Transparency Market Research in its new report titled, “Automotive Racing Slicks Tire Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the automotive racing slicks tire market. The TMR report anticipates that the increasing popularity of racing events in developing countries, rising number of racing events held across developing countries, inclination of youth toward racing vehicles, and high performance and quality requirement from leading racing vehicle manufacturers will drive the automotive racing slicks tire market during the forecast period i.e, 2018-2026. Slick tires are subjected to high quality and speed tests in order to comply with the stringent norms enacted by racing event organizers. Consequently, they offer superior grip, control, and better vehicle handling, thereby being highly preferred for racing events. High cost for maintenance and limited market for these type tires are likely to hamper the automotive racing slicks tire market during the forecast period, says the report.
The TMR report has split the global automotive racing slicks tire market based on material, racing application, sales channel, and region. In terms of material, the automotive racing slicks tire market is classified into nylon, Kevlar, and others. Kevlar material is used as reinforcement material while manufacturing racing slick tires. It offers several advantages such as strong and light weight; tensile strength of Kevlar is eight times greater than other materials, and high temperature resistance. Consequently, the Kevlar material segment is likely to hold a major share of the automotive racing slicks tire market during the forecast period. On the basis of racing application, the automotive racing slicks tire market is segmented into drag racing, formula one racing, and Other auto racing. In term of sales channel, the automotive racing slicks tire market is bifurcated into OEMs and aftermarket. The aftermarket segment currently dominates the automotive slicks market. The TMR report expects the aftermarket to maintain its dominant position in the market during the forecast period. Increasing average age of vehicles in operation, rising number of racing events, especially in developed countries, quick wear and tear of tires, and increasing demand owing to the rise in number of racing events globally are expected to drive the automotive racing slicks sales globally, which in turn is anticipated to boost the aftermarket segment of the market during the forecast period.
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On a geographical stand, the automotive racing slicks tire market is segmented into North America, Europe, Asia Pacific, and Middle East & Africa. Currently, North America dominates the global automotive racing slicks tire market and is expected to maintain its dominance during the forecast period, as per the report. Countries in North America have modern infrastructure for racing and drag events such as Lime Rock Park, Atlanta Motorsports, Mazda Raceway Laguna Seca, Watkin’s Glen International Raceway, Grand Prix, and NASCAR. Additionally, street racing is highly popular in the countries in this region. This, in turn, is likely to boost the automotive racing slicks tire market in the region during the forecast period. The automotive racing slicks tire market in Asia Pacific and Europe is also expanding at a rapid pace owing to major racing events being held in these regions.
Some of the prominent players that operate in the global automotive racing slicks tire market are profiled in this report and these include Pirelli Tire LLC, The Goodyear Tire & Rubber Company, Hoosier, DUNLOP TIRES, and MICHELIN.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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