About racing tires
Racing tires are a range of ultra-performance tires, which are significantly customized for the usage in racing vehicles for various racing championships. The production of racing tires is highly capital-intensive, requiring a significant degree of hi-tech equipment coupled with highly trained and skilled manpower dedicated to the purpose of engineering and manufacture. Racing tires are designed to deliver superior performance, and, hence, they undergo various quality, durability, and speed tests. Despite the use of natural and synthetic rubber as the primary raw material in the racing tire manufacturing, significant extent of textile reinforcements like rayon, aramid, nylon, and polyester are also used.
Technavio’s analysts forecast global racing tire market to grow at a CAGR of 14.01% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of global racing tire market for 2015-2019. The market size has been calculated based on the number of units generated by the production of racing tires globally. Based on the type of racing tires, we have segmented the market into racing slicks and racing tread. In addition, the market is also segmented on the basis of end-users. The report also highlights the racing tire market landscape in five key leading countries. We also discuss market growth drivers, the challenges faced by vendors and the industry as a whole, as well as key trends emerging in the market.
Technavio’s report, Global Racing Tire Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the global racing tire market landscape and its growth prospects in the forecast period. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Racing Tire Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Racing Tire Market: Bridgestone, Continental, Goodyear, Hankook, Michelin and Pirelli
Other Prominent Vendors in the market are: Cooper Tire and Rubber, Kumho Tire, Toyo Tire & Rubber and Yokohama Rubber
Commenting on the report, an analyst from Technavio’s team said: “Enhancement in the rubber technology does not affect the rolling resistance or wet grip of the tires. Nanoprene is currently undergoing extensive tests by various racing tire manufacturers. The range of Nanoprene is expected to expand with further grades during the forecast period, thereby boosting the racing tire technology to a considerable extent. Yokohama is one of the first companies to implement nanotechnology in the manufacturing of racing tires. With other prominent vendors like Bridgestone and Goodyear involved in checking the susceptibility of the product in testing conditions, the usage of nanotechnology would significantly help to drive the racing tire market during the forecast period.”
According to the report, automotive racing is primarily concentrated in the US and other developed countries such as Germany, Italy, the UK, and Japan. However, it is becoming extremely popular in countries such as China, India, and the UAE, which has encouraged OEMs to invest in various racing championships in these countries. For instance, many Indian companies like Reliance and Mahindra are looking forward to sponsor teams for international events like Grand Prix and F1 to tap the growing popularity of these championships in the country. Motorsport Asia has been organizing several championships like the Asian Touring Car Championship, Formula BMW Asia, and the Porsche Carrera Cup Asia for the last eight years, which have attracted major OEMs like Renault and Mahindra.
Further, the report states that the use of these tires limited to racing vehicles stagnates market growth.
Bridgestone, Continental, Goodyear, Hankook, Michelin, Pirelli, Cooper Tire and Rubber, Kumho Tire, Toyo Tire & Rubber,Yokohama Rubber
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