Global Racing Tires Market on Track to Hit USD 18.7 Billion by 2032 - Fueled by High-Speed Demand

The demand for high performance racing tires has seen a significant growth in recent years. Racing tire manufacturers that can meet the demand for high-performance tires stand to benefit from increased sales and market share. These tires often command premium prices, leading to higher profitability. In addition, developing innovative tire technologies to enhance performance can be a key differentiator in a competitive market.

According to a new report published by Allied Market Research, titled, "Racing Tires Market," The racing tires market size was valued at $10.9 billion in 2022, and is estimated to reach $18.7 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.

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Asia-Pacific is expected to register significant CAGR in the racing tires market Asia-Pacific includes countries such as China, India, Japan, South Korea, and the rest of Asia-Pacific. Growing motorsport events and increase in demand for sports vehicles in Asia-Pacific drive the racing tire market growth, with local tire manufacturers investing in R&D and collaborations with automakers for optimized tire technology.

Leading Market Players in Racing Tires Industry: -

Bridgestone Corporation
Continental AG
Hankook & Company Co., Ltd.
Maxxis International USA
Michelin
Nexen tire
Pirelli & C. S.P.A.
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co., Ltd.
Zhongce Rubber Group Co., Ltd.

In addition, the racing tires makers launched tires for car enthusiasts to offer optimal performance at various speed. For instance, in May 2023, Bridgestone Americas introduced the new product in ultra-high performance Potenza tire range, the Bridgestone Potenza race tire. Designed with track enthusiasts in mind, this fresh addition is a semi-slick tire that has been approved for use on public roads but is primarily engineered to deliver outstanding performance during track days.

The auto racing tires segment to maintain its leadership status throughout the forecast period

Based on application, the auto racing tires held the highest market share in 2022, accounting for around two-thirds of the global racing tires market revenue and is estimated to maintain its leadership status throughout the forecast period owing to rise in popularity of motorsports, including Formula 1, NASCAR, and endurance racing, globally. However, motorcycle racing tires segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. This is owing to increase in diverse categories of motorcycle racing and prestigious events such as MotoGP.

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The replacement tires segment to maintain its leadership status throughout the forecast period

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.

The racing slick tires segment to maintain its lead position during the forecast period

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.

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There are prominent key factors that drive the growth of the racing tire market such as rise in the competition among global tire manufacturers and increase in electric motor racing competitions. Moreover, the market economy is also responsible for the growth of the racing tire market. Countries such as China, India, Brazil, and South Africa are growing economies. These countries are witnessing prominent growth in demand for racing and motorsport events, which is expected to provide lucrative opportunities for the growth of the racing tire market. One significant restraint in the racing tires market is the high cost associated with racing tires. These specialized tires are engineered for top-tier performance, durability, and safety, which often requires the use of advanced materials and manufacturing techniques.

Europe to maintain its dominance by 2032

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.

Key Highlights of the Racing Tires Industry Research Report:

☑️Comprehensive Coverage: This racing tires market study encompasses 14 different countries, offering an in-depth analysis of each country's regions and segments in terms of value ($million) for the forecasted period spanning from 2023 to 2032.
☑️Robust Data Integration: The research is built upon a foundation of high-quality data, expert insights, and independent analyses, ensuring a well-rounded perspective. This approach is designed to furnish stakeholders with valuable insights, aiding them in making informed decisions to achieve their ambitious growth objectives.
☑️Extensive Research: To gain a profound understanding of the market, the study involved a review of more than 3,700 product literature pieces, annual reports, industry statements, and comparable materials from prominent industry players.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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