DUBLIN, June 30, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Automotive Racing Tire Market 2017-2021" report to their offering.
The global automotive racing tire market to grow at a CAGR of 16.18% during the period 2017-2021.
Global Automotive Racing Tire Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is use of bio-oils in racing tire manufacturing process. Oils are important raw materials in tire manufacturing, and the three types of commonly used oils are paraffinic, aromatic, and naphthenic. Racing tire manufacturers have also begun using eco-friendly raw materials. Yokohama, a prominent vendor, has started using oils that are extracted from orange peels in their racing car models.
According to the report, one of the major drivers for this market is 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 as 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.
Further, the report states that one of the major factors hindering the growth of this market is precision in manufacturing of racing tires leading to high complexity. Automotive racing is a luxurious sport. The racing tires that are used are made of superior rubber and are priced at a premium. The tires use raw materials like styrene-butadiene and polybutadiene rubber, which are more expensive than conventional tire materials like natural rubber and nylon.
- The Goodyear Tire & Rubber Company
- Hankook Tire
Other prominent vendors
- Cooper Tire and Rubber Company
- Kumho Tire
- Toyo Tire & Rubber
- Yokohama Rubber
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by end-users
Part 07: Market segmentation by vehicle racing
Part 08: Geographical segmentation
Part 09: Decision framework
Part 10: Drivers and challenges
Part 11: Market trends
Part 12: Vendor landscape
Part 13: Key vendor analysis
Part 14: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/dw6wnm/global_automotive
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SOURCE Research and Markets