Racing Tires Market to Reach $18.70 billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

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, rise in demand for high-performance tires.

NEW CASTLE, Del., Oct. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Racing Tires Market 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.

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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.

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.

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.

Key Highlights of the Racing Tires Industry Research Report:

1. 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.
2. 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.
3. 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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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.

Racing Tires Industry Report Coverage & Details:

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.

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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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.

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