The Global Racing Tires Market size is expected to reach $15.8 billion by 2030, rising at a market growth of 5.3.% CAGR during the forecast period.
Racing tire manufacturers in the region leverage this environment to drive advancements in tire design, material science, and manufacturing processes. Thus, the Europe region captured 37.5% revenue share in 2022. Italy has a rich tradition and a strong presence in motorsports, with a vibrant car racing scene that includes various championships and events. Monza, located near Milan, hosts one of the most iconic and historic Formula 1 races, the Italian Grand Prix. This sponsorship supports the events and contributes to the visibility and demand for this.
Motorsports, encompassing amateur and professional races, has grown in popularity worldwide. The growing number of racing events, ranging from local competitions to international championships, fuels an increasing demand for high-performance racing tires.
Additionally, as per the data from the International Trade Administration, among Gulf Cooperation Council (GCC) nations, the UAE is the leader in e-commerce, with a record-breaking $3.9 billion in e-commerce sales in 2020, representing 10% of total retail sales and a 53% increase.
However, Racing tire manufacturers need to allocate substantial resources to research and development to stay ahead in a competitive market. This involves continuous testing, experimentation with new materials, and the development of cutting-edge technologies to enhance performance. The financial commitment to R&D contributes significantly to the overall cost structure. Hence, these aspects can hamper the growth of the market.
By Tire Analysis
Based on tire type, the market is divided into racing slick tires and racing treaded tires. The racing slick tires segment recorded 71.8% revenue share in the market in 2022. Slick tires are renowned for superior grip and traction on smooth racing surfaces.
By Application Analysis
Based on application, the market is segmented into auto and motorcycle racing tires. In 2022, the motorcycle racing tires segment garnered 35.4% revenue share in the market. Advancements in motorcycle technology, particularly in sport and racing motorcycles, have propelled the demand for advanced and specialized tires.
By Distribution Analysis
On the basis of distribution channel, the market is divided into replacement tires and OEMs. The replacement tires segment recorded 78.5% revenue share in the market in 2022. Racing enthusiasts and teams often have specific requirements based on the type of motorsports they participate in, whether it be circuit racing, off-road events, or endurance challenges.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured 30.9% revenue share in the market in 2022. The region has witnessed a notable increase in racing events across various disciplines. From high-profile NASCAR races to grassroots motorsports competitions.
Market Competition and Attributes
The market is characterized by intense competition driven by factors like performance, durability, and brand reputation. Key attributes include tread design, compound formulation, and construction materials, tailored to specific racing disciplines such as Formula 1, NASCAR, or endurance racing. Innovations in tire technology, including advanced materials and aerodynamic designs, continually reshape the competitive landscape. Brands vie for supremacy through partnerships with racing teams, showcasing their products' performance in high-stakes competitions.
Recent Strategies Deployed in the Market
- Oct-2023: Bridgestone Corporation introduced "Battlax Hypersport S23" a sports radial motorcycle tire. The BATTLAX HYPERSPORT S23 represents a cutting-edge sports radial motorcycle tire designed for street usage. It has been meticulously engineered to align with the evolving demands of contemporary sport bikes, ensuring optimal performance and meeting the latest requirements in the world of high-performance motorcycles.
- Jun-2023: Continental AG introduced the "UltraContact NXT" tyre. The UltraContact NXT is crafted to cater to both electric and combustion engines, the UltraContact NXT delivers top-tier label efficiency and optimal mileage performance.
- Jul-2023: Continental AG came into partnership with Ambarella, a fabless semiconductor design company. Through this partnership, Continental AG would extend its extensive portfolio, and bring it one step closer to achieving Vision Zero and advancing autonomous mobility.
- May-2023: The Yokohama Rubber Co., Ltd. came into partnership with Trelleborg Wheel Systems, an Industrial machinery manufacturing company. Through this partnership, The Yokohama Rubber Co, Ltd. would enhance its market presence and business portfolio.
- May-2023: Pirelli & C. S.p.A. came into partnership with Goodwood Racecourse, an event management company. Through this partnership, Pirelli & C. S.p.A. would develop several thrilling activations both on and off the hillclimb.
- Mar-2023: Hankook Tire & Technology took over 3Secondz, an IT Services and IT Consulting company. Through this acquisition, Hankook Tire & Technology would employ self-driving technologies during vehicle road tests, allowing for the accumulation of more data compared to tests conducted with human drivers.
List of Key Companies Profiled
- Bridgestone Corporation
- Continental AG
- Michelin
- Hankook Tire & Technology
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Limited
- Nexen Tire
- Maxxis International USA (Cheng Shin Rubber Industry Co.)
