspect ratios.
“Part of what drives the tire trend at the OE level is the demand for greater precision in vehicle performance. This is resulting in the greater demand for V and Z class tires – rated to 149 mph and higher,” the report added.
Another driver is that HP tires are becoming the norm as OEMs fit them on their cars.
“This means, among other things, that the expectation of precise handling and stability of the past is now competing with an expectation of ride comfort, quietness and all-season capability,” the report added.