In 2013, glow sales for high-performance tyres were estimated around 200 million units with approximately 14 percent share of the tyre market in favour of passenger car and light good vehicles.
Industry experts predicted that by 2020, the statistics are to escalate reaching about 315 million units or 17 percent. From revenue point of view, the market’s to grow from $25 billion to $40 billion approximately by 2020.
High-performance passenger car tyre such as Korean tyres in Dubai is surely a star performer and this particular segment along with the brand has just what it takes to oust every other competitor. It has just the potential of being a source of market growth and profitability in terms of tyre dealers and manufacturers, materials supplier and car companies.
For many years, high-performance tyres were purchased only by car enthusiasts for better vehicle handling and improved speed attributes. Today’s market comes with a change as consumers consider many different aspects such as aesthetics and overall image of the vehicle when new tyres are mounted. To meet the demands, Korean tyres in Dubai offer a broader range of features and many other benefits such as reduced noise generation, riding comfort and improved fuel efficiency.
Significant population growth in emerging economies of Asia Pacific, India and Africa, the trend of vehicle ownership is bound to rise which as a result would turn the tide of tyre industry in terms of growth. Of the three, Asia Pacific is foresighted as fastest growing tyre market whereas increasing car ownership would be driven by financial well-being and demographic factors.
Greater prosperity within the middle class of the emerging economies would lead to a significant increase in purchasing of the vehicle. The new genre of middle class in these region have a growing demand for premium vehicles including sport utility vehicles, sports cars and luxury vehicles that are fitted with high performance tyres only
The high performance tyre sector has become extremely popular with original equipment manufacturers and consumers in replacement tyre market. Many tyre manufacturers as a result are targeting the original equipment sector for growth, research and development spending. The low-profile wheels designed to achieve higher speeds account for more than 50-percent of the global original equipment tyre market.
Auto manufacturers began using high-performance tyres primarily as factory equipment on luxury cars. Their popularity increased over the years especially among drivers of premium sports vehicles as well as the crossover utility cars. In order to perform to their maximum, these vehicles are fitted with only original equipment including the best wheels such as Korean Tyres in Dubai to skim perfectly on different terrains.
Tyre labelling introduced mandatory minimum standards for many different properties especially concerning fuel efficiency. Labelling nowadays is highly considered by many and continues being among the most important legislative initiatives in today’s world since the details provide consumers awareness on fuel efficiency and many other properties of tyres to help them take more informed decisions.
Listed above are a few key trends driving the sales for high-performance tyres such as Korean branded tyres in Dubai!