Motorcycle Racing Grade Tires Market Size, Share, Growth, And Industry Analysis by Type (17

Updated On: 29 April 2024

MOTORCYCLE RACING GRADE TIRES MARKET REPORT OVERVIEW

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The global motorcycle racing grade tires market size was USD 1282.7 million in 2022 and will reach USD 1683.9 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.

Motorcycle racing-grade tires are meticulously crafted for superior performance on the track, employing specialized compounds and tread patterns. These tires are designed to offer exceptional grip during high-speed cornering, acceleration, and braking, ensuring optimal control for riders. The advanced technology integrated into these tires enhances stability and responsiveness, crucial factors in competitive racing scenarios. With a focus on heat dissipation and wear resistance, these tires withstand the intense demands of racing circuits. Their application extends beyond professional racing to enthusiast-level track days, providing a thrilling and safe riding experience. As a result, these high-performance tires have become a staple for motorcycle riders seeking peak performance.

The burgeoning growth of the motorcycle racing grade tires market size can be attributed to the expanding global interest in motorsports. As more individuals engage in competitive and recreational motorcycle racing, the demand for high-performance tires has surged. Enthusiasts are increasingly recognizing the pivotal role that advanced tire technology plays in optimizing their motorcycle's performance, safety, and overall riding experience. Additionally, the accessibility of racing events, both at the professional and amateur levels, has fueled the need for top-tier tires among a broader demographic of riders. This growing passion for motorcycling, coupled with the desire for superior performance, is propelling the sustained expansion of the racing-grade tires market.

COVID-19 Impact: Supply Chain Disruptions and Manufacturing Challenges Caused Production Delays and Shortages

The COVID-19 pandemic has been unprecedented and staggering, with motorcycle racing grade tires market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

With the temporary suspension of racing events, both professional and amateur, demand experienced a downturn as competitions were canceled or postponed globally. Disruptions in the supply chain, coupled with manufacturing challenges, led to production delays and shortages. Moreover, economic uncertainties during the pandemic prompted reduced consumer spending, affecting aftermarket tire purchases. However, as restrictions eased and racing events resumed, the market displayed resilience. The heightened focus on outdoor and individual sports activities also contributed to a rebound in demand. Going forward, the industry is adapting to the evolving landscape, implementing strategies to mitigate future uncertainties and capitalize on the renewed interest in motorcycle racing. 

LATEST TRENDS

"Smart Tire Integration Pioneering Trend in Motorcycle Racing Tires"

A prominent trend in the motorcycle racing-grade tires industry is the integration of smart tire technologies. Leading manufacturers are launching innovative products embedded with sensors and connectivity features, providing real-time data on tire pressure, temperature, and performance. These smart tires enhance safety, optimize fuel efficiency, and contribute to overall vehicle performance. Pioneering companies are investing in research and development to refine these technologies further. Key players are also focused on sustainability, introducing eco-friendly tire materials and production processes to meet growing environmental concerns. This trend aligns with the industry's commitment to advancing performance, safety, and sustainability, positioning leading players as trailblazers in the evolving landscape of motorcycle racing-grade tires.

MOTORCYCLE RACING GRADE TIRES MARKET SEGMENTATION

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• By type

Depending on motorcycle racing grade tires market given are types: 17", 18" & others. The 17" type will capture the maximum market share through 2028.  

The 17-inch segment caters to bikes requiring smaller, nimble tires, ideal for agility and quick maneuvering on the racing track. Meanwhile, the 18-inch segment is tailored for larger bikes, providing stability and control at higher speeds. The "Others" category encompasses additional rim sizes, offering a diverse range to accommodate various motorcycle specifications, reflecting the market's commitment to meeting the distinct performance needs of different racing motorcycles.

• By Application

The market is divided into Road Racing, Off-road Racing based on application. The global motorcycle racing grade tires market players in cover segment like Road Racing will dominate the market share during 2022-2028.

