Red Bull team principal Christian Horner believes it will be "very difficult" for Red Bull to continue to dominate F1 as rivals make progress.
Max Verstappen set new records for the levels of dominance seen in a single year by one driver last term, scoring 15 wins en route to his second consecutive title.
But the coming season threatens to be an entirely different prospect for Red Bull with the team enjoying significantly less aerodynamic development time than Ferrari and Mercedes, partly due to its success but also as a sanction for its budget cap breach in 2021.
Asked in an end-of-season interview with GPFans if the team could dominate again, Horner conceded: "Dominate... I think it will be very difficult.
"Ferrari will make progress from and Mercedes has developed their car hard."
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The majority of the 2022 season saw Ferrari act as Red Bull's closest opponent but Mercedes pulled back the deficit in the closing stages, securing a comfortable one-two result in Brazil.
Cautious of the threat the recently deposed eight-time consecutive constructors' champions pose, Horner added: "They have brought a lot of development through the year so for sure they are going to make a step.
"I think you will have a three-way battle next year."
Additional reporting by Sam Hall