The Latin America, Middle East and Africa Racing Tires Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030).
The Brazil market dominated the LAMEA Racing Tires Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $339.7 Million by 2030. The Argentina market is showcasing a CAGR of 7.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.5% during (2023 - 2030).
Beyond electrification, the market has responded to the surge in interest in autonomous vehicle technologies. Autonomous racing events, where human intervention is minimized, have emerged as a fascinating frontier, prompting its manufacturers to innovate and adapt to the distinctive demands of these cutting-edge vehicles.
Additionally, the transition to autonomous racing introduces a host of unique demands on this, requiring manufacturers to rethink traditional tire designs and performance parameters. Unlike human drivers who can adapt their driving style in real-time, autonomous vehicles follow pre-programmed algorithms, necessitating tires that can handle the nuances of automated decision-making with precision.
As per the data from the Government of Saudi Arabia, the Ministry of Sport, alongside the Ministry of Culture and with the contribution of “Formula 1,” launched on Wednesday, the 23rd of June 2021, the “Race with Art” contest. Professional and amateur Saudi abstract artists were invited to submit works for the "Saudi Arabian Grand Prix," held at Jeddah Waterfront.
Based on Tire Type, the market is segmented into Racing Slick Tires, and Racing Treaded Tires. Based on Application, the market is segmented into Auto Racing Tires, and Motorcycle Racing Tires. Based on Distribution Channel, the market is segmented into Replacement Tires, and OEMs. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA Racing Tires Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $339.7 Million by 2030. The Argentina market is showcasing a CAGR of 7.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.5% during (2023 - 2030).
Beyond electrification, the market has responded to the surge in interest in autonomous vehicle technologies. Autonomous racing events, where human intervention is minimized, have emerged as a fascinating frontier, prompting its manufacturers to innovate and adapt to the distinctive demands of these cutting-edge vehicles.
Additionally, the transition to autonomous racing introduces a host of unique demands on this, requiring manufacturers to rethink traditional tire designs and performance parameters. Unlike human drivers who can adapt their driving style in real-time, autonomous vehicles follow pre-programmed algorithms, necessitating tires that can handle the nuances of automated decision-making with precision.
As per the data from the Government of Saudi Arabia, the Ministry of Sport, alongside the Ministry of Culture and with the contribution of “Formula 1,” launched on Wednesday, the 23rd of June 2021, the “Race with Art” contest. Professional and amateur Saudi abstract artists were invited to submit works for the "Saudi Arabian Grand Prix," held at Jeddah Waterfront.
Based on Tire Type, the market is segmented into Racing Slick Tires, and Racing Treaded Tires. Based on Application, the market is segmented into Auto Racing Tires, and Motorcycle Racing Tires. Based on Distribution Channel, the market is segmented into Replacement Tires, and OEMs. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
List of Key Companies Profiled
- Bridgestone Corporation
- Continental AG
- Michelin
- Hankook Tire & Technology
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Limited
- Nexen Tire
- Maxxis International USA (Cheng Shin Rubber Industry Co.)
Market Report Segmentation
By Tire Type- Racing Slick Tires
- Racing Treaded Tires
- Auto Racing Tires
- Motorcycle Racing Tires
- Replacement Tires
- OEMs
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. LAMEA Racing Tires Market, By Tire Type
Chapter 6. LAMEA Racing Tires Market, By Application
Chapter 7. LAMEA Racing Tires Market, By Distribution Channel
Chapter 8. LAMEA Racing Tires Market, By Country
Chapter 9. Company Profiles
Companies Mentioned
- Bridgestone Corporation
- Continental AG
- Michelin
- Hankook Tire & Technology
- Pirelli & C. S.p.A.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Limited
- Nexen Tire
- Maxxis International USA (Cheng Shin Rubber Industry Co.)
Methodology
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