Racing Tire Market Research, Consumer Behavior, Demand and Forecast

Racing Tire Market Insights, Forecast and Competitive Strategies

The racing tire market size is forecast to grow from USD 2.92 billion in 2025 to USD 3.94 billion by 2034, driven by a CAGR of 3.31% from 2025 to 2034.

Unlock Infinite Advantages: Subscribe to Annual Membership

Introduction

The racing tire market is a prominent branch of the tire industry. This industry deals in manufacturing and distribution of tires for racing cars. There are several types of tires manufactured in this industry comprising of slick tires, grooved tires, tread tires, rain tires and some others. These tires find numerous applications in formula 1, Indycar, NASCAR, sports racing car and drag racing. It is designed for delivering various performance factors consisting of grip and traction, durability and wear resistance, speed and acceleration. The growing sales of racing cars around the globe has driven the market expansion. This market is expected to rise significantly with the growth of the automotive industry across the world.

• According to the annual report of Ferrari, the company shipped 13221 cars in 2022 that increased to 13752 units in 2024.

Highlights of the Racing Tire Market

• North America held the dominant share of the racing tire market due to the rapid adoption of supercars in this region.
• Europe is expected to grow with a significant CAGR due to the presence of several tire companies in this region.
• The formula one racing segment dominated the market due to the increasing popularity of racing events across the world.
• The grip and traction segment led the market due to its capacity to provide superior optimal grip during racing events.

Racing Tire: Trends in the Industry

• Several tire manufacturing brands are partnering with racing event organizers for increasing their revenue share. For instance, in October 2024, Hankook Tire announced partnership with ABB FIA Formula E World Championship. Through this partnership, Hankook will deliver racing tires to the cars taking part in this competition.
• Numerous tire companies are providing sponsorships for gaining utmost consumer attention. For instance, in December 2024, Goodyear announced to sponsor FIA European Truck Racing Championship (ETRC) event. This sponsorship is expected to help the company in gathering attention of racers.
• Some racing tire manufacturers are launching new tires according to the requirement of events and roads. For instance, in November 2024, Hoosier launched track attack pro tire. These tires are designed for racing cars to provide enhanced stability while driving.

Regional Insights

North America led the highest share of the market. The market is generally driven by the presence of several racing car manufacturers such as Riley & Scott and Dodge. Also, the rising popularity of sporting events among youths along with technological advancements in automotive sector has boosted the industrial expansion.

In North America, U.S. is a major contributor of the market. In U.S., the market is generally driven by the rising disposable income of the people coupled with launch of numerous racing cars across this country. For instance, in November 2024, General Motors launched Cadillac Formula 1 car in U.S. This car is designed for racing enthusiasts of U.S.

Industry Leader Announcement

In June 2023, Rich Kramer, the CEO of Goodyear made an announcement stating that, “Because tires are a vehicle's only connection to the road, they have the potential to provide tremendous real-time insight that improves the performance of drivers under the most grueling of conditions. Goodyear is extremely proud to have the tire intelligence to unlock this potential in motorsports, and it's been a privilege to partner with NASCAR, Hendrick Motorsports and Chevrolet on this Garage 56 entry.''

Competitive Landscape

The racing tire market is a highly fragmented industry with the presence of numerous dominant players. Some of the prominent companies in this industry comprises of Toyo Tires, Cooper Tire Rubber Company, Bridgestone, Kumho Tire, Pirelli, Nexen Tire, Continental, Goodyear, Michelin, Hankook Tire, Yokohama Rubber and some others. These market players are constantly engaged in developing superior tires for racing cars and adopting several strategies to maintain their dominant position in this industry.

• According to the annual report of Pirelli, the revenue of the company in 2022 was 68322 thousand euros that increased to 72998 thousand euros in 2023.

Segmentation Market

By Tire Type

• Slick Tires
• Grooved Tires
• Tread Tires
• Rain Tires

By Application

• Formula One
• IndyCar
• NASCAR
• Sports Car Racing
• Drag Racing

By Performance Factor

• Grip and Traction
• Durability and Wear Resistance
• Speed and Acceleration

By Construction

• Radial Construction
• Bias Construction

By Region

• North America
• Europe
• South America
• Asia-Pacific
• Middle East and Africa