Road Racing tires are designed for high-speed performance on paved tracks, emphasizing superior grip and stability during cornering and acceleration. In contrast, Off-road Racing tires are engineered to tackle challenging terrains, providing durability and traction essential for motocross and dirt bike competitions. This segmentation ensures that racing enthusiasts can choose tires tailored to the specific demands of their preferred racing discipline, optimizing overall performance and safety.

DRIVING FACTORS

"Escalating Popularity of Motorsports to Propel Market Growth"

A pivotal driving factor behind the robust growth of the market is the escalating popularity of motorsports worldwide. The increasing fan base and participation in professional and amateur motorcycle racing events have fueled a heightened demand for high-performance tires. Enthusiasts are continually seeking cutting-edge technologies and advanced tire designs to enhance their motorcycle's speed, control, and overall performance on the track. As motorsports continue to captivate a global audience, the market for racing-grade tires is propelled by the relentless pursuit of superior performance, creating a dynamic landscape where manufacturers strive to meet the evolving demands of an expanding and passionate customer base.

"Continual Innovation in Tire Technology to Drive Market Growth"

A significant driving factor contributing to the motorcycle racing grade tires market growth is the continual innovation in tire technology. Manufacturers are actively investing in research and development to introduce advanced materials, compounds, and tread patterns that enhance grip, durability, and overall performance. This innovation arms riders with tires capable of withstanding the extreme conditions of racing circuits, providing superior traction during high-speed maneuvers. The relentless pursuit of technological excellence not only attracts professional racers but also resonates with amateur enthusiasts seeking the latest in tire advancements. This commitment to innovation acts as a catalyst, propelling the market forward as riders increasingly prioritize state-of-the-art tire solutions for an elevated racing experience.

RESTRAINING FACTORS

"Economic Impact of COVID-19 Notable Restraining Factor for the Market"

A notable restraining factor influencing the market is the economic impact of the COVID-19 pandemic. The pandemic-induced disruptions, including event cancellations, supply chain challenges, and reduced consumer spending, have significantly hampered the market's growth. With racing events postponed and economic uncertainties affecting purchasing behaviors, there has been a temporary decline in demand for high-performance tires. However, as the industry adapts to the evolving situation and economic conditions stabilize, the market is expected to recover gradually. The lingering effects of the pandemic continue to pose challenges, emphasizing the market's resilience and adaptability to external forces.

MOTORCYCLE RACING GRADE TIRES MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market owing to Burgeoning Passion for Motorsports"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa.

The leading region in the motorcycle racing-grade tires market is Asia Pacific, emerging as a powerhouse for growth. The region's dominance can be attributed to the surge in motorcycle racing events, both professional and amateur, fueled by a burgeoning passion for motorsports. Countries like Japan, India, and Southeast Asian nations are witnessing a rapid increase in racing enthusiasts, driving the demand for high-performance tires. Additionally, the presence of key motorcycle manufacturers and the continuous expansion of racing circuits contribute to the region's prominence. As the motorsports culture continues to thrive, Asia Pacific stands at the forefront, showcasing a robust and promising landscape for the motorcycle racing grade tires market share.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The motorcycle racing grade tires market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Pirelli (Italy)
• Shinko (Japan)
• Michelin (France)
• Bridgestone (Japan)
• Goodyear Tire and Rubber Company (U.S.)
• Continental (Germany)

INDUSTRIAL DEVELOPMENT

August 2020: Pirelli, a prominent tire manufacturer, unveiled its groundbreaking Cyber Tire technology. This innovative solution incorporates sensors embedded within the tire, allowing real-time data collection on critical parameters like pressure, temperature, and acceleration. The collected data is then transmitted to the vehicle's onboard computer, significantly enhancing safety and overall performance. Pirelli's Cyber Tire stands as a remarkable stride in smart tire solutions, exemplifying the industry's commitment to advancing digital technologies for improved driving experiences and heightened safety standards. This development underscores Pirelli's dedication to innovation and positions them at the forefront of tire technology in the competitive market landscape.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.