Racing Tires Market Size is Expected to Reach $18.7 Billion by 2032 | Michelin, Nexen Tire, Pirelli & C. S.p.A

The racing tires market is segmented into Application, Distribution Channel and Tire Type.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, August 28, 2024 /EINPresswire.com/ -- 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. 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: 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.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐓𝐇𝐄 𝐘𝐎𝐊𝐎𝐇𝐀𝐌𝐀 𝐑𝐔𝐁𝐁𝐄𝐑 𝐂𝐎., 𝐋𝐓𝐃., 𝐁𝐫𝐢𝐝𝐠𝐞𝐬𝐭𝐨𝐧𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐓𝐡𝐞 𝐆𝐨𝐨𝐝𝐲𝐞𝐚𝐫 𝐓𝐢𝐫𝐞 & 𝐑𝐮𝐛𝐛𝐞𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐲, 𝐌𝐚𝐱𝐱𝐢𝐬 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐔𝐒𝐀, 𝐂𝐨𝐧𝐭𝐢𝐧𝐞𝐧𝐭𝐚𝐥 𝐀𝐆, 𝐏𝐢𝐫𝐞𝐥𝐥𝐢 & 𝐂. 𝐒.𝐩.𝐀., 𝐇𝐚𝐧𝐤𝐨𝐨𝐤 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐂𝐨., 𝐋𝐭𝐝., 𝐙𝐡𝐨𝐧𝐠𝐜𝐞 𝐑𝐮𝐛𝐛𝐞𝐫 𝐆𝐫𝐨𝐮𝐩 𝐂𝐨., 𝐋𝐭𝐝., 𝐌𝐢𝐜𝐡𝐞𝐥𝐢𝐧, 𝐍𝐞𝐱𝐞𝐧 𝐓𝐢𝐫𝐞

The 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.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/80a89157e8f90c0a5b6319f552fa8fd1

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.

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.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/3168

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.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Car-as-a-Service Market - https://www.prnewswire.com/news-releases/car-as-a-service-market-to-reach-225-65-bn-globally-by-2030-at-6-8-cagr-allied-market-research-301348151.html

In-Car Infotainment Market - https://www.globenewswire.com/en/news-release/2021/08/03/2273859/0/en/In-Car-Infotainment-Market-to-Portray-37-53-Billion-by-2028-Allied-Market-Research.html

VVT and Start-Stop System Market - https://www.globenewswire.com/news-release/2019/04/10/1802085/0/en/VVT-and-Start-Stop-System-Market-to-Garner-52-06-Bn-by-2025-Says-AMR.html

Hands-Free Power Liftgate Market - https://www.prnewswire.co.uk/news-releases/hands-free-power-liftgate-market-to-reach-2-35-billion-globally-by-2030-at-7-8-cagr-allied-market-research-872053546.html

Automotive Switches Market - https://www.globenewswire.com/news-release/2021/04/28/2218763/0/en/Automotive-Switches-Market-Worth-43-26-Billion-by-2027-AMR.html

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X