A racing slick tire has greater surface area than other types of tires and hence, it provides more traction than other conventional tires. Slick tires, or slicks, offers more grip, best performance, and higher speed for racing cars. 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 are likely to fuel the automotive racing slicks tire market during the forecast period. 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.
The global automotive racing slicks tire market can be segmented based on material, racing application, sales channel, and region. Based on material, the automotive racing slicks tire market can be 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.
Based on racing application, the automotive racing slicks tire market can be segmented into drag racing, formula one racing, and Other auto racing. Increase in popularity of various racing events across the globe is likely to boost the automotive slicks market during the forecast period. Formula racing is popular racing event, which expanding rapidly across the globe. Consequently, the segment accounted for a prominent share of the automotive racing slicks tire market.
Based on sales channel, the automotive racing slicks tire market can be bifurcated into OEMs and aftermarket. The aftermarket segment currently dominates the automotive slicks market. It is expected 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.
Based on region, the automotive racing slicks tire market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. North America currently dominates the global automotive racing slicks tire market and is expected to maintain its dominance during the forecast period. 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.
Key players that operate in the global automotive racing slicks tire market include Pirelli Tire LLC, The Goodyear Tire & Rubber Company, Hoosier, DUNLOP TIRES, and MICHELIN.
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