The Racing Tires Market is Predict to reach USD 15.8 Billion by 2030, at a CAGR of 5.3%

Racing Tires Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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.

The Racing Treaded Tires segment would showcase a CAGR of 6.2% during (2023 - 2030). Racing treaded tires stand out for their distinctive tread patterns, which are carefully designed to optimize traction and stability during races. Racing treaded tires feature a specific tread design that enhances grip on different track surfaces, especially in wet or variable weather conditions. Hence, these factors can help in the growth of the segment.

The Auto Racing Tires segment is leading the Global Racing Tires Market, By Application in 2022; thereby, achieving a market value of $9.9 Billion by 2030. The demand for auto racing tires is stimulated by high-performance motorsports competitions, including Formula 1, NASCAR, and numerous other racing championships. The intense nature of these competitions requires specialized racing tires that can deliver exceptional grip, durability, and performance under extreme conditions. Thus, these factors can lead to an increased demand in the segment.

The OEMs segment is registering a CAGR of 6.2% during (2023 - 2030). The collaboration between OEMs and racing teams has intensified, fostering a symbiotic relationship that benefits both parties. OEMs leverage motorsports as a testing ground for new technologies, allowing them to enhance the performance and reliability of their road cars. This collaboration extends to developing and optimizing racing tires, ensuring a seamless integration of high-performance tire technologies into the overall design of production vehicles. Therefore, these factors can lead to enhanced growth in the segment.

Full Report: https://www.kbvresearch.com/racing-tires-market/

The Europe region dominated the Global Racing Tires Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.6 Billion by 2030. The North America region would experience a CAGR of 5.2% during (2023 - 2030). Additionally, The Asia Pacific region is exhibiting a CAGR of 6.1% during (2023 - 2030).

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.)

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

• Replacement Tires
• OEMs

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

Related Reports:

North America Racing Tires Market Size & Analysis to 2030

• March-2024
• 107 Pages

LAMEA Racing Tires Market Size, Growth & Trends by 2030

• March-2024
• 115 Pages

Europe Racing Tires Market Size & Growth Forecast by 2030

• March-2024
• 115 Pages

Asia Pacific Racing Tires Market Size, Share & Trend, 2030

• March-2024
• 114 Pages