IMARC Group, a leading market research company, has recently releases report titled “Racing Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global racing tire market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the racing tire market?
The global racing tire market size reached US$ 11.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
What is racing tire?
A racing tire is a specialized type of tire designed to provide optimal performance in competitive automotive racing conditions. Unlike conventional tires used in everyday vehicles, racing tires are engineered to offer superior grip, handling, and durability under extreme stress and high-speed scenarios. They are generally made from softer rubber compounds to ensure maximum contact with the racing surface, thereby delivering enhanced traction. This softer compound, however, also means that racing tires wear out much more quickly than standard tires and are not suitable for regular road use.
Racing tires come in various types, tailored to specific kinds of racing events. For instance, slick tires, which have no tread pattern, are used on dry tracks to maximize surface contact. In contrast, wet-weather racing tires feature grooves and channels to disperse water, reducing the risk of hydroplaning. Some racing categories, like Formula 1, use a range of tires with varying rubber compounds and tread patterns to adapt to changing track conditions and strategic demands. Additionally, these tires often undergo rigorous testing to endure high levels of heat and pressure generated during a race. They are also designed to work in conjunction with other vehicle components, such as suspension systems, to achieve the desired level of performance.
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What are the growth prospects and trends in the racing tire industry?
The rising popularity of motorsports represents one of the key factors driving the growth of the market across the globe. As events like Formula 1, NASCAR, and MotoGP continue to attract large audiences, the demand for high-performance racing tires increases correspondingly. The media coverage and sponsorship deals associated with these events also serve as promotional platforms for tire manufacturers, which enhances brand visibility and market share. The market is also driven by significant technological advancements in tire manufacturing. The continuous research and development (R&D) in rubber technology, tire design, and tread patterns are leading to the production of tires that offer improved grip, durability, and performance. These advancements attract racing teams seeking a competitive edge, which is fueling the market. Different types of racing whether on-road, off-road, or drag racing require specialized tires designed for unique surface conditions and performance requirements.
This is leading to a diverse range of products and expanding market opportunities. Emerging markets, particularly in Asia and the Middle East, are increasingly hosting international motorsport events, which is generating additional demand for racing tires. Economic growth in these regions also results in increased disposable income, which supports both professional and amateur racing activities. Automotive trends, such as the growing adoption of electric and hybrid vehicles in racing events, are creating new challenges and opportunities for tire manufacturers. The altered weight distribution and torque characteristics of these vehicles demand specialized tire designs, offering a new avenue for market growth. Changing consumer behavior, particularly in the amateur racing sector, is acting as a major growth-inducing factor. The trend of car customization and track days is leading to increased sales of racing tires to consumers who are not professional racers but are enthusiastic about performance driving.
Who are the key players operating in the industry?
The report covers the major market players including:
- Apollo Tyres Limited
- Bridgestone Corporation
- Continental AG
- Hankook Tire & Technology Co. Ltd.
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Company Limited
- Zhongce Rubber Group Co. Ltd.
What is included in market segmentation?
The report has segmented the market into the following categories:
Tire Type Insights:
- Racing Slick Tires
- Racing Treaded Tires
Application Insights:
- Auto Racing Tires
- Motorcycle Racing Tires
Distribution Channel Insights:
- Replacement Tires
- OEMs
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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