Monday 12 May 2014, Amsterdam
The new report recognizes the following companies as the key players in Global Racing Tire Market: Bridgestone Corp., Compagnie Générale des Établissements Michelin SCA, Continental AG, Goodyear Tire and Rubber Co., Pirelli & C. SpA, Alliance Tire Group, Apollo Tires Ltd., Cooper Tire and Rubber Co., Hangzhou Zhongce Rubber Co. Ltd., Hankook Tire Co. Ltd., Kumho Tire Co., Maxxis International GmbH, McCreary Tire and Rubber Co., Nokian Tires plc, Sumitomo Rubber Industries Ltd., Toyo Tire & Rubber Co., Yokohama Rubber Co. Ltd.
Commenting on the report, an analyst said: “The main trend witnessed in the Global Racing Tires is the increasing use of multi-zone treads in tires. The Goodyear Tire & Rubber Co introduced single right side tires that have two discrete tread compounds. The company initially developed the technology for passenger cars, but then redesigned it for racing cars v. The potential of this technology has helped it to gain immense popularity in all geographies.”
According to the report, the Global Racing Tire market is driven by several factors, the main one being the increase in the popularity of different types of automotive racing across all geographies. Popular racing events such as Formula One, NASCAR, and motorbike races attract the majority of sponsorships and promotional activities. These racing events have led to the introduction of various motorsport competitive racing events with different types of vehicles such as SUVs, SVTs and dirt bikes.
Further, the report states that the Global Racing Tire market is a niche market. As racing tires cannot be used for anything but racing purposes, it restricts their sale to other end-user segments. The absence of other end-user groups curtails market growth.
ASDReports.com contact: S. Koomen
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