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Racing Tires Market
The racing tires market is segmented into Application, Distribution channel and Tire Type.
The growth of the racing tire market is driven by factors such as rise in popularity of motorsports events, increase in demand for sustainable racing tire manufacturing process” - Allied Market ResearchWILMINGTON, NEW CASTLE, DE, UNITED STATES, September 25, 2024 /EINPresswire / -- The Racing Tires Market report provides a detailed analysis of these key players of the global racing tires market. These players have adopted different strategies such as partnership, product launch, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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The global racing tires market size was valued at $10.9 billion in 2022, and is projected to reach $18.7 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.
Prime determinants of growth
Factors such as rise in popularity of motorsports events, increase in demand for sustainable racing tire manufacturing process, rise in demand for high-performance tires drive the growth of the racing tire market . However, regulatory challenges related to safety and performance standards, and high cost of racing tires hinder the growth of the market. Furthermore, increased collaboration with drivers and teams for testing & promotion, and introduction of natural rubber- based racing tires offer remarkable growth opportunities for the players operating in the racing tire market.
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Based on distribution channel, the replacement tires segment held the highest market share in 2022, accounting for nearly four-fifths of the global racing tires market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032, as high-speed races result in tire wear and frequent replacements. Racing teams and individuals rely on replacement tires to maintain optimal performance and safety during races.
Regional Analysis:
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global racing tires market revenue, and is estimated to maintain its leadership status throughout the forecast period as Europe hosts a diverse range of motorsport events, from Formula 1 to endurance racing at Le Mans. Each country's motorsport culture influences tire preferences. Europe is home to many luxury sports car manufacturers, and racing teams creating demand for high-performance racing tires that match the performance characteristics of these vehicles. However, Asia-Pacific segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032. The Asia-Pacific region is witnessing the emergence of motorsport events, such as Formula 1 races in China and Japan. This growth fuels demand for racing tires. The growing middle-class population and rise in demand for high-performance vehicles, drive the demand for racing tires that match their vehicles' capabilities.
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Based on tire type, the racing slick tires segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global racing tires market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is projected to manifest the highest CAGR of 5.9 % from 2023 to 2032, as racing slick tires dominate in dry racing conditions, offering maximum grip and minimal rolling resistance. The smooth surface maximizes the tire's contact area with the track. Manufacturers formulate slick tires with specific compounds that optimize grip and performance at varying temperatures. These temperature-responsive compounds enhance tire performance.
The key players profiled in this report include
Pirelli & C. S.p.A., Bridgestone Corporation, Hankook and Company Co., Ltd., Maxxis International USA, The Goodyear Tire & Rubber Company, THE YOKOHAMA RUBBER CO., LTD., Michelin, Zhongce Rubber Group Co., Ltd., Continental AG, Nexen Tire
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David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.