Global Automotive Racing Tire Market 2017-2021
About Automotive Racing Tire
Racing tires form a sub segment of the automotive tire ecosystem. It is categorized into racing tread and racing slick tires. Racing slick tires have a smooth outer surface, while racing tread tires have tread patterns that enable water to escape from beneath the tire and prevent aquaplaning. Racing tread tires dominate the market owing to their performance in wet conditions.
Technavio’s analysts forecast the global automotive racing tire market to grow at a CAGR of 16.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive racing tire market for 2017-2021. To calculate the market size, the report considers the shipment of racing tires across the world.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Racing Tire Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive racing tire market: Bridgestone, Pirelli, The Goodyear Tire & Rubber Company, Continental, Hankook Tire, and Michelin.
Other Prominent Vendors in the market are: Cooper Tire and Rubber Company, Kumho Tire, Toyo Tire & Rubber, and Yokohama Rubber.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is use of bio-oils in racing tire manufacturing process. Oils are important raw materials in tire manufacturing, and the three types of commonly used oils are paraffinic, aromatic, and naphthenic. Racing tire manufacturers have also begun using eco-friendly raw materials. Yokohama, a prominent vendor, has started using oils that are extracted from orange peels in their racing car models.”
According to the report, one of the major drivers for this market is growing popularity of racing events in developing economies. Automotive racing is primarily concentrated in the US and other countries such as Germany, Italy, France, Spain, Japan, and the UK. The growing popularity of the sport in emerging markets, like China, and India as drawn more investments in various racing championships in these countries. Many Indian companies, like Reliance and Mahindra, are looking forward to sponsor teams for international events like Grand Prix and F1 to tap into the growing popularity of these championships in the country.
Further, the report states that one of the major factors hindering the growth of this market is precision in manufacturing of racing tires leading to high complexity. Automotive racing is a luxurious sport. The racing tires that are used are made of superior rubber and are priced at a premium. The tires use raw materials like styrene-butadiene and polybutadiene rubber, which are more expensive than conventional tire materials like natural rubber and nylon. They are specifically designed for racing and undergo many speed and durability tests to provide reliability. The additional quality tests significantly increase the cost of the tires.
Bridgestone, Pirelli, The Goodyear Tire & Rubber Company, Continental, Hankook Tire, and Michelin. Other Prominent Vendors in the market are: Cooper Tire and Rubber Company, Kumho Tire, Toyo Tire & Rubber, and Yokohama Rubber.
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