Technavio has published a new report on the global automotive racing tire market from 2017-2021. (Graphic: Business Wire)
Technavio has published a new report on the global automotive racing tire market from 2017-2021. (Graphic: Business Wire)
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LONDON—Technavio analysts forecast the global automotive racing tire market to grow at a CAGR of more than 16% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive racing tire market for 2017-2021. The market is segmented based on end-user (aftermarket and OEMs) and vehicle racing (auto racing and motorcycle racing). The market is further segmented into geography, including the Americas, EMEA, and APAC.
Racing slicks provide the largest possible contact patch to the road and maximum traction for any given tire dimension. Racing tires are widely adopted in the Americas and EMEA, where there is a high concentration of racing events due to the higher spending power of individuals and enthusiasm toward high-performance vehicles racing. These events are targeted at the Generation X and baby boomers, who are financially sound and attract sponsorship owing to the large viewership by these segments.
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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global automotive racing tire market:
- Growing popularity of racing events in developing economies
- Increase in diverse racing segments leading to new racing formats
- High performance and quality requirements making racing slicks an ideal option
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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, has 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.
Amey Vikram, a lead wheels and tires research analyst at Technavio, says, “TPMS is designed to manage the tire pressure of a vehicle and is critical for racing cars. Onboard TPMS technology is one of the most reliable ways to keep a check on tire pressure and avoid tire blowouts. Pressure measurements for racing vehicles include barometric absolute pressure, manifold absolute pressure, brake pressure, air bag pressure, and heating, ventilating, and cooling pressure.”
Increase in diverse racing segments leading to new racing formats
Racing is the ultimate platform for tire manufacturers to test tire technology, improvements, and fundamental materials that are used in tires for normal driving conditions. Extreme racing conditions push tires to their ultimate limits. Tire manufacturers can use the analysis from such conditions to develop more advanced and innovative tires in the automobiles sector.
“Firestone Tire and Rubber Company developed ultra-performance tires with treads for normal road conditions. The shape of the track and type of surface plays a critical role in the development of different compounds to suit specific tracks. This development further helps tire manufacturers to bring innovation in street tires,” adds Amey.
High performance and quality requirements making racing slicks an ideal option
The basic functionality of a tire is to utilize the resistance generated from the friction of the tire against the ground, which enables the vehicle to move forward. Threading or grooves on the tire let a certain amount of resistance escape, and this leads to lower speed to torque ratio.
Tires are usually manufactured without threads or grooves, allowing the vehicle to achieve high speed on the track. Although slick tires are ideal for dry conditions, it imposed safety concerns on the mechanical balance of the racing vehicle. This led to F1 ban these tires in 1998. These tires allow a significant amount of resistance that limits the speed of the vehicle. Also, threaded tires have a lower economic life as compared to slick tires.
Top vendors:
- Bridgestone
- Pirelli
- The Goodyear Tire & Rubber Company
- Continental
- Hankook Tire
- Michelin
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