Global Racing Tire Market 2023-2028: Racing Tire Market Gears Up for Expansion - Advancements in Technology Drive Momentum
Dublin, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The "Racing Tire Market by Tire Type, Application, Distribution Channel, and Region 2023-2028" report has been added to * ResearchAndMarkets.com's* offering.The global racing tire market is experiencing growth and is expected to reach a size of $16.1 billion by 2028, with a compound annual growth rate (CAGR) of 6.3% during 2023-2028. Several factors are contributing to this growth:
*1. Popularity of Motorsports:* The rising popularity of motorsports worldwide, including events like Formula One, NASCAR, and the World Rally Championship, is a significant driver of the racing tire market. These events create a demand for high-performance tires that can provide exceptional grip, handling, and speed.
*2. Demand for High-Performance Vehicles:* The increasing demand for efficient and high-performance vehicles is another key factor. Consumers and racing enthusiasts seek vehicles that can deliver top-notch performance, and racing tires play a crucial role in achieving this.
*3. Advancements in Tire Technology:* Advancements in tire technology have led to the introduction of racing tires with improved performance, durability, and safety. These tires are also designed to be lighter and more fuel-efficient, meeting the evolving needs of racers and vehicle manufacturers.
*4. Sponsorship and Collaborations:* Leading tire manufacturers often sponsor racing teams and provide them with tires, which enhances brand exposure. Collaborations and mergers and acquisitions (M&As) within the industry also contribute to market growth.
*5. Regulations and Safety Standards:* Racing organizations like the FIA (Fédération Internationale de l'Automobile) set regulations and safety standards for racing tires, encouraging the development of safer and more durable products. This drives increased demand for compliant racing tires.
*Market Segmentation:*
The racing tire market is segmented based on tire type, application, and distribution channel:
· *Tire Type:* This includes racing slick tires and racing treaded tires. Racing slick tires are reported to represent the largest segment.
· *Application:* The market covers auto racing tires and motorcycle racing tires. Auto racing tires account for the largest market share.
· *Distribution Channel:* The distribution channels include replacement tires and OEMs, with replacement tires being the larger segment.
*Regional Market Insights:*
· *Europe* was reported as the largest market for racing tires due to increasing participation in motorsports, growing demand for high-performance vehicles, and the availability of advanced product variants.
*Key Players:*
Some of the key players in the racing tire market include 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, and Zhongce Rubber Group Co. Ltd.
*Key Questions Addressed in the Report:*
The report provides insights into various aspects of the racing tire market, including its performance, drivers, restraints, and opportunities. It also discusses market segmentation, competitive landscape, and key players. Some of the questions addressed in the report include:
· How has the global racing tire market performed, and what is its expected performance in the coming years?
· What are the key drivers, restraints, and opportunities in the market?
· How do these factors impact the racing tire market?
· What are the key regional markets and the most attractive countries within them?
· What are the most attractive tire types, applications, and distribution channels in the racing tire market?
· Who are the key players and companies in the market?
This comprehensive report provides valuable insights for investors, suppliers, manufacturers, distributors, and analysts interested in the global racing tire market.
*Key Attributes:**Report Attribute* *Details*
No. of Pages 150
Forecast Period 2022 - 2028
Estimated Market Value (USD) in 2022 $11.1 Billion
Forecasted Market Value (USD) by 2028 $16.1 Billion
Compound Annual Growth Rate 6.4%
Regions Covered GlobalFor more information about this report visit https://www.researchandmarkets.com/r/3gie4s
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
*Attachment*
· Global Racing Tire Market
CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900