LONDON--(BUSINESS WIRE)--The global automotive racing tire market is expected to grow by 15.5 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The growing popularity of the sport in emerging markets, like China, and India has drawn more investments in various racing championships in these countries. Many Indian companies are looking forward to sponsor teams for international events like the Grand Prix and F1 to tap into the growing popularity of these championships in the country. For instance, Motorsport Asia has been hosting several championships, like Porsche Carrera Cup Asia, Formula BMW Asia, Asian Touring Car Championship, for almost a decade. This has encouraged major OEMs to invest in these championships. Indian automotive company, Mahindra & Mahindra, invested extensively to participate in the Formula E 2019 series. The strategic aim of this participation was towards building a global viable electric car market. The Indian market has the presence of premium touring racing series like the Vento Cup (earlier known as the Polo Cup), which is conducted in four rounds in four Indian cities. Hence, the growing popularity of racing will fuel the demand for racing tires in India.
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As per Technavio, the use of nanotechnology to enhance heat resistance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Racing Tire Market: Use of Nanotechnology to Enhance Heat Resistance
Nanotechnology helps in reducing wear and tear to a considerable extent. Reduction in the wear and tear is critical to racing tires as these tires undergo a huge amount of heat and pressure. The application of nanotechnology implies that these tires can operate in a wide range of temperatures with superior heat resistance. Nanoprene, a high-performance rubber additive, is used with the rubber mixture of the tire tread. This significantly helps in reducing wear and tear in automobile tires. Yokohama is one of the first companies that implemented nanotechnology in the manufacture of racing tires. Other prominent vendors, like Bridgestone and Goodyear, are also testing the susceptibility of the product. Hence, manufacturers are expected to actively invest in this technology during the forecast period, leading to the growth of the market.
“Factors such as the use of bio-oils in the racing tire manufacturing process, and growing focus on the recycling of racing tires will have a significant impact on the growth of the automotive racing tire market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Racing Tire Market: Segmentation Analysis
This market research report segments the automotive racing tire market by end-user (aftermarket and OEMs), type (auto racing and motorcycle racing), and geographic landscape (Europe, North America, APAC, South America, and MEA).
The European region led the automotive racing tire market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to the presence of strong racing culture in countries such as France, Italy, Germany, the UK, and Spain.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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