Racing Suit Market Scope
Racing suit also know as fire suit; is designed to cover whole body to give maximum protection to the racer. The suits consist of the single or multilayer of fire resistant material. Increasing popularity of racing especially of F1 racing is boosting the overall growth of the market. For instance, in 2018, Formula One racing had more than 480.2 million viewers. Racers gets flame and money as per the viewership of the racing match hence increasing viewers have been creating opportunity for the market. Key players are focuses more on fire safety feature and to offer racing suit in cheaper price as high price of racing suits is harming the overall growth of the market. Continuous research and development on racing suit material can reduce the cost of racing suit as well as increase the protection features
According to AMA, the Global Racing Suit market is expected to see growth rate of 20.3%The companies are exploring the market by adopting mergers & acquisitions, partnership, investments as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market also observed strong collaborations between automakers and original equipment manufacturer, with a strong innovation.The Vendors having a strong hold in the market are Adidas AG, Alpinestars, Puma SE, Oakley, Inc.. Research Analyst at AMA estimates that Germany Vendors will contribute to the maximum growth of Global Racing Suit market throughout the predicted period.
Adidas AG (Germany), Alpinestars (Italy), Impact! Racing (United States), Dainese (Italy), Oakley, Inc. (United States), OMP Racing (Italy), Puma SE (Germany) and Simpson Performance Products (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Sparco (Italy).
Segmentation Overview
The study have segmented the market of Global Racing Suit market by Type (One Piece, Two Piece (Jackets, Pants) and Accessories) and Region with country level break-up.
On the basis of geography, the market of Racing Suit has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Increasing Safety Awareness among Racer as Suit can Save Life of Racer
Market Growth Drivers:
Rising Popularity of Racing across globe and Increasing Number of Racing Accidents
Challenges:
High Cost Operating and Material Cost
Restraints:
Less Comfortable due to high weight
Opportunities:
Continuous Technology Advancement in Fabric Particularly Used in Racing Suits
Market Leaders and their Expansionary Development Strategies
In October 2023, Alpinestars, a leading Italian racing gear brand, announced a partnership with OMP, another Italian giant, to develop and manufacture FIA homologated racing suits for professional motorsports. This collaboration combines the expertise of both companies to create high-performance suits while expanding their reach in the market.
In October 2023, motorsport giants Alpinestars and Bell Racing announced a strategic partnership to develop and market a new line of co-branded racing suits and helmets. This collaboration combines Alpinestars' expertise in suit design and construction with Bell's helmet technology and safety features.
In 2018, the Alpinestars had launched GP Plus Venom Suit; it is a made up of premium leather and offers highly improved levels of ventilation. The key features and benefits of the product includes large accordion stretch panels for improving movement and comfort, and among others
Key Target Audience
Racing suits manufacturer, Industry Association, Governments and investment communities and Research organizations and associations
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.