Racing Tires Market is slated to increase at a CAGR of 5.6% to reach a valuation of US$ 18.7 billion by 2032
Racing Tires Market
The growing middle-class population and rise in demand for high-performance vehicles, drive the demand for racing tires that match their vehicles' capabilities.
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, May 9, 2024 /EINPresswire.com/ -- ๐๐๐๐ข๐ง๐ ๐๐ข๐ซ๐๐ฌ ๐๐๐ซ๐ค๐๐ญ by Application (Auto Racing Tires, Motorcycle Racing Tires), Distribution Channel (Replacement Tires, OEMs), and Tire Type (Racing Slick Tires, Racing Treaded Tires): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global racing tires market was valued at $10.91 billion in 2022, and is projected to reach $18.70 billion by 2032, registering a CAGR of 5.6% from 2023 to 2032.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/3168
Surge in advancements in tire technology, such as new tire compounds, construction methods, and tread patterns offer superior performance and safety on the racetrack. Moreover, market growth is supplemented by numerous developments carried out by top high-performance tire manufacturers.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฉ๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
Zhongce Rubber Group Co., Ltd., Pirelli & C. S.p.A., Michelin, THE YOKOHAMA RUBBER CO., LTD., Bridgestone Corporation, Continental AG, Maxxis International USA, Hankook and Company Co., Ltd., The Goodyear Tire & Rubber Company, Nexen Tire
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.
Racing tires must adhere to strict safety and performance standards imposed by regulatory bodies and organizations governing motorsports. These standards ensure the safety of drivers and spectators and maintain fair competition. However, staying compliant with evolving regulations may be a significant challenge for racing tire manufacturers. Changes in safety and performance standards may necessitate costly adjustments to tire designs and materials.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎโ๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/3168
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.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
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.
๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐ญ๐ก๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/85d1a57aaca9004ebdb7fefaf99cc64d
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.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก:
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David Correa
Allied Market Research
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