Smithers Rapra predicts five-year future of high-performance tires in recently released market report

One of the fastest-growing sectors in recent years, the high-performance tire market is forecast to reach $74.7 billion in 2022.

Smithers Rapra’s latest in-depth study—The Future of High-Performance Tires to 2022—forecasts the high-performance (or premium) tires market will grow at 6.3% year-on-year through 2022 reaching a market value of $74.7 billion, up from $54.9 billion in 2017.

High performance tire report from Smithers RapraThe report discusses current trends in the market, including a shift away from a traditional focus on speed ratings and toward environmental considerations, such as fuel efficiency, sustainability of raw materials, longevity, and recycling. Trends continue to be driven by original equipment manufacturers (OEMs), due to growing demand for greater precision vehicle performance, which is largely impacted by the tires placed on the vehicle. Trends suggest that the appeal of precise handling and stability is beginning to compete with the driver’s desire for ride comfort, noise reduction, and all-season capability.

Overall, there is a sense that the industry has already made most of its large possible gains in the past decade, so the ongoing impetus for growth must be satisfied by smaller, incremental technological improvements. Some of these areas for growth include proliferating sizes, shifts into higher speed ratings, improved wet/dry grip, longer wear and improved tread life, greater comfort, and less noise—all at a competitive price point. Experts expect this will be made possible by advances in tire design, construction, and materials.

The report covers these and other trends in great depth and is based on a combination of primary and secondary research, including interviews with key leadership, market, and technical staff employed across the globe. The report sells for $6,500 and includes 40 tables and 15 figures showcasing detailed data analysis. Both hard cover and digital formats are available. To learn more and to purchase the report, visit the report webpage.