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The automotive racing tire market size has the potential to grow by 15.5 million units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-users (aftermarket and OEMs), type (auto racing, and motorcycle racing), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Bridgestone Corp., Continental AG, Cooper Tire and Rubber Co., Hankook Tire Co. Ltd., Kenda Rubber Industrial Co. Ltd., Michelin Group, Nokian Tyres Plc, Pirelli Tyre Spa, THE GOODYEAR TIRE & RUBBER CO., and Yokohama Rubber Co. Ltd.
The market is fragmented with multiple layers in the supply chain. The key vendors in the market are increasingly focusing on manufacturing tires with innovative product designs. Furthermore, they are investing in marketing activities to increase their visibility as a brand and expand their geographical reach. Michelin Group, Nokian Tyres Plc, Pirelli Tyre Spa, THE GOODYEAR TIRE & RUBBER CO., and Yokohama Rubber Co. Ltd. are some of the major market participants. Although the growing popularity of racing events in developing economies will offer immense growth opportunities, the narrow end-user segment will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this automotive racing tire market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this automotive racing tire market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
Europe had the largest automotive racing tire market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of strong racing culture in countries such as France, Italy, Germany, the UK, and Spain will significantly influence automotive racing tire market growth in this region.
35% of the market’s growth will originate from Europe during the forecast period. Germany, UK, and Italy are the key markets for the automotive racing tire in Europe. Market growth in this region will be slower than the growth of the market in North America.
The aftermarket for racing tires involves supplying replacement racing tires in racing series. Moreover, racing tire manufacturers are usually partners in racing events to supply customized tires as per requirements. This allows manufacturers to create sustainable businesses for their products in the long run. The replacement racing tire market presents a huge opportunity for racing tire manufacturers across the world. Additionally, vendors are investing in marketing activities to increase their visibility as a brand, especially to tap the lucrative aftermarket racing tire segment.
Market growth in this segment will be faster than the growth of the market in the OEMs segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive racing tire market size.
The increase in diverse racing segments is one of the significant factors that will drive market growth. Initially, the competitive automotive racing was focused on popular car racing series such as F1, NASCAR, and motorbike races, which attracted many sponsorships and promotional activities. However, there has been an increase in the variety of races involving several types of vehicles, such as electric cars, SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars. This will lead to an increase in the sales of racing tires and a rise in R&D investments for improved tire structure, design patterns, and performance optimization to cater to these racing formats, which will offer new opportunities for vendors to develop new products.
To reduce the consumption of energy and greenhouse emissions, racing tire manufacturers have started using eco-friendly raw materials. It has been observed that the use of bio-oils provides improved traction as compared to tires manufactured using other oils. For instance, orange peel oils make the rubber flexible and help in improving the grip and increase the recyclability of racing tires. Additionally, the usage of such oils can also help the company significantly save fuel costs every year. This will increase the use of bio-oils in the manufacture of racing tires, which will be one of the significant automotive racing tire market trends. Such factors will drive market growth at a CAGR of over 9% during the forecast period.
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Type
Drivers, Challenges, and Trends
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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