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

WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 25, 2024 /EINPresswire.com/ -- The 𝐑𝐚𝐜𝐢𝐧𝐠 𝐓𝐢𝐫𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/3168

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.

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/b31382e8b2f9b767602fba7b43c51f2a

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.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

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.

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

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.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

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

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Pneumatic Tire Market - https://www.alliedmarketresearch.com/pneumatic-tyre-market

Automotive LiDAR Market - https://www.globenewswire.com/en/news-release/2021/07/29/2271187/0/en/Automotive-LiDAR-Market-to-Garner-1-83-Billion-by-2028-Allied-Market-Research.html

Solar Boat Market - https://www.globenewswire.com/news-release/2022/09/30/2526248/0/en/Solar-Boat-Market-to-Reach-2-4-Billion-by-2031-Allied-Market-Research.html

Port Equipment Market - https://www.prnewswire.com/news-releases/port-equipment-market-to-reach-32-73-billion-globally-by-2031-at-6-9-cagr-allied-market-research-301735076.html

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

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.