Global Racing Tires Market Report Segmentation
By Tire Type
- Racing Slick Tires
- Racing Treaded Tires
By Application
- Auto Racing Tires
- Motorcycle Racing Tires
By Distribution Channel
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Racing Tires Market, by Tire Type
- 1.4.2Global Racing Tires Market, by Application
- 1.4.3Global Racing Tires Market, by Distribution Channel
- 1.4.4Global Racing Tires Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter Five Forces Analysis
Chapter 4.Strategies Deployed in Racing Tires Market
Chapter 5.Global Racing Tires Market, By Tire Type
- 5.1Global Racing Slick Tires Market, By Region
- 5.2Global Racing Treaded Tires Market, By Region
Chapter 6.Global Racing Tires Market, By Application
- 6.1Global Auto Racing Tires Market, By Region
- 6.2Global Motorcycle Racing Tires Market, By Region
Chapter 7.Global Racing Tires Market, By Distribution Channel
- 7.1Global Replacement Tires Market, By Region
- 7.2Global OEMs Market, By Region
Chapter 8.Global Racing Tires Market, By Region
- 8.1North America Racing Tires Market
- 8.1.1North America Racing Tires Market, By Tire Type
- 8.1.1.1North America Racing Slick Tires Market, By Country
- 8.1.1.2North America Racing Treaded Tires Market, By Country
- 8.1.2North America Racing Tires Market, By Application
- 8.1.2.1North America Auto Racing Tires Market, By Country
- 8.1.2.2North America Motorcycle Racing Tires Market, By Country
- 8.1.3North America Racing Tires Market, By Distribution Channel
- 8.1.3.1North America Replacement Tires Market, By Country
- 8.1.3.2North America OEMs Market, By Country
- 8.1.4North America Racing Tires Market, By Country
- 8.1.4.1US Racing Tires Market
- 8.1.4.1.1US Racing Tires Market, By Tire Type
- 8.1.4.1.2US Racing Tires Market, By Application
- 8.1.4.1.3US Racing Tires Market, By Distribution Channel
- 8.1.4.2Canada Racing Tires Market
- 8.1.4.2.1Canada Racing Tires Market, By Tire Type
- 8.1.4.2.2Canada Racing Tires Market, By Application
- 8.1.4.2.3Canada Racing Tires Market, By Distribution Channel
- 8.1.4.3Mexico Racing Tires Market
- 8.1.4.3.1Mexico Racing Tires Market, By Tire Type
- 8.1.4.3.2Mexico Racing Tires Market, By Application
- 8.1.4.3.3Mexico Racing Tires Market, By Distribution Channel
- 8.1.4.4Rest of North America Racing Tires Market
- 8.1.4.4.1Rest of North America Racing Tires Market, By Tire Type
- 8.1.4.4.2Rest of North America Racing Tires Market, By Application
- 8.1.4.4.3Rest of North America Racing Tires Market, By Distribution Channel
- 8.2Europe Racing Tires Market
- 8.2.1Europe Racing Tires Market, By Tire Type
- 8.2.1.1Europe Racing Slick Tires Market, By Country
- 8.2.1.2Europe Racing Treaded Tires Market, By Country
- 8.2.2Europe Racing Tires Market, By Application
- 8.2.2.1Europe Auto Racing Tires Market, By Country
- 8.2.2.2Europe Motorcycle Racing Tires Market, By Country
- 8.2.3Europe Racing Tires Market, By Distribution Channel
- 8.2.3.1Europe Replacement Tires Market, By Country
- 8.2.3.2Europe OEMs Market, By Country
- 8.2.4Europe Racing Tires Market, By Country
- 8.2.4.1Germany Racing Tires Market
- 8.2.4.1.1Germany Racing Tires Market, By Tire Type
- 8.2.4.1.2Germany Racing Tires Market, By Application
- 8.2.4.1.3Germany Racing Tires Market, By Distribution Channel
- 8.2.4.2UK Racing Tires Market
- 8.2.4.2.1UK Racing Tires Market, By Tire Type
- 8.2.4.2.2UK Racing Tires Market, By Application
- 8.2.4.2.3UK Racing Tires Market, By Distribution Channel
- 8.2.4.3France Racing Tires Market
- 8.2.4.3.1France Racing Tires Market, By Tire Type
- 8.2.4.3.2France Racing Tires Market, By Application
- 8.2.4.3.3France Racing Tires Market, By Distribution Channel
- 8.2.4.4Russia Racing Tires Market
- 8.2.4.4.1Russia Racing Tires Market, By Tire Type
- 8.2.4.4.2Russia Racing Tires Market, By Application
- 8.2.4.4.3Russia Racing Tires Market, By Distribution Channel
- 8.2.4.5Spain Racing Tires Market
- 8.2.4.5.1Spain Racing Tires Market, By Tire Type
- 8.2.4.5.2Spain Racing Tires Market, By Application
- 8.2.4.5.3Spain Racing Tires Market, By Distribution Channel
- 8.2.4.6Italy Racing Tires Market
- 8.2.4.6.1Italy Racing Tires Market, By Tire Type
- 8.2.4.6.2Italy Racing Tires Market, By Application
- 8.2.4.6.3Italy Racing Tires Market, By Distribution Channel
- 8.2.4.7Rest of Europe Racing Tires Market
- 8.2.4.7.1Rest of Europe Racing Tires Market, By Tire Type
- 8.2.4.7.2Rest of Europe Racing Tires Market, By Application
- 8.2.4.7.3Rest of Europe Racing Tires Market, By Distribution Channel
- 8.3Asia Pacific Racing Tires Market
- 8.3.1Asia Pacific Racing Tires Market, By Tire Type
- 8.3.1.1Asia Pacific Racing Slick Tires Market, By Country
- 8.3.1.2Asia Pacific Racing Treaded Tires Market, By Country
- 8.3.2Asia Pacific Racing Tires Market, By Application
- 8.3.2.1Asia Pacific Auto Racing Tires Market, By Country
- 8.3.2.2Asia Pacific Motorcycle Racing Tires Market, By Country
- 8.3.3Asia Pacific Racing Tires Market, By Distribution Channel
- 8.3.3.1Asia Pacific Replacement Tires Market, By Country
- 8.3.3.2Asia Pacific OEMs Market, By Country
- 8.3.4Asia Pacific Racing Tires Market, By Country
- 8.3.4.1China Racing Tires Market
- 8.3.4.1.1China Racing Tires Market, By Tire Type
- 8.3.4.1.2China Racing Tires Market, By Application
- 8.3.4.1.3China Racing Tires Market, By Distribution Channel
- 8.3.4.2Japan Racing Tires Market
- 8.3.4.2.1Japan Racing Tires Market, By Tire Type
- 8.3.4.2.2Japan Racing Tires Market, By Application
- 8.3.4.2.3Japan Racing Tires Market, By Distribution Channel
- 8.3.4.3India Racing Tires Market
- 8.3.4.3.1India Racing Tires Market, By Tire Type
- 8.3.4.3.2India Racing Tires Market, By Application
- 8.3.4.3.3India Racing Tires Market, By Distribution Channel
- 8.3.4.4South Korea Racing Tires Market
- 8.3.4.4.1South Korea Racing Tires Market, By Tire Type
- 8.3.4.4.2South Korea Racing Tires Market, By Application
- 8.3.4.4.3South Korea Racing Tires Market, By Distribution Channel
- 8.3.4.5Singapore Racing Tires Market
- 8.3.4.5.1Singapore Racing Tires Market, By Tire Type
- 8.3.4.5.2Singapore Racing Tires Market, By Application
- 8.3.4.5.3Singapore Racing Tires Market, By Distribution Channel
- 8.3.4.6Malaysia Racing Tires Market
- 8.3.4.6.1Malaysia Racing Tires Market, By Tire Type
- 8.3.4.6.2Malaysia Racing Tires Market, By Application
- 8.3.4.6.3Malaysia Racing Tires Market, By Distribution Channel
- 8.3.4.7Rest of Asia Pacific Racing Tires Market
- 8.3.4.7.1Rest of Asia Pacific Racing Tires Market, By Tire Type
- 8.3.4.7.2Rest of Asia Pacific Racing Tires Market, By Application
- 8.3.4.7.3Rest of Asia Pacific Racing Tires Market, By Distribution Channel
- 8.4LAMEA Racing Tires Market
- 8.4.1LAMEA Racing Tires Market, By Tire Type
- 8.4.1.1LAMEA Racing Slick Tires Market, By Country
- 8.4.1.2LAMEA Racing Treaded Tires Market, By Country
- 8.4.2LAMEA Racing Tires Market, By Application
- 8.4.2.1LAMEA Auto Racing Tires Market, By Country
- 8.4.2.2LAMEA Motorcycle Racing Tires Market, By Country
- 8.4.3LAMEA Racing Tires Market, By Distribution Channel
- 8.4.3.1LAMEA Replacement Tires Market, By Country
- 8.4.3.2LAMEA OEMs Market, By Country
- 8.4.4LAMEA Racing Tires Market, By Country
- 8.4.4.1Brazil Racing Tires Market
- 8.4.4.1.1Brazil Racing Tires Market, By Tire Type
- 8.4.4.1.2Brazil Racing Tires Market, By Application
- 8.4.4.1.3Brazil Racing Tires Market, By Distribution Channel
- 8.4.4.2Argentina Racing Tires Market
- 8.4.4.2.1Argentina Racing Tires Market, By Tire Type
- 8.4.4.2.2Argentina Racing Tires Market, By Application
- 8.4.4.2.3Argentina Racing Tires Market, By Distribution Channel
- 8.4.4.3UAE Racing Tires Market
- 8.4.4.3.1UAE Racing Tires Market, By Tire Type
- 8.4.4.3.2UAE Racing Tires Market, By Application
- 8.4.4.3.3UAE Racing Tires Market, By Distribution Channel
- 8.4.4.4Saudi Arabia Racing Tires Market
- 8.4.4.4.1Saudi Arabia Racing Tires Market, By Tire Type
- 8.4.4.4.2Saudi Arabia Racing Tires Market, By Application
- 8.4.4.4.3Saudi Arabia Racing Tires Market, By Distribution Channel
- 8.4.4.5South Africa Racing Tires Market
- 8.4.4.5.1South Africa Racing Tires Market, By Tire Type
- 8.4.4.5.2South Africa Racing Tires Market, By Application
- 8.4.4.5.3South Africa Racing Tires Market, By Distribution Channel
- 8.4.4.6Nigeria Racing Tires Market
- 8.4.4.6.1Nigeria Racing Tires Market, By Tire Type
- 8.4.4.6.2Nigeria Racing Tires Market, By Application
- 8.4.4.6.3Nigeria Racing Tires Market, By Distribution Channel
- 8.4.4.7Rest of LAMEA Racing Tires Market
- 8.4.4.7.1Rest of LAMEA Racing Tires Market, By Tire Type
- 8.4.4.7.2Rest of LAMEA Racing Tires Market, By Application
- 8.4.4.7.3Rest of LAMEA Racing Tires Market, By Distribution Channel
Chapter 9.Company Profiles
- 9.1Bridgestone Corporation
- 9.1.1Company Overview
- 9.1.2Financial Analysis
- 9.1.3Segmental Analysis
- 9.1.4Recent strategies and developments:
- 9.1.4.1Product Launches and Product Expansions:
- 9.1.5SWOT Analysis
- 9.2Continental AG
- 9.2.1Company Overview
- 9.2.2Financial Analysis
- 9.2.3Segmental and Regional Analysis
- 9.2.4Research & Development Expense
- 9.2.5Recent strategies and developments:
- 9.2.5.1Partnerships, Collaborations, and Agreements:
- 9.2.5.2Product Launches and Product Expansions:
- 9.2.6SWOT Analysis
- 9.3Michelin
- 9.3.1Company Overview
- 9.3.2Financial Analysis
- 9.3.3Segmental and Regional Analysis
- 9.3.4SWOT Analysis
- 9.4Hankook Tire & Technology
- 9.4.1Company Overview
- 9.4.2Financial Analysis
- 9.4.3Regional Analysis
- 9.4.4Recent strategies and developments:
- 9.4.4.1Partnerships, Collaborations, and Agreements:
- 9.4.4.2Acquisition and Mergers:
- 9.4.5SWOT Analysis
- 9.5Pirelli & C. S.p.A.
- 9.5.1Company Overview
- 9.5.2Financial Analysis
- 9.5.3Regional Analysis
- 9.5.4Research & Development Expenses
- 9.5.5Recent strategies and developments:
- 9.5.5.1Partnerships, Collaborations, and Agreements:
- 9.5.5.2Product Launches and Product Expansions:
- 9.5.6SWOT Analysis
- 9.6The Goodyear Tire & Rubber Company
- 9.6.1Company Overview
- 9.6.2Financial Analysis
- 9.6.3Segmental and Regional Analysis
- 9.6.4Research & Development Expenses
- 9.6.5Recent strategies and developments:
- 9.6.5.1Partnerships, Collaborations, and Agreements:
- 9.6.6SWOT Analysis
- 9.7The Yokohama Rubber Co., Ltd.
- 9.7.1Company Overview
- 9.7.2Financial Analysis
- 9.7.3Segmental Analysis
- 9.7.4Recent strategies and developments:
- 9.7.4.1Partnerships, Collaborations, and Agreements:
- 9.7.5SWOT Analysis
- 9.8Zhongce Rubber Group Co., Limited
- 9.8.1Company Overview
- 9.8.2SWOT Analysis
- 9.9Nexen Tire
- 9.9.1Company Overview
- 9.9.2Financial Analysis
- 9.9.3SWOT Analysis
- 9.10.Maxxis International-USA (Cheng Shin Rubber Industry Co.)
- 9.10.1Company Overview
- 9.10.2SWOT Analysis
Chapter 10.Winning Imperatives for Racing Tires